Loan shark declares defaulters dead, distributes obituaries to relatives, friends

The contact person, who simply identified himself as just Somto said, “How can I do something like that? Am I not a human being?”
Loan shark declares defaulters dead, distributes obituaries to relatives, friends
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A micro loan company has been accused of designing and circulating the obituaries of defaulters to family and friends after declaring them dead.

A customer, Azuwuike Chinedu Achiever recently shared his experience on social media.

According to Chinedu, he had defaulted in his repayment plan for five days only to discover his obituary.

On a public group on Facebook, another customer of a loan app, Victoria Eyo Ekpo, revealed that she was also a victim and vowed not to repay the loan.

She said, “This is what Deloan (app) sent to me oooo. I will never pay. They called my mum and insulted her. May God help us.”

Ekpo added that she borrowed the sum of N15,000.

There have been concerns in the past about the activities of these loan sharks and the lack of regulation of their activities.

The PUNCH reports that a contact person for Deloans, who Truecaller app identified as ‘Scammer,’ was reached, he denied any involvement.

The contact person, who simply identified himself as just Somto said, “How can I do something like that? Am I not a human being?”

Pressed further, he said he didn't have the authority to speak on such matters and that our reporter would need to speak to his bosses before abruptly ending the call.

Further calls to his line weren’t picked.

Meanwhile, the Executive Vice Chairman/Chief Executive Officer, Federal Competition and Consumer Protection Commission, Babatunde Irukera, has said that the regulators in the financial system are collaborating to address what is fast becoming a dominant and abusive practice targeting some of the most vulnerable in the society.

He said, “In November, the Federal Competition and Consumer Protection Commission hosted a meeting attended by the chief executive officer of the Independent Corrupt Practices Commission, and representatives of the National Information Technology Development Agency and the Central Bank of Nigeria; in leading an effort to address multiple potentially dubious conduct of certain money lenders, otherwise known as loan sharks.

“Continuing complaints about questionable repayment enforcement practices including public shaming and violations of privacy, arbitrary, unjust, unreasonable, or exploitative interest rates and or loan balances calculations, harassment, and failure of consumer feedback mechanisms among others have led to significant and understandable consumer aggravation and dissatisfaction.”

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