Who Are Loan Sharks

Loan Sharks are illegal money lending companies or individuals, who are not duly registered with all the appropriate authorities or do not posses the required licenses to operate. They do not comply with the legal framework set up by the government.

Their business strategies, rather than help majority of the borrowers meet their immediate needs once and for all, ends up worsening their situations making their debts to spiral out of control within a very short period of time.

Their excessively high interest rates, short repayment period, the crude, unrully and embarrasing methods of recovering their money have done more harm than good to the borrowers, turning them into victims.  

They have insulted and shamed many people

They have made many people loose their jobs

They have damaged people's reputation 

They have shattered friendships and relationships

They have caused many to take their own lives

They have caused many to sell their properties and valuables.

They have broken many homes.

What Needs To Be Done

There is an urgent need to end the menace and illegal exploitation of Nigerians by instituting civil and criminal legal actions against those behind these evil schemes.

Criminal complaints should be filed with the appropriate authorities against the individuals and their agents who are at the forefront of wrecking havok and destroying the lives of innocent citizens all in the name of doing business.

We shall sue each and everyone of them to court and claim damages worth millions of Naira as compensation for the victims of their crude actions which include :

1. Defamation of character

2. Harrasment

3. Intimidation

4. Character assassination

5. Threat to life

6. Operating illegally

7. Fundamental human rights abuse

8. Intrusion of privacy

9. Data breach

And Many more.