The Economic and Financial Crimes Commission (EFCC) has issued a stern warning against the fraudulent circulation of documents, such as “Arrest Warrant Processing” and “Loan Fraud Escalation,” by certain loan companies.
These companies have purportedly been using these documents to threaten loan defaulters while falsely linking their actions to the EFCC.
Dele Oyewale, the Head of Media and Publicity for the EFCC, released a statement on October 20, 2023, to address this matter. He emphatically stated that the EFCC does not issue arrest warrants for loan defaulters. This clarification is vital, as it puts an end to any misconceptions and misleading claims associated with the Commission’s involvement in loan recovery processes.
Oyewale also warned loan companies against engaging in such fraudulent practices. The EFCC has vowed to take action against any entity found guilty of linking the Commission to their loan recovery efforts. The statement implies that the EFCC is prepared to employ legal means to ensure that these companies are held accountable for their actions.
This clarification from the EFCC serves as an important reminder to the public that arrest warrants for loan defaulters are not within the Commission’s purview. Loan companies are urged to refrain from any deceptive practices, and individuals are encouraged to be cautious and informed when dealing with loan-related matters.
As the EFCC takes a firm stance against such fraudulent engagements, it remains to be seen how this development will impact the conduct of loan companies and their interactions with borrowers.