Emefiele Warns, Loan Sharks are Ruthless, Will Seize Your House, Avoid ThemYour support matters. Sustain independent journalism in Nigeria – contribute to Legit.ng. The Central Bank of Nigeria (CBN) governor, Godwin Emefiele, has warned Nigerians against patronising loan sharks that employ unethical methods in loan issuance and recovery. Emefiele, who spoke at the CBN’s monetary policy Committee meeting in Abuja on Tuesday, January 25, 2022, said the loan sharks operate outside regulations and have an incredibly high rate of returns. Also, he said, the loan sharks operate outside the law and approved the CBN rate. Thecable reports that Emefiele warned that those who patronise them are at higher risk. He advised that Nigerians should instead, patronise the services of microfinance banks. Recommended for you "She is in love with your guy": Nigerian lady sends twin sister packing ove... PAY ATTENTION: Join Legit.ng Telegram channel! Never miss important updates! He explained that there is no need to use the services of loan sharks out of desperation because they will come for their assets like houses and means of livelihood. The CBN boss said they understand that people patronise the loan sharks out of desperation when they cannot access loans from conventional or microfinance banks. The apex bank’s helmsman said the loan sharks charge higher, most times two times higher or more than the approved CBN rate. According to Emefiele, the CBN has put in place the avenue through which people can raise their finance via credit facilities or SMEs loans that was established through the microfinance banks. He advised that people should just open the portals of the microfinance banks, fill out their forms, send their data and if correct, they will access the loans. Recommended for you “Hand dey scratch baba”: Davido mistakenly posts video of him getting massa... He said the bank is making efforts to rein in loan sharks and that they will be death with when they are found. Meanwhile, Legit.ng has reported that the activities of loan sharks masquerading as lending apps in Nigeria have left the majority in the country worried as the apps use crazy methods in chasing and recovering their loans. In a Facebook post by one Onyinye Mmoh, one of the loan apps went to the extreme measures of designing the obituary of its creditor, one Azubuike Chinedu. Another measure unlawful measure employed by another is declaring a creditor wanted and harassing contacts of those who owe them. Source: Legit.ng Patronising loan sharks is very dangerous, so says Central Bank of Nigeria governor, Godwin Emefiele He was speaking at the CBN's monetary police committee meeting in Abuja and said they loans sharks are merciless According to Emefiele, the CBN has made it possible and easy for people to access loans through the microfinance banks Your support matters. Sustain independent journalism in Nigeria – contribute to Legit.ng. Join Legit.ng Telegram channel! Never miss important updates! Legit.ng