For immediate assistance and guidance on breaking free from the clutches of loan apps, kindly report them here: https://loansharkreview.com/ReportLoan. Also, do not forget to join our Facebook group. You will learn about the operations of loan sharks in Nigeria and how to liberate yourself from their grasp.
Click here to join our Facebook group: https://web.facebook.com/groups/1114997852673140
 

Loan shark activities pose a significant threat to individuals in Nigeria, trapping them in cycles of debt and subjecting them to exploitative practices. Reporting these illegal lenders is essential to protect yourself and others from their harmful activities. In this blog, we will provide you with a step-by-step guide on how to report loan shark activities in Nigeria. By taking action and reporting these activities, you can contribute to eradicating loan sharks and ensuring a safer financial environment for all Nigerians.

Document Your Interactions 

Before reporting loan shark activities, gather evidence and document your interactions. Keep records of loan agreements, text messages, emails, or any form of communication with the loan shark. Include details such as the loan amount, repayment terms, interest rates, and additional fees. Documenting your interactions will strengthen your case and provide substantial evidence when reporting to the authorities.

Contact the Consumer Protection Council 

In Nigeria, the Consumer Protection Council (CPC) is responsible for safeguarding the rights of consumers. To report loan shark activities, contact the CPC through their helpline or visit their nearest office. Provide them with comprehensive details of your experience, including evidence of your interactions with the loan shark. The CPC will investigate the matter and take appropriate action to protect consumers.

Report to the Economic and Financial Crimes Commission 

The Economic and Financial Crimes Commission (EFCC) in Nigeria focuses on combating economic and financial crimes, including illegal lending activities. To report loan shark activities, submit a complaint to the EFCC through their website, email, or physical offices. Provide them with all relevant information, supporting documents, and evidence. The EFCC will investigate the matter and initiate legal proceedings against the loan shark.

Utilize the Central Bank of Nigeria (CBN) Complaints Management System 

The Central Bank of Nigeria (CBN) has established a Complaints Management System to address issues related to financial services. To report loan shark activities, visit the CBN website and access their complaints portal. Submit a detailed complaint, providing all necessary information and supporting evidence. The CBN will review your complaint and take appropriate action to protect consumers' financial interests.

Engage Legal Professionals

Consider engaging the services of a legal professional experienced in consumer protection or financial law. A lawyer can guide you through the reporting process, assess your case, and provide legal advice. They can represent you and ensure that your rights are protected throughout the proceedings. A legal professional will help navigate the complexities of the legal system and increase the chances of a successful resolution.

Raise Awareness Through Social Media 

Social media platforms have become powerful tools for raising awareness and mobilizing action. Share your experience with loan sharks on social media, using appropriate hashtags to reach a wider audience. Be cautious not to disclose sensitive personal information. By sharing your story, you can raise awareness about loan shark activities, encourage others to come forward, and put pressure on authorities to take action.


To report all the activities of the Loan Apps click the link below

lenderstaskforce@fccpc.gov.ng

The commission reiterates its commitment to ensure legal and ethical operations in digital lending; and encourages consumers to consider/patronize only approved DMLs. 

Conclusion 

Reporting loan shark activities is vital in Nigeria's fight against illegal lending practices. By following this step-by-step guide, you can take an active role in protecting yourself and other Nigerians from the harms of loan sharks. Remember to gather evidence, contact relevant authorities such as the CPC and EFCC, utilize the CBN Complaints Management System, engage legal professionals, and leverage social media to raise awareness. Together, we can combat loan shark activities and create a safer financial landscape for all Nigerians.