House of Representatives Calls for Closure of Illegal Loan Platforms Amid "One Chance" Extortion

The House of Representatives has called for the closure of illegal loan platforms exploited by "one chance" operatives to extort money from unsuspecting victims. This decision came after a motion of urgent public importance was presented by Representative Billy Osawaru during Wednesday's plenary session.

Osawaru condemned the activities of these operatives as "heinous," detailing how their schemes leave victims in desperate situations. He noted that many victims endure severe torture and are coerced into providing personal information, which is subsequently misused.

“In many cases, the phone numbers and bank accounts of victims are used to borrow money from illegal and unauthorized loan apps, incurring huge debts that victims are forced to repay,” Osawaru explained.

He also raised concerns about banks' reluctance to assist complainants without a police report and urged the Nigeria Police, banks, and FinTech operators like Opay and MoniePoint to prioritize addressing cases of "one chance" operations and kidnappings. The motion was adopted unanimously by the House without further debate, reflecting a strong consensus on the urgent need to combat this growing issue.