The Economic and Financial Crimes Commission, EFFC, has issued a strong warning to loan companies to stop using its name for scare tactics in their efforts to recover loans from defaulters.

The anti-graft agency, in a statement by its spokesperson, Dele Oyewale gave the warning while denying involvement in the process of recovery of loans contrary to some documents being used to threaten defaulters by some of the companies.

The EFCC, in the statement issued on Friday, identified some of the contrived documents being sent to defaulters by the loan companies purportedly issued by the Commission carried headlines such as” Arrest Warrant Processing”, and” Loan Fraud Escalation” among others

“Authors of such documents are falsely linking their threats against loan defaulters to the Commission. The public is enjoined to be wary of such claims. As a rule, the EFCC does not issue arrest warrants on loan defaulters.

“Loan companies linking the Commission to their loan recovery efforts should desist from such fraudulent engagements as the EFCC may stop at nothing to bring them to book,” the anti-graft agency said in the statement.

See the full statement below

EFCC Does not Issue Arrest Warrant on Loan Defaulters

The attention of the Economic and Financial Crimes Commission, EFCC, has been drawn to some contrived documents on “Arrest Warrant Processing”, ” Loan Fraud Escalation” and others, being circulated by some loan companies, purportedly issued by the Commission against loan defaulters.

Authors of such documents are falsely linking their threats against loan defaulters to the Commission. The public is enjoined to be wary of such claims. As a rule, the EFCC does not issue arrest warrant on loan defaulters.

Loan companies linking the Commission to their loan recovery efforts should desist from such fraudulent engagements as the EFCC may stop at nothing to bring them to book

Dele Oyewale

Head, Media & Publicity

October 20, 2023