Several federal government enforcement and regulatory agencies on Saturday raided the offices of loan sharks over their continued rights abuses of Nigerians.

The agencies comprised of the Federal Competition and Consumer Protection Commission, National Information Technology Development Agency, and Independent Corrupt Practice and other Related Offences Commission.

Loan sharks whose offices the Inter-Agency Joint Regulatory and Enforcement Taskforce raided include Kashkash, Speedy Choice and Easy Moni, GoCash, Okash, EasyCredit.

Reports detailed that most of the loan shark companies operated on the third floor of a four-storey building in Ikeja.

Work items belonging to the loan firms were carted away by the FCCPC and other agencies involved in the raid to support their investigation.

Speaking during the raid Executive Vice Chairman of the joint operation and Chief Executive Officer of FCCPC, Babatunde Irukera, said the decision to embark on the raid was triggered by the incessant complains from Nigerians relating to privacy infringement and malpractices by the loan sharks.

Mr Irukera said the joint task force was granted permission by the court to carry out the raid.

The FCCPC boss disclosed that most of the loan companies which are without addresses were being operated by the same person at the same location.

He also noted that most of the loan sharks operated illegally as they were not registered with the Corporate Affairs Commission.

“We found out that most of these companies operate from the same place. We also found out that many of them are actually operated by the same person.

“They are not Nigerian companies, they don’t have addresses in Nigeria and they are not registered in Nigeria with the Corporate Affairs Commission, and they do not have any license to do their businesses,” he said.

Many Nigerians have in the past months turned to online lenders as the country’s economy continues go worsen.

However, illegal loan apps have continued to ignore Nigeria’s cyber laws.

In their efforts to recover loans from Nigerians, they employ methods such as shaming and threatening customers who are behind in their payments.

Recall that NITDA had in 2021 slammed a N10 million fine on Soko Lending Company for threatening borrowers and invading their privacy.