The Atlantic Bell

In order to address longstanding consumer complaints against the activities of Digital Money Lenders and Mobile Money Operators (MMOs) popularly known as loan sharks the Federal Competition and Consumer Protection Commission (FCCPC) has officially issued the Digital, Electronic, Online, or Non-Traditional Consumer Lending Regulations (DEON Consumer Lending Regulation), 2025.

Other acts covered in the new law include exploitative practices, data privacy violations, abusive loan recovery tactics, harassment, and anti-competitive behaviour by certain digital lenders and their partners within Nigeria’s rapidly growing digital credit market.

Ondaje Ijagwu, Director of Corporate Affairs at the Federal Competition and Consumer Protection Commission, FCCPC, who disclosed this in a statement on Wednesday, said non-compliant operators of the new regulations face sanctions, which include fines of up to N100 million or 1 per cent of turnover, as well as potential disqualification of directors for up to five years.

“For too long, Nigerians have endured harassment, data breaches, and unethical practices by unregulated digital lenders. These regulations draw a clear line that innovation is welcome but not at the expense of the rights and dignity of consumers or the rule of law.

This Regulations, made pursuant to Sections 17, 18, and 163 of the Federal Competition and Consumer Protection Act (2018), primarily safeguards consumers by establishing a comprehensive framework.

This framework mandates transparency, fairness, responsible conduct, data privacy, and accessible redress mechanisms, all under the oversight of the FCCPC.

It is a crucial step toward regulating Nigeria’s rapidly expanding digital lending sector.

These regulations draw a clear line that innovation is welcome, but not at the expense of rights and dignity of consumers or the rule of law.
“This Regulations provide the legal tools to hold violators accountable and promote responsible digital finance. No consumer should be harassed, defamed, or lured into unsustainable debt under the guise of digital lending.”

The Regulations, which came into effect on July 21, 2025, establishes a robust legal framework to register, monitor, and sanction all forms of digital and non-traditional lending in Nigeria.

Applicable to all unsecured consumer lending conducted through electronic, online, mobile, or other non-traditional means, the regulations set out clear requirements for registration, transparency, data privacy, ethical recovery, fair interest rates, and responsible lending. Critically, the Regulations prohibits pre-authorised or automatic lending, compels clear and accessible loan terms, bans unethical marketing, and mandates local ownership of at least one service provider for airtime and data lending services.

It also requires joint registration of all lender partnerships and prohibits monopolistic or dominance-based agreements without prior Commission’s approval. Under its provisions, all digital lenders must register with the FCCPC within 90 days of commencement.

Approval is dependent on meeting consumer protection, data compliance, and transparency.

The FCCPC urges all current and intending providers of digital lending services, including Mobile Money Operators (MMOs), Digital Money Lenders (DMLs), and service partners, to visit http://fccpc.gov.ng for application forms, guidelines, and compliance requirements.

The Commission advised consumers to report unlawful or unregistered lenders, unfair interest rates, or privacy violations to the Commission through its complaint portal:

The federal government has declared Friday, 5th September 2025, as a public holiday to commemorate the celebration of Eid-ul-Mawlid, the birth of the Holy Prophet Muhammad (Peace Be Upon Him).
Nigeria’s Minister of Interior, Dr. Olubunmi Tunji-Ojo, who made the declaration on behalf of the Federal Government, extended warm felicitations to Muslims Umah in Nigeria and across the world on this occasion

In a statement Wednesday in Abuja, signed by the ministry’s permanent secretary, Dr. Magdalene Ajani, further called on Nigerians, regardless of their religious beliefs, to use the occasion to pray for the peace, security, and stability of the country, while supporting the Federal Government’s efforts in fostering national harmony and sustainable development.

“The celebration of Eid-ul-Mawlid offers us yet another opportunity to strengthen the bonds of brotherhood, promote peaceful coexistence, and imbibe the Prophet’s teachings of mutual respect and selfless service to humanity,” the Minister stated.

Dr. Olubunmi Tunji-Ojo also urged citizens to remain law-abiding, security conscious, and supportive of government policies aimed at ensuring the collective well-being of all Nigerians.

The minister also assented to a 7.5 per cent charge on the Assessed Capital Value of properties converted without the knowledge or express permission of the FCT Administration, payable within 30 days.

Wike gave the approval after receiving the report of the committee set up to address the abuse of the Land Use Act in the FCT in his office on Tuesday.

The minister had inaugurated the committees on August 8, 2025, describing the issue of land abuse as “very important” in streamlining the activities of the FCT

Chairman of the Land Use and Purposes Clause Committee and Director of Development Control, Muktar Galadima, said the committee found that many properties on Ademola Adetokunbo Street, Aminu Kano Crescent, Yakubu Gowon Street, and Gana Street, among others, had been converted to residential, commercial or mixed usage, contravening the original agreements.

He added that the total capital value of the said properties amounted to N1,037,478,716,500, while recommending various sanctions on the defaulting title holders, including sealing of property, removal of buildings and structures, revocation and withdrawal of titles, if they

Chairman of the Land Use and Purposes Clause Committee and Director of Development Control, Muktar Galadima, said the committee found that many properties on Ademola Adetokunbo Street, Aminu Kano Crescent, Yakubu Gowon Street, and Gana Street, among others, had been converted to residential, commercial or mixed usage, contravening the original agreements.

He added that the total capital value of the said properties amounted to N1,037,478,716,500, while recommending various sanctions on the defaulting title holders, including sealing of property, removal of buildings and structures, revocation and withdrawal of titles, if they failed to pay the fines.

The Committee hereby recommends as follows: That, allottees/title holders of land and properties affected by the land use change/conversion, pay within thirty (30) days from the date of conveyance of approval, Land Use Conversion fee of 7.5% of the assessed Capital Value of the properties as contained in the Schedule/Valuation Report Sheet.

That, allottees/title holders of the land and properties affected by the land use change/conversion, in addition to payment of Land Use Conversion fee, pay statutory Right of Occupancy bills applicable for the new land use/purpose clause and as charged for the District;

“That, where illegal/unapproved extension, merger and subdivision has been established, the allottee/title holder of the property… pay, within thirty (30) days from the date of conveyance of approval, extension/merger/subdivision fee of the extant 2.0% of the assessed Capital Value of the properties as contained in the Schedule/Valuation Report Sheet,” Galadima said.

The minister, in his address, commended the committees for their work, stating that no defaulter would be allowed to go scot-free, as the administration was interested in raising money to carry out projects.

“I’m not going to leave anybody to go free. We are looking for money to carry on projects. If you fall into our trap, it’s your business.

“Or if you want us to take back our title, which we are not interested in taking back. We are trying to raise money for the FCT. But if you don’t want, we take back your title, we sell it, we will still raise money. You have to pay the penalty and pay for the conversion, they are two different things.

“I’m aware that certain areas are designated for residential, and certain areas are designated for commercial. But people believing that they can do anything without approval from the government, some have changed residential to commercial, some have changed commercial to residential, and some have changed for all kinds of mixed uses. If you don’t sanction them, it will continue to be so,” Wike stated.

Governors elected on the platform of the Peoples Democratic Party have pledged to enforce discipline within the party by declaring that the PDP will not yield to arrogance, impunity, or divisive tendencies.

Speaking on behalf of the governors, Chairman of the PDP Governors’ Forum and Bauchi State Governor, Bala Mohammed, said during the inauguration of the National Convention Planning Committee on Tuesday that they are not cowards and are prepared to confront anyone who attempts to obstruct the party’s progress.

He was reacting to threats by Wike and his group, who have continued to challenge the party’s National Elective Convention scheduled for November 15 and 16 in Ibadan, Oyo State.

On Monday in Abuja, after their meeting, Wike’s camp listed six conditions the PDP leadership must meet for the convention to hold peacefully.

In response, Mohammed insisted that the governors would not be distracted, stressing that the convention would proceed as planned.

Bauchi Governor stated, “We are not cowards, and we are not afraid of anybody

“We are capable of navigating this party beyond the shenanigans, beyond the arrogance, and beyond the impunity of others.

We can not continue to take part and allow people to take us to the slaughterhouse. That’s our job.

“And our job is to make sure we don’t go to the slaughterhouse.

“And we are working as governors and working with the committee to ensure that. The keyword is discipline.

“We will no longer allow or tolerate anybody to take us for granted. It has to stop. Enough is enough. We are not going to tolerate it any longer.”