Are you troubled that your privacy will be disarray because you’re owing Loan companies in Nigeria? Are you troubled that your private details will be shared publicly and you’ll be publicly shamed on Whatsapp, Facebook, text messages, etc because you’re owing Loan companies?
This is what I want you to do right now, Stop Panicking. Stop worrying yourself when a loan App or moneylender posts your Obituary poster when you are still alive, or threaten to do air you out publicly because you are yet to repay back the loan money you’re owing them.
We’re in Nigeria, and it’s 100% a very common practice for some moneylenders and Apps to design and post a borrower’s Obituary poster simply because the borrower defaulted in repayment within the stipulated and agreed time frame.
Some of these moneylenders do go as far as making posters, where you’re tagged as “WANTED”.
For those who are not yet aware, the Nigerian government has made this a serious criminal offence. It is a crime to intentionally and publicly declare someone dead when he/she is still alive. Which means if you’re being threaten by any of these moneylenders, you can easily get them arrested.
Yes, even worse, if this takes place in a cyberspace such as Whatsapp, Facebook, or any social Media platforms, it is even a more serious criminal offence, according to the new law passed by the Nigerian government.
Any Nigerian who is being threaten by a moneylending company that they will publicly shame you or post your obituary poster just to make you tensed and repay, tell whoever that called or contacted you that you will take legal actions against the caller or the organization.
For those who are not yet aware, the government has passed a new bill, which specifically targets users who are spreading fake news or deliberately misleading information to the public. This is a criminal act in Nigeria and anyone caught doing this, will have to face the Law.
Those who are found guilty of breaking this law can be arrested, charged, and sentenced to imprisonment under the Criminal Code Act and the Cybercrime (Prohibition, Prevention, etc.) Act.
They will go in for nothing less than 7 years for spreading fake news or misleading information to the public.
Their money lending license will be withdrawn and the company can be deregistered, automatically making them lose thousands of customers and yes, worst case scenerio, those customers who are owing them will likely not pay their debts, since the company is deregistered and isn’t allowed to function in the country.
Even if the company says things such as “We just want to shake him so he can pay up“, “We just want to make them pay us OUR money”, all these are excuses and is not considered a defense in law.
Remember, ignorance of the law is not an excuse.
However, the new law made it mandatory that any Moneylending company whose customer/borrower defaults payment within the stipulated and agreed period, it is advisable to follow legal procedures to recover their money, rather than shaming them publicly. There is no shortcut to justice and the possibility of losing their license is there.
Finally, it is one hundred percent (100%) unkind that you refuse to pay money borrowed to you in time when you needed it the money. I always advise the borrower to also make reasonable efforts to repay their money as fast as they can. The advantage of repaying your loan is quite huge, and you’re increasing your credit score in Nigeria.
These moneylending companies certainly came through for you when you were in dire need of funds, why choose to repay good with bad? Try your possible best and repay your loans today.
I am of the school of thought that if you can sue, you should be able to repay your debt.