FCCPC Moves To End Estimated Billing, Develops Framework For Online Loan Companies

The Executive Vice Chairman of the Federal Competition and Consumer Protection Commission (FCCPC), Mr Babatunde Irukera has said that the Commission has commenced work towards making estimated billing unattractive for power holding companies, which he believes will make them issue prepaid meters to all their consumers.

Irukera said this during an interaction with journalists in Abuja. He said issuing exorbitant billings to consumers, especially when they do not have access to light for a while amounts to exploitation.

He said, “How can you be billing people who you have not given light for a while?

“We are working towards making estimated billing unattractive for Discos to enable them to see reasons to make prepaid meters available for consumers”.

Irukera also said the Commission says it has frozen no fewer than 30 bank accounts operated by illegal loan organizations, also known as ‘loan sharks’.

“The day we conducted the raid, we have some limited information about the bank accounts that some of the loan companies operated.

“All the bank accounts that were provided were immediately blocked but these companies operate multiple bank accounts with multiple names.

“Between the time we raided and now, we have discovered additional 30 accounts and all have been frozen and we will continue to freeze as we discover them.

“I am certain that with the actions that we have taken and the nature of the engagement we are having with the loan companies, at least three of the major ones that their businesses have been severely affected by either our search or the account closure, they are modifying.

“It will take some time but I can assure you that the space is changing now,’’ he said.

He said the Commission is currently developing framework for the online loan companies to regulate their activities.

“What we are doing is that we are writing regulations, if you do not have that, there will be a penalty,’’. These regulations will streamline the activities and operations of the online lenders,” he said.

Due to the enormity of work to be done, the Executive Vice Chairman called for continuous partnership with the media, in order to to educate members of the public on their consumer rights in order to achieve the objectives of the Commission.

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