Stop Using Our Name To Scare Defaulters, EFCC Warns Loan Companies

The Economic and Financial Crimes Commission has warned loan companies to desist from using its name to get at defaulters.

The agency said it does not issue arrest warrants for loan defaulters as allegedly claimed by some of the loan companies.

EFCC disclosed these in a statement released on its official X account on Friday.

According to the EFCC, some of these companies send out documents with lists of those on the Commission’s alleged arrest list to scare defaulters into paying their loans.

The Commission, however, warned such companies to desist from such ‘fraudulent engagements as the EFCC may stop at nothing to bring them to book.’

The statement titled, ‘EFCC Does not Issue Arrest Warrant on Loan Defaulters’, read, “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 falsely link 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.”