NewStats: 3,265,040 , 8,185,422 topics. Date: Friday, 13 June 2025 at 08:54 AM z624w

Godwin Emefiele, governor of the Central Bank of Nigeria (CBN), says Nigerians should beware of illegal money lenders, known as loan sharks.

Emefiele said this on Tuesday at the end monetary policy committee meeting in Abuja.

Loan sharks offer loans at extremely high rate returns, strict of collection upon failure, and generally operates outside the law.

The CBN governor explained that those who go to collect loans from places other than microfinance banks or recognised institutions are at bigger risk.

“There is no need for you to go to loan sharks for a loan. People normally go to loan sharks because they are desperate and can’t access the bank,” Emefiele said.

“We found out that those that are vulnerable are households who need money to do their businesses but they can’t access bank finance and as a result go to loan sharks who charge them way above or two times higher than the amount borrowed and expected to pay back in 90 days and if that doesn’t happen, they seize your house or bikes.

“We can only continue to advise that there is no need to go for loan sharks. The central bank has put in place the avenue through which you can raise your finance, like through the target credit facility or the SMEs loan that was set up through our microfinance banks.

“You don’t have to owe anybody, just go to the portal and fill the form, send your data, and if it’s correct, you will be able to access loans.”

He said several people have benefited from the microfinance strategy to give out loans at affordable return rates, adding that CBN will go after loan shark perpetrators.

“We have a large number of people who have testimonials from the facilities we’ve made available and do not have to owe anybody,” the apex bank governor said.

“The bank is putting effort to stop loan sharks, and when these people are found, they will be dealt with mercilessly.”

https://brandspurng.com/2022/01/26/avoid-loan-sharks-emefiele-tells-nigerians/

Ok

They will not hear now.

Nigerians and stubborn head!

it's when they start disturbing you like how ghosts disturb people in nigerian movies

they will now run to Nairaland and other social media platforms to complain and cry. Telling us how they want to commit suicide, but when you were chopping the money you no call us, you no commit suicide.

If they had an option with the banks and microfinance, would they go for loan sharks?..

Ineligible messages are what majority get from your sme's

Microfinance institutions are no better either ...

Only difference between Soko Loan and Lapo Microfinance is just the name. Both engage in unwholesome loan recovery practices.

Maxymilliano:
Microfinance institutions are no better either ...

Only difference between Soko Loan and Lapo Microfinance is just the name. Both engage in unwholesome loan recovery practices.

Aidejay:
They will not hear now.

Nigerians and stubborn head!

it's when they start disturbing you like how ghosts disturb people in nigerian movies

they will now run to Nairaland and other social media platforms to complain and cry. Telling us how they want to commit suicide, but when you were chopping the money you no call us, you no commit suicide.

Those people are scammers hiding under loan companies.
how will you loan 10k to collect 14k with 7days?
What kind of business will fetch you that one if not Yahoo or dupe shit

YesYes so, well said, meanwhile, today is Honorable Obasa's wake. Kindly say a parting prayer for him

https://nairaland.isosite.org/6958501/honorable-obasa-seasoned-broadcaster-politician

Yet, he approved them. You approved something, you are the same person telling the populace to avoid what you approved.

Nigerians should we be worried??

We sent a neatly dressed man to see the future of Nigeria, so that he could tell us what the future of Nigeria holds. But he came back looking dusty and haggard Infact since he came back he has been smiling without saying a single word like...

Dem get coconut head...they will nor hear

Trust Emefiele and CBN at ur own peril...
Those so-called MFBs that will ask you to go and bring ur dead village King's liver as a loan document... They are even worse than commercial banks

Akinsete19:
Yet, he approved them. You approved something, you are the same person telling the populace to avoid what you approved.

Cos he knows that some Nigerians are foolish.

He owns some of those companies

And you didn't state the website where they can access it.

What is sme

The same CBN/NIRSAL loan I applied for and paid10k to your educonsult partner for training and still paid 5k to Simplified Credit for business plan...and still didn't get anything...all my documents were intact and genuine.

The site kept on crashing over and over again
Later d site didn't even recognize my name and anymore.

Everything for dis country na by connect

trust who....who will trust him,trust at your your peril

coseme1387:
Who is trusting this man

My question exactly...

Frying pan to fire
Both na headache

Most people in Nigeria are not qualified to get loans from banks!

Lol I pity people that patronise loan sharks.

That is how they sent me a message yesterday that one of my s has defaulted and it is 9 days due.

Only to go the guy WhatsApp status and I was seeing my guy posting financial breakthrough rubbish.

I just weep. I couldn't tell the guy again.
I no wan spoil him cruise.

Advaat Credit

Please us if you need a quick loan.

Conditions
You must be resident in Lagos

You must be a salary earner

[email protected]

WhatsApp/Call: +234 904 727 6819

No Loan Giver, Distributors And Agents Are Truthful, Reliable And Forthcoming Especially The Loan Apps, Of A Particular Interest Branch Loan And Digital Banking. They Would End Up Defrauding You. They Are Packaged And Advanced Scammers And Fraudsters.

Soko loan be looking at Emefiele like...

Anything Could Be Authentic,Fraud Or Scam In Nigeria! May We Be A Victim Of Authentic And Not Scam.

FinanceHub:
Advaat Credit

Please us if you need a quick loan.

Conditions
You must be resident in Lagos

You must be a salary earner

[email protected]

WhatsApp/Call: +234 904 727 6819

In Nigeria Anything Can Be Authentic, Fraud And Scam! May We Be A Victim Of Authentic And Not Scam.

Emeifele go an sit down no body is asking for your input, you have ruined the economy with your jaga jaga policies, like you care about the average Nigerian

Chijeep:
Those people are scammers hiding under loan companies.
how will you loan 10k to collect 14k with 7days?
What kind of business will fetch you that one if not Yahoo or dupe shit

were u forced to collect it? if u think the interest is too much, why did u collect it. some people do not even have a repayment plan, they just want to collect loans. wen they pepper their body, they go de lament on social media