News
Cash Crisis Fuels Loan App Nightmare in Nigeria
Cash-strapped and in dire need of N30,000 (about $20), Mariam Ogundairo turned to a loan app, downloading it and registering her phone number.
The money was quickly sent over but came with a 21.6 percent interest rate, due in two weeks.
Like many in Nigeria, battered by inflation, Ogundairo was too broke to pay back what she owed.
Then came a deluge of harassment — a tactic that has become the hallmark of many loan apps in Africa’s fourth-largest economy.
“They started calling my phone contacts when I couldn’t pay back on time, saying I owed them. “I lost my security, and it makes me so sad and scared,” Ogundairo told AFP.
Such loan apps in Nigeria, branded “predatory” by campaigners, are texting threats and leaking sensitive photos to their mobile phone contacts when people squeezed by the country’s ongoing economic crisis cannot pay up.
Often enticed by false promises of low interest rates, thousands of Nigerians have turned to personal finance apps seeking quick access to short-term loans as galloping prices put pressure on incomes, with inflation standing at 21.8 percent at the end of July.
Ogundairo struggled through the embarrassment for weeks until she was able to pay off her balance.
– ‘Quick fix’ gone wrong –
“A friend recommended it because I needed a quick fix,” another victim, a 24-year-old who took out a loan two years ago as a university student and asked his name not be used, told AFP.
After spending more than N300,000 conducting laboratory investigations for his final thesis and still needing more funds to complete his research and beat submission deadlines, the money seemed like a lifesaver.
He took out N70,000 when he was a final-year student in 2023. He was meant to pay back about N110,000 within a month, but was too broke.
The loan app then began sending messages to his phone contacts that he was a “ritualist killer”. He said he was not aware he had given the app access to his contacts.
“A couple of my coursemates got the messages.
“It wasn’t the case of unwillingness to pay; it was just a case of impossibility,” he told AFP.
An increasing number of Nigerians have turned to personal loans following reforms by President Bola Tinubu to shock the country’s moribund economy and remove costly subsidies.
Though some economists have voiced approval for the measures, Tinubu’s policies have sent inflation skyrocketing and the value of the naira plunging, hitting many ordinary Nigerians in their pockets.
Even when apps mislead people on interest rates, they can often provide better rates than traditional banks — with the benchmark interest rate at 27.5 percent, conventional loans can come with interest rates at 27 to 48 percent.
While there was no breakdown for so-called fintech apps, lenders in the country handed out about 470 billion naira in personal loans in the last quarter of 2024.
By December, outstanding personal loans jumped “by 21.27 percent to 3.82 trillion naira compared with the level at end-September 2024”, the Central Bank of Nigeria (CBN) said in March.
As of the same month, the Federal Competition and Consumer Protection Commission (FCCPC) approved 408 loan apps, up from 269 in September 2024, with 42 receiving conditional clearance.
The CBN approved 23 apps, up from 14 in the third quarter of last year.
Forty-seven were delisted and 88 placed on watchlists for various offences, including harassment.
The watchdog had said in the past that some loan apps were operating in the country illegally.
– Loan sharks ‘thrive’ –
Many of the loan apps’ ease of access and swift processing create a trap, said Funmi Oderinde, a lawyer at Citizens’ Gavel, a civil society organisation that has been pushing back against the lenders.
The organisation has so far received at least 1,300 complaints over “predatory digital loan apps”.
“These promises are deceptive, and borrowers soon face unethical recovery practices such as defamation, harassment, threats, breaches of data privacy, arbitrary fines, and excessively high interest rates aimed at pressuring them into repayment,” Oderinde said.
Some victims of the harassment have formed different support groups on Facebook. One such group has more than 21,000 members.
A victim told Citizens’ Gavel that, after her phone was accessed remotely, a fake obituary and a real nude photo were shared with her contacts by a loan app.
According to Oderinde, two of the people who approached the organisation for legal help “could have died” due to harassment from loan app agents.
The FCCPC, in a note sent to lenders in August, said it would “periodically monitor interest rates for services of consumer lending, and ensure rates are not exploitative”.
But despite regulatory moves, dozens of apps continue to operate under new names, and desperate borrowers often do not check approval lists before applying.
The result is that loan sharks “thrive”, Oderinde said, “because of weak sanctions and poor enforcement”.
AFP
News
Nigerians to return home as S’African attacks worsen
The protests, according to reports, are being driven by community groups, anti-immigration organisations, and social movements such as Operation Dudula, the March and March Movement, and similar local initiatives, often under the banner of tackling illegal immigration and unemployment.
The Nigerian Consulate in collaboration with the Nigerian Citizens Association in South Africa (NICASA) has offered a free repatriation flight to Nigerians willing to return home permanently amid the ongoing worsening attacks on foreigners.
The President of NICASA, Frank Onyekwelu, disclosed that the situation had forced many Nigerians to shut their shops and businesses.
According to him, there is currently no structured support system in place for affected Nigerians, but the consulate’s intervention is already providing an option for those who wish to leave.
” The process is ongoing as we have recorded many Nigerians signalling interest to return home, ” said Onyekwelu .
Violent anti-foreigner protests erupted recently in cities such as Pretoria, Johannesburg, Durban, East London, and parts of KwaZulu-Natal, resulting in harassment, looting, property damage, and injuries.
The protests, according to reports, are being driven by community groups, anti-immigration organisations, and social movements such as Operation Dudula, the March and March Movement, and similar local initiatives, often under the banner of tackling illegal immigration and unemployment.
News
From 10-16 to 8-hour Workday, The Story of Worker’s Day May 1
Nigeria adopted nationally on May 1, 1981, after Kano State first declared it in 1980
Called International Workers’ Day, Labour Day, or May Day , the origin traces back to the 19th-century labour movement and one key event that shaped the development was the Haymarket Affair in Chicago, 1886.
The 2026 theme according to the International Labour Organization (ILO), is “Ensuring a Healthy Psychosocial Working Environment” – focusing on mental health, stress, and work-life balance .
Nigeria adopted nationally on May 1, 1981, after Kano State first declared it in 1980.
Industrial Revolution conditions
At that time, factory workers often worked 10-16 hour days in unsafe conditions for low pay.
As a result, Labour unions began pushing for an 8-hour workday.
The 8-hour movement
On April 21, 1856, Australian workers in Victoria did a mass stoppage for the 8-hour day .
In the US, the Federation of Organized Trades and Labour Unions declared May 1, 1886 as the day the 8-hour workday would start
May 1, 1886 strikes
Between 300,000-500,000 US workers went on strike across the country. Chicago was the centre, with about 40,000 protesters.
Haymarket Affair, May 3-4, 1886
May 3: Police fired on striking workers at McCormick Harvesting Machine Company, killing at least two
May 4: At a protest in Haymarket Square, someone threw a bomb at police. It killed 7 officers and at least 4 civilians. Eight anarchists were arrested and convicted. Four were hanged.
May 1 becomes International Workers’ Day
In 1889, the International Socialist Congress in Paris chose May 1 to commemorate Haymarket and call for annual demonstrations for the 8-hour day.
By 1904, it was made mandatory for workers’ groups to stop work on May 1.
Why May 1 spread globally
Europe
Traditional spring festival of May Day merged with labour demonstrations-
India
First celebrated in Chennai in 1923. May 1 became a national holiday to recognise workers’ rights.
It’s also Maharashtra Day & Gujarat Day-
Nigeria Adopted nationally on May 1, 1981, after Kano State first declared it in 1980
Philippines
First Labour Day was May 1, 1903, when the first workers’ union protested
Purpose
Honours workers’ contributions and pushes for fair wages, safe conditions, and the 8-hour day-
Public holiday
Not everywhere
The US & Canada celebrate Labour Day on the first Monday in September instead.
How Workers’ Day Is Celebrated in Nigeria
In Nigeria, Workers’ Day is more than a ceremonial gathering. It serves as a structured platform for engagement between labour unions and the government authorities.
Each year, workers use the occasion to highlight issues affecting their welfare, including wages, working conditions, unemployment and the rising cost of living.
Organised labour bodies such as the Nigeria Labour Congress, and the Trade Union Congress coordinate nationwide activities.
Their addresses during May Day celebrations often reflect the economic realities of the time, making the event a barometer for the state of the workforce.
Beyond formal speeches, the day reinforces the relevance of collective bargaining.
It reminds both workers and policymakers that labour rights are not static but require continuous negotiation and protection.
News
Contractor Dies in Egbin Power Plant ‘s Accident
It was learned that the contractor, a diver engaged for underwater work inside the plant’s lagoon-based pump house, died after an accident during maintenance activities.
Image: Egbin Power Plc
The board and management of Egbin Power Plc expressed deep sorrow for the loss of a contractor following an industrial accident during underwater maintenance operations at the plant in Lagos State.
The incident, which reportedly occurred on Tuesday, April 28, 2026, led to the shutdown of operations at parts of the facility and the disconnection of the plant from the national grid.
It was learned that the contractor, a diver engaged for underwater work inside the plant’s lagoon-based pump house, died after an accident during maintenance activities.
The diver was working inside the lagoon water pump system when a pump reportedly came on unexpectedly, trapping him in the impeller and leading to his death.
Following the incident, operations in the affected section of the plant were suspended as safety protocols were activated, eventually resulting in a broader shutdown of the plant.
The management of the company confirmed the incident, expressing sadness over the demise of the contractor.
Egbin Power Plc is Nigeria’s largest electricity generation plant with an installed capacity of 1,320MW.
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