LightRay Media, in collaboration with GAVEL, has initiated a campaign against the violation of citizens’ rights by online banks.
In a roundtable discussion with journalists, the organizations urged stakeholders, including the Central Bank of Nigeria (CBN) and the Economic and Financial Crimes Commission (EFCC), to address the abuse and privacy violations perpetrated by loan apps.
During the discussion on “GRAVEL’s Judicial Accountability Expose and Loan App Defamation Deconstruction” via Google Meet today, Funmi Oderinde, a legal consultant with GAVEL, emphasized the distinction between unlicensed loan apps and investment schemes in Nigeria.
Oderinde stressed the need for Nigerians to conduct due diligence before investing and highlighted the criminality of operating unregistered investment schemes.
She said, “The problem of unlicensed and unregistered loan apps in Nigeria is different from the problem of investment schemes in Nigeria. They are two different issues.”
“The Securities and Exchange Commission is the regulatory body for investments in Nigeria. Nigerians should do their due diligence before investing in any scheme.”
Moreso, Olufemi Ajibade, Operations Lead at GAVEL, called on journalists to amplify their messages, stating the importance of media in raising awareness.
Ajibade questioned the apparent lack of oversight by the CBN, urging action against those behind the loan apps.
Oderinde noted the influx of victims reaching out, addressing the challenges posed by digital money lenders and the limitations of data investigation in Nigeria.
Expressing concern about advertising regulations, Oderinde questioned why regulatory bodies permitted loan apps to operate without stringent checks. The team emphasized their commitment to taking up individual cases and investigating identified loan apps.
Lady Eijro Emukoro, LightRay Media Publisher, in alignment with the campaign, emphasized the media’s responsibility to sensitize borrowers about timely repayments. The discussion also shed light on the project’s goal, as described by Olufemi Ajibade, who emphasized the need for judicial accountability.
He said, “The project aims to expose inadequacies within the judiciary, address issues of transparency and accountability, and advocate for the unbundling of the Chief Justice’s office to ensure checks and balances.”
Furthermore, the project seeks to discipline individuals engaged in corrupt practices within the judiciary and advocates for financial independence to mitigate the influence of external factors on judicial decisions. Overall, the initiative aims to involve the public in advocating for positive change within the judicial system.
The project also aims to motivate positive change by holding individuals accountable for corrupt practices within the judiciary.
Advocating for the unbundling of the Chief Justice’s office, Olufemi Ajibade highlighted the need for checks and balances to prevent undue influence and foster a fair justice system.
He noted, “The project, through extensive research, identified financial motivations as a potential source of corruption within the judiciary. Ajibade stressed the importance of advocating for financial independence for judges to improve welfare and reduce susceptibility to external pressures from executives or politicians.”
The public, media, and regulatory bodies were urged to collaborate in combating the misuse of online platforms, ensuring accountability, and safeguarding citizens’ rights, noting that the battle against loan app defamation and the broader goal of judicial accountability became a rallying cry for collective action and systemic change.