Saturday, July 13, 2024
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Gavel’s Media Roundtable Sparks Action Against Loan App Defamation, Demands Judicial Accountability

Instant loan apps to the guileless or those with a scheming mindest discover to their horror how easy acess to loan apps are actually high risk business models that saps the life and health out of Nigerians financially.


By Oluwatimilehin Awojobi

Gavel, through a compelling media fellowship organized by LightRay Media, has sounded the alarm on the perilous repercussions of unchecked loan app practices plaguing Nigerians.

Funmi Oderinde, a Legal Associate with the Gavel, exposed the sinister tactics employed by digital money lenders, highlighting their exploitative rates and illegal methods that subject users to threats, defamation, and emotional abuse.

Over 800 grievances have surfaced, shedding light on the harrowing ordeals faced by individuals caught in the web of these loan apps, subjected to exorbitant interest rates reaching 100%. Oderinde stressed the urgency for regulatory bodies like the CBN to institute fines against defaulting loan apps to curb their proliferation.

Femi Ajibade, the Operations Lead at Gavel, called out regulatory agencies, including the CBN, Federal Competition & Consumer Protection Commission, and banks under their purview, demanding accountability for the persistent emotional and psychological abuses faced by Nigerians.

This clarion call extends beyond regulatory bodies. Using newly launched memes by Gavel, Citizens were exposed to how accepting victimhood does more harm than good to the psyche of citizens.

Citizens are urged to stay vigilant, avoiding enticing digital loan offers that often conceal ulterior motives to defraud or scam vulnerable individuals.

To amplify this crucial issue, a collective effort is underway. Nigerians, including participants at the media fellowship, will unite on Gavel’s Twitter on December 18th from 11:00 am for a powerful advocacy campaign. This campaign aims to reinforce the rule of law concerning business operations in Nigeria and push for judicial accountability through Gavel’s Loan App Defamation Initiative and its Judicial Accountability Project.

Gavel’s advocacy drive is hinged on also providing solutions to the gaps within the financial framework as well as sucour to victims through their helpline and social media platforms at hello@gavel.

This unified effort seeks justice for victims, demands regulatory responsibility, and aims to safeguard the populace against exploitative practices perpetuated by unscrupulous loan apps operators and their managers.

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