The notification pings at 2:00 AM. It’s not a loved one or a work emergency. It’s a message from a “loan shark” app, crudely photoshopping my face onto an obituary because a distant cousin, whose contact list I happen to be on, defaulted on a ₦5,000 loan.
This is the harrowing reality for millions of Nigerians today. As I look at the current state of our digital lending space, I cannot help but ask: where is the fire we once saw at the Federal Competition and Consumer Protection Commission (FCCPC)? Are we, as a nation, collectively pining for the days of Babatunde Irukera?
When Babatunde Irukera sat at the helm of the FCCPC, he didn’t just issue “press releases”; he issued warrants. I remember clearly the shockwaves he sent through the industry in March 2022. In a move that felt more like a Hollywood thriller than a regulatory exercise, Irukera led a joint task force to invade the offices of several illegal digital lenders in Opebi, Ikeja.
He didn’t just sit in Abuja sipping tea. He was there on the ground, overseeing the shutdown of “Soko Lending” and others that had turned the lives of Nigerians into a living hell. I recall him standing before the cameras, defiant, explaining how these apps harvested contacts to shame borrowers.
Under his watch, the FCCPC forced Google to delist hundreds of predatory apps from the Play Store and ordered banks to freeze the accounts of these “sharks.” He made it personal because the harassment was personal. He treated these operators like the economic saboteurs they were.
Fast forward to today, February 2026, and the seat is now occupied by Tunji Bello. To be fair, Bello is a seasoned administrator with a formidable track record in Lagos State. However, as a consumer, the “vibe” has shifted from aggressive enforcement to what I call “regulatory diplomacy.”
Just last month, in January 2026, the FCCPC under Bello announced a “phased enforcement” of the new Digital, Electronic, Online and Non-Traditional Consumer Lending Regulations (DEON). While it sounds sophisticated, many of us on the receiving end of these 70% interest rates feel the pace is too slow.
While the agency delists non-compliant apps from their “approved register,” the “sharks” simply change their names, tweak their logos, and reappear on our phones within 48 hours.
The difference is palpable. Irukera’s tenure felt like a war against predators; Bello’s tenure feels like a cleanup of an industry.
Irukera gave us “the raid”, immediate, visceral, and terrifying for the offenders.
Bello gives us “the framework”, systemic, legalistic, and perhaps more sustainable in the long run, but lacking the immediate “sting” that keeps these bullies in check.
Nigerians are currently “fairing” under a cloud of economic hardship, and these loan apps have become a desperate last resort. When you are hungry, a 50% interest rate for a seven-day loan feels like a lifeline until it becomes a noose. We don’t just need a “register” of who is good; we need a “predator drone” that takes out the bad.
My Verdict
I appreciate the structured engagement Tunji Bello is bringing to the table, especially with payment service providers and hosting platforms. It is the “civilized” way to do business. But when a loan shark is calling my 70-year-old mother to tell her I am a “wanted criminal” over a minor default, I don’t want a “phased enforcement.” I want the man who will break down their doors.
We are indeed missing the “Helmsman of Heat.” While we wait for the DEON Regulations to bear fruit, the sharks are still circling, and they seem less afraid of the law than they used to be.
Godwin Anyebe is a Journalist and a Rights Activist.
