Bill for NCCRC_2009

HB.209 A BILLFOR

AN Acr TO EsrABLISHMENTOFTHENATIONALCONSUMERCREDITRroULATORYCOMMISSION(NCCRC) FORTHEGENERALREGULATIONOFCONSUMERCREDITANDINFORMATIONINNIGERIA,REGISTRATIONOFCREDITBUREAUANDCREDITPROVIDERS,PROMOTIONOF FAIRACCESSTOCONSUMERCREDITANDEcONOMIC

EMPOWERMENTOF NIGERIANS,PROHIBITIONOFUNFAIRCREDITMARKETINGPRACTICESANDOrHER MATTERSCONNECTEDTHEREWITH

Sponsored by HON. PA:rRICKASADU(

BE IT ENACTEDby the National Assembly of the Federal Republic ofNigeria as follows:

I PART 1- ESTABLISHMENTOFTHENATIONAL

2 CoNSUMERCREDITRroULATORYCOMMISSION

3 1.-(1)There is hereby eslabIished, the National CoosumerCredilRegu\alory

4 Commission (hereinafter in this Act referred to as "the Olpunission").

5 (2)The Commission shall be a body corporate with perpetual succession

6 and a common seal and may-

7 (a) sue and be sued in its corporate name; and

8 (b) hold, acquire and dispose of any property ,If interest in property,

9 movable or unmovable.

10 (3)The Commission shall-

II (a) have jurisdiction throughout Nigeria;

12 (b) be independent, impartial and perform its functions without fear or

13 fuvourorprejudice;

14 (c) have its headquarters in the Federal Capital Territory and Zonal

15 Offices in the six geopolitical zones in Nigeria.

16 2.-(1)There is hereby established for the Commission, a Governing

17 Board (hereinafter in this Act referred to as "the Board") which shall consist of

18 the Minister of Finance as Chairman and the following members

19 (a) Minister ofCommen:e or representative;

C989

Commence-J menlo

Establislunentof NationalConsumerCreditRegulatoryCommission.

Membersbipof tileCommission.

C 990 2009 No. National Consumer Credit Regulatory Commission

Schedule.

Tenure ofoffice.Cessation ofMembership.

Emolument!Allowances.

(b) Attorney-General of the Federation or representative;

2 (c) Minister of Industry or representative;

3 (d) Chief Economic Adviser to the President or representative;

4 (e) Governor of Central Bank;

5 if) Director-General of Budget Office or representative;

6 (g) Accountant General of the Federation;

7 (h) Director-General, Consumer Protection Council;

8 (;) Director-General of the Debt Management Office;

9 (j) One person to represent the Bankers Committee; and

10 (k) Director-General of National Consumer Credit Regulatory

11 Commission,

12 who shall be appointed by the President.

13 (2) All membersof the Board, except the Director-General of the National

14 Consumer Credit Regulatory Commission shall be part-time members.

IS (3) The supplementary provisions set out in the Schedule to this Act,

16 shall have effect with respect to the proceedings of the Board and the other

17 matters contained therein.

18 3. Members of the Commission shall hold office for a period of 3 years.

19 4.-( I) A member of the Board may resign his appointment by notice in

J) writing under his hand addressed to the President.

21 (2) A member of the Board may be removed from office by the President,

22 if he is satisfied that it is not in the public interest or the interest of the

23 Commission that the member should continue in office.

24 (3) If a member of the Board dies, resigns or otherwise vacates office

25 before the expiration of his term, another person shall be appointed for the

26 remainder of the term, such that the successor shall represent the same interest

T1 and shall be appointed by the President.

28 5. There shall be paid to every member of the Board, such emolument,

29 allowances and benefits as the Federal Government may determine from time

3) to time. .,

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NotiOlllli Consumer Credit Regulatory Commission 200lI No. C'"

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PART 11 - FUNCTIONS OF THE COMMISSION

6. The Commission shall-

(0) ensure, support and promote the development of a sustainable,

transparent, efficient and effective accessible consumer credit market and

industry 10 serve people and comrmmities in the Federal Repoblic of Nigeria;

(b) monitor and report to the Minister yearly-

(I) the rate of access of various sectors in the economy to consumer

credit especially the low and medium income sector,

(il) price, credit availability, market conditions and trends, and

(iii) any other matter relating to consumer credit;

(c) support policy, regulatory or legislative effons aimed at improving

access to credit to all Nigerians;

(d) regulate consumer ci'edit in Nigeria through the registration of credit

bureaus, credit providers and debt collectors, suspension or cancellation of

their registration and establishment of registers as deemed necessary;

(e) provide, promote and sustain speedy resolution of disputes between

consumers and credit bureaus or credit providers through alternative dispute

resolution methods of negotiation, mediation and conciliation;

if) encourage trade, industry and professional associations to develop and

enforce quality standards to safeguard consumers;

(g) monitor the consumer credit market in Nigeria 10 ensure the detection,

prevention and prosecution of prohibited conduct;

(h) issue and enforce guidelines aod compliance notices made for and to

dealers, wholesalers, manufacturers and imponers,

(I) organise and undenake campaigns and other fonn of activities explaining

its procedures and ensuring increase in public consumer awareness;

I.J) investigate socioeconomic trends in the credit market especially among

the low and middle income persons and determine the pattern of the credit

market through conduct lif periodic audit of registered credit providers in

respect of data related to credit applications and credit agreement;

(k) refer to the Federal Competition Commissloa (FCC)· matters with

FUDC1ionofIIleCommission.

C 992 ZOO')No. National Consumer Credit Regulatory Commission

Director-General.

Duties of theDirector-General.

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I regards to anti-competition conduct as provided in the Federal Competition

2 Commission Act, 2006;

3 (I)refer matters to the tribunal and deal with matters referred to it by the

4 tribunal;

5 (m) advise the Minister on matters of policy relating to consumer credit;

6 (n) advise the Minister in respect of any matter referred to it by the

7 Minister;

8 (0) report to the Minister on annual basis, the volume and cost of various

9 types of consumer credit products, market practices relating to them,

10 implication for consumer choice and competition in the consumer credit

II market in Nigeria;

12 (P) do such other things as may facilitate the effective implementation of

13 the functions of the Commission under this Act and other matters incidental

14 thereto.

15 PART III - STAFF OF THE COMMISSION

16 7.-(1)There shall be appointed for the Commission, a Director-General

17 of a rank equivalent to a Permanent Secretary in the civil service of the

18 Federation.

19 (2)The Director-General who shall be the Chief Executive and Accounting

3J Officer of the Commission shall be appointed by the President.

21 (3) The Director-General sball be a person with wide knowledge and

Z2 experience in -

23 (a) Consumer Credit Management; or

:lA (b) Consumer Protection; or

25 (c) Banking and Finance; or

)5 (d) Business Administration; or

Xl (e) Law.

28 8.-(1) The Director-General shall have a minimum of 15 years post

29 qualification cognate experience and possess professional qualiflClltions in any

D of the ftelds mentioned in subsection (3) of this section.

31 (2) The Director-General shall SUbject to the control of the Board, be

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National Consumer Credit Regulatory Commission

I responsible for-2 (a) the execution Ofthe policies and functions of the Commission;3 (b) the day to day administration of the Commission;4 (c) keeping proper records of proceedings of the Board;

5 (d) the direction and control of all employees.6 (3) The Director-General shall be the Secretary to the Board.

7 (4) The Director-General shall hold office for a period of 5 years in the8 first instance and may be eligible subject to performance to reappointment for9 another term of 5 years and no more.

10 (5) The Director-General shall hold offICeon such terms and conditions

II as regards emolument and otherwise as specified in his letter Ofappointment12 and as may be determined by the Board from time to time.

13 9.-( I) The Board shall have power to appoint for the COIII1lIissionsuch14 other categories of staff as it may deem necessary for the efficient and effective

IS performance of Its functions IInder tbis Act and pay persons so recruited,16 remuneration including allowances as may be determined by the Board.17 (2) The Board pursuant to the provision Ofsubsection (I) of this section18 shall have the power to promote and control the staff Ofthe COII1JIIissionand19 this shall incluclethe power to dismiss, terminate, consider the resignation or

:!l withdrawal of appointment and exercise disciplinary control over the staff of21 the Commission.22 (3) The Board shall di:termine appropriate conditions of service for the

23 staff of tbe COntniission.

14 (4) The COII1JIIissionmay, engage such consultants and advisers as are2S necessary for the effective diSChargeof its functions under this Act.26 (5) TheBoardmay,deIegaletotheDirector-Generalgenerally01" speciflcaIIy,

27 thepower to appointsucIJc:aregoriesofstaffas theCommissionrequire from time28 to timewhich includes,the appoIntnientofJnspectoiSand Investigators.

29 10.-(1)The Boardma)' designate or delegate to the Directnr-General to

II designate as ari InspeCtor, an)' person (whether or not a ~ther 'of the public31 serViceof the Federation) who possesses Suchqualifications and fulfils such

0Iber SlaffofdieCommission.

Designation of'~ngOffocers ••••.appol_of'Dvestigalors.

C 994 2009 No. National Consumer Credit Regu/ntory Commission

requirements, if any, as may be prescribed and shall furnish to every such

2 person so designated a certificate of identification.

3 (2) An Inspecting Officer may, in the course of his duty, at any reasonable

4 time and on production of his certificate of identification if so required -

5 (a) enter (if need be by force) any premises for the purposes of conducting

6 an investigation;

7 (b) examine or take samples or specimens of any goods or product;

8 (c) open and examine, whilst on the premises, any container or package

9 which he reasonably believe may help him in his investigation;

JO (d) examine any book, document or other records found on the premises

11 which he reasonably believes may contain any information relevant to the

12 enforcement of this Act or the regulations made tbereunder and make copies

13 thereof or extracts therefrom;

14 (e) seize and detain for such time as may be necessary for the purposes of

15 this Act, any article or goods by means of or in relation to which be reasonably

16 believes any provision of this Act or the regulations has been contravened.

17 (3) The owner or person in charge of any premises entered into by an

18 inspecting officer pursuant to this section and every person found therein, shall

19 give all reasonable assistance to the inspecting officer and shall make available

:!) to the inspecting officer all such information as the inspecting officer may

21 . reasonably require for the purposes of this Act.

22 (4) Any article or goods seized under this Act shall be kept or stored in

23 such a place as the inspecting officer may direct and shall be returned to tbe

14 owner or the person from whom it was seized if tbe article or good upon

25 analySis or examination is found not to have contravened the provisions of this

216 Act.

T1 (5) In the exercise of power under this Act, an Inspector may exercise the

28 powers of a police officer under section I of the Police Act.

29 (6) The Board or Director-General if so delegated by the Board, may

~ appoint as Invesligators suitable qualified persons to conduct audits, enquiries,

31 research and Olber invesligations and they shall not be treated as Inspectors for

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NOlional Consumer Credit Regulatory Commission

I the purpose of this Act.

2 11.-( I) Subject 10 the provisions of this Act, the Commission may make

3 staff regulations with regard to the conditions of service of its employees and

4 such regulations may provide for -

5 (a) the appuintment, promotion and disciplinary control of employees of

6 the Commission;

7 (b) appeals by such employees against dismissal or other disciplinary

8 measures.

9 (2) The legislation dealing with the conditions of service of the officers in

10 the public service of the Federation may he applicable with necessary

II modifications pending when staff regulations are made.

12 (3) Staff regulations made pursuant to subsection (1) of this section. shall

13 not have effect until approved by the Board and the Board shall cause it 10 be

14 brought 10 the notice of all employees.

15 12. Service in the Commission shall be pensionable service under the

16 Pensions Reform Act; 2004 and accordingly, employees shall be entitled to

17 such pension and retirement benefits as are prescribed in the Pensions Reform

18 Act (2004, No. I).

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PART IV - FINANCIAL PROVISIONS.

13.-{ I) The Commission shall establish and maintain a fund which shall

consist of-

(a) such sums as may from time 10 time, be provided by the Federal

Government;

(b) fees and other charges received by the Commission in the execution

of its functions under the Act;

(c) income received from investment and deposit of surplus money not

immediately required 10 meet contingencies and current expenditure;

(d) other sums of money that came 10 the Commission by way of donations,

grants. endowments, gifts. bequests and testamentary dispositions.

(2) The Commission may from time 10 time, apply the proceeds of the

fund establisbed pursuant 10 this section -

StallRegulatiOll5.

Pension.

FinancialProvision.


Power faaccept gifts.

BorrowingPower.

Accounts andAudit.

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(a) to the cost of administration of the Commission;

(b) for reimbursing members of the Commission, or of any Committee

set up by the Board of such expenses as may be expressly authorized by the

Board in accordance with such rates as may be approved, from time to time,

by the Federal Government;

(c) to the payment of salaries, fees or other remuneration or allowances

and pensions payable to the employees of the Commission;

(<I) to the maintenance of any property acquired or vested in the

Commission;

(e) for and in connection with all or any of the functions of the Commission

under this Act.

12 (3) The Commission shall, not later than 30 June in each year, submit to

I3 the Minister for approval its estimates of income and expenditure during the

14 next succeeding year.

15 14.-(1) The Commission may, accept gifts of land, money or other propeny

16 upon such terms and conditions if any, as may be specified by the person or

17 organization making the gift.

18 (2) The Commission shall not accept any gift, if the conditions attached

19 by the person or organization making the gift are incompatible with the functions

20 of the Commission.

21 15.-(1) The Board ofthe Commission may, in accordance with the general

22 guidelines approved by the President, borrow, by way of loan or overdraft from

23 any source, any money required by the Commission for meeting its obligations

24 and discharging its functions under this Act.

25 (2) The Board may, invest any surplus funds of the Commission in such

26 securities as may be approved by the President.

27 16. The Commission shall keep proper account and proper records in

28 relation thereto and shall cause such account to be audited annually by a qualified

29 auditor appointed from the list and in accordance with the guidelines supplied

30 by the Auditor General of the Federation.


I 17. The Commissionshallprepareandsubmitto theBoardand subsequently

2 the President, not later than June in each year, a report in such fonn as he may

3 direct on the activities of the Commission during the immediately preceding

4 year and shall include in such report, a copy of the audited accounts of the

5 Commission for that year aod the Auditor-General's report thereon.

6 PART V - ELIGIBILITY, PROCEDURES AND CRITERIA FOR THE

7 . REGISTRATION OF CREDIT BUReAU AND DEBT COLLECTORS

8 18.-(1) To be registered as a credit provider, the applicam shall-

9 (a) alone or inconjunctionwith an associatedperson have been providing

10 credit under a minimum of 150cIlCditagreements; or

11 (b) have a minimum operating capital of "2.5 Billion·or such other sum

12 as may be determined by the Federal Government.

\3 (2) "Associated person" with respect to a credit provider who is-

14 (a) a natural person, includes the credit provider: spouse or business

15 partners; aod

16 (b) a juristic person, includes any person thaI dim:lly or iodirectly has a

17 controlling interest in the credit provider.

18 (3) A person who is not registered under this Act as a credit provider

19 shall not offer, make available or exteod credit, agree to or enter into a credit

J) agreement as such credit agreement shall be unlawful and void abinitio.

21 19.-(1) To be eligible for registration as a credit bureau, such a person

22 shall-

23 (a) be in the business of receiving reports of, or investigating -

24 (i) credit applications,

25 (ii) credit agreements,

26 (iii) consumer credit information, or

27 (iv) payment history or form,

28 (b) have been collating, compiling and maintaining data from credit

29 applications;

)J (c) have been issuing reports on consumers and other natural persons on

31 the basis of data referred to in this subsection.

AnnualRepo~lS.

Registrationof CreditProviders.

Registrationof CreditBureau.

C 998 2809 No. NOlionni Consumer Credit Regulatory Commission

Registrationof debtcollectors.

Disqualifocationof naturalpersons fromregistration.

(2) To conduct business as a credit bureau, you shall be registered by the

2 Commission under this Act.

3 (3) To be registered as a credit bureau by the Commission, a person

4 sball-

5 (0) have enough financial, operation and human resources to enable it

6 carry out efficiemly and effectively its functions under this Act;

7 (b) put in place or assure the Commission that it would put in place,

8 necessaryproceduresto ensure that thecomplaints,observationsand concerns

9 of credit providers andconsumersare treated timely, equitablyand efficiently;

10 (c) have employees and contractors that bave the required minimum

II qualification, knowledge, experience and competence.

12 (4) A person shall be disqualified from registration as a credit bureau, if

13 already registered and operating as -

14 (0) a credit provider;

15 (b) a debt collection agency; or

16 (c) a business that is inconsistentwith the operation of an independentand

17 objective credit bureau.

18 20.-(1) A person, be it natural or juristic may apply to be registered as

19 a debt collector.

3) (2) It is unlawful to offer or engage in the business of a debt collector

21 without being registered by the Commission.

22 (3) An application for registration as a debt collector shall-

23 (0) satisfy the minimum qualification, knowledge, experience and

24 competence requirements of the Commission;

25 (b) satisfy other conditions set by the Commission for the grant of the

26 registration.

Tl 21. A natural person may not be registered as a credit provider or debt

28 collector if that person -

29 (0) is under the age of 18years;

:lJ (b) is a public servant;

31 (c) is mentally unfit;

Nationol Consumer Credit Regulatory Commission

(d}is bankrupt;

2 (e) in Nigeria or else where was removed from an office of trust due to

3 misconduct with regard to misappropriation of money or fraud;

4 . @'has been convicted in Nigeria or elsewhere during the previous ~5

5 years offmud, forgery, theft, peJjury or an offence under-

6 (I) Economic and Financial Crime Commission Act,

7 (ii) Money Laundering Act,

8 (iiI) National Drug Law and Enforcement Agency Act;

9 (iv) Corrupt PtacticesCommission Act, or similar legislation from

M) anotherjurOKtiction.

11 22.-( 1)Ajuristic person or associationmay IIllt be registered as accredit

12 .provider or credit bureau, if any natural person who exercises general

13 management or control of that person or association, alone or in 'conjullction

14 with others is disqualified under section 20 of this Act. '.

15 .:,(2) A juristic person that becomes disqualified after being registered

16 shall be re-registeredby the Commission. . ,

17 23.-(1) To be registered under this Act, the person llIIaIIapply to the

18 Commission in the prescribed manner and form.

19 (2) The Commission may --

:!l (a) demand for further information with regard io the application;

21 (b) refuse an application for registrationif,the applill8ntdoes not supply

22 the further information within the stipulated time,

23 (3) If the applicant satisfies the criteria set in this Act for registration,

24 the Commission shall register the person.

25 24.-( 1) The Commission may. having regard to its functions,

26 circumstances of the applicationand criteria set out in sections 17.18and 19of

'II this Act propose conditions on the registration of,an applicant which could

28 includedemand for further information.

'19 (2) The proposed conditions wouldbe by wriltennotice in the prescribed

3l manner and·form selling ourtbe conditions and the reasons for them.

31 (3) An applicant who has received the condilioos'fromthe Commission

DisquaIificaIioof juristicpe•••••• andassociations.

Applicationforregistration.

ConditionS ofRegistratiq~. '


Standardcondilions ofreglstranon.

Application.registrationand renewalfees.

Issuance ofprescribedcenificate ofregistration.

1 shall respond within 21 days or such longer period as the Commission may

2 grant subject to show of good cause.

3 (4) If on the receipt of the conditions-

4 (a) the applicant consents to the imposition of the conditions, the

5 Commission shall register the applicant based on those conditions;

6 (b) the applicantdoes not respond, or responds but does not consent to the

7 conditions, the Commission shall consider the response to determine wbat

8 conditions shall apply.

9 (5) The Commission sball inform any applicant in writing of its decision

10 in line with subsection (4) of this section and give reasons for its decision if the

11 previously proposed conditions were amended.

12 25.-(1) Followingregistration, the person is authorized to makeavailable

13. to the people the activities for which it is registered anywhere within Nigeria.

14 (2) The person registered shall-

15 (a) allow the Commissionor any person authorized by the Commission to

16 enter any of the premises from which it conducts its registered activities

17 during the normal business hours to conduct reasonable enquiries for

18 compliance purposes;

19 (b) comply with the provisions of this Act and other relevant Acts.

:!l 26.-{ 1)The Minister shall prescribe -

21 (a) the fee payable on the submission of the applications;

22 (b) the fee payable upon registration of the person; and

23 (c) the renewal fee payable annually for registration.

24 (2) The Minister may prescribe graduated fees as may he necessary.

25 27.-(1) The Commission shall, following the registration ofa person-

26 (a) issue a prescribed certificate of registration to the applicant;

27 (b) enter the registration in a register; and

28 (c) assign a registration number to the person which shall appear on the

29 prescribed certificate of registration.

~ (2) A registration certificate issued under this section shall specify -

31 (a) the identity of the person registered;

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National Consumer Credit Regulatory Commission 2OlI9 'No. C IDol

(b) the registered activities the person is permitted to make available to

2 the public; and

3 (e) any other necessary and prescribed information.

4 (3) The registration of a person shall -

5 (a) take effect from the date the registration is issued;

6 (b) continue to remain in effect subject to the payment of prescribed

7 annual renewal fee as and when due.

8 (4) A valid certificate of registration or certified true copy of it is prima

9 facie proof that the registration was obtained in compliance with this Act.

10 (5) A person registered under this Act shall -

II (a) paste the original, duplicate or certified true copy of its certificate of

12 registration at a conspicuousplace in its principal place of business where it

13 makes its registered activities available to member of the public;

14 (b) ensure that its registration number and registered status appear on all

15 its correspondence with a customer and the Commission and in credit

16 agreements;

17 (e) comply with the conditions of its registration the and provisions of

18 this Act;

19 (d) pay the prescribed annual renewal fees within the prescribed time;

20 (e) keep any prescribed records relating to its registered activities, in the

21 prescribed manner and form;

22 (j) file any prescribed report with the Commission in the prescribed

23 manner and form.

24 (6) A credit bureau shall in addition to complying with the provisions of

25 subsection(5), submitto the Commission,an annualcompliancereport, certified

26 by an independent auditor, stating -

27 (a) the accuracy or otherwise of data received and reported on by it;

28 (b) the adequacy of procedures employed by it to ensure-

29 (i) the accuracy of data received and repeated by it,

30 (il) the confidentiality of data is' maintained in compliance with

31 legislations dealing with privacy and confidentiality of information.

C 100%2809 No. National Consumer Credit Regulatory Commission

Record ofRegistrations.

Nonce (0

unregisteredpersons.

1 (c) the incidence of complaints and complaint resolution;

2 (d) the complaints that were resolved; and

3 (e) any other incidental matters provided for in the regulation.

4 28.-(1) The Commission shall establish and maintain a register in the

5 prescribed manner of all persons who has been registered under this Act.

6 (2) The Commission shall -

7 (0) subject to the payment of prescribed fees-

8 (I) allow persons 10 inspect the register within the normal working hours,

9 (it) provide on request, extract from or a printed copy of the register;

10 (b) publish and maintain the register on a website in the internet.

11 29.-(1) The Commission may subject to the provision of subsection (2)

12 of this section, issuea notice in the prescribed fonn to any person or association

13 of persons -

14 (0) engaged inor holding themselves out to the public as authorized to be

15 engaged in an activity which requires registration; and

16 (b) is not registered under this Act to engage in that activity; to require

17 the person or associationof persons 10 stopengaging in or holdingthemselves

18 out as authorized 10 engage in that activity

19 (2) Where a regulated financial institution is involved, before issuing a

:!) notice in accordance with subsection (1) of this section, the Commission shall

21 consult with the regulatory authority that issued the license 10 the regulated

22 financial institution.

23 (3) A notice issuedpursuantto subsection(1)of this sectionshallcontain-

14 (0) the name of the person or association to whom the notice is sent;

25 (b) details of the nature and extent of activity in issue;

26 (c) the date from which the unregisteredperson shall discontinueengaging

27 in that activity;

28 (d) any penalty that may be imposed under this Act on the unregistered

29 person which continues in that activity.

D (4) A notice issued under this section shall remain in force until -

31 (0) a registration cenificate is issued 10 the person to whom a notice was

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National Consumer Credit Regulatory Commission 280'JNo. C 1803

issued;

2 (b) the notice is set aside by the Tribunal or a Court of Appeal or review

3 of a tribunal decision in respect of the notice.

4 (5) It is an offence under this Act to contravene a notice issued under this

5 Act.

6 30.-(1) The Commission may subjectto tbe provision of subsection (2)

7 of this section, issue a compliance notice in the prescribed form to -

8 (a) a person or associationof personswhomtheCommissionon reasonable

9 grounds believe -

10 (i) have failed to comply with a provision of this Act, or

11 (it) is engaging in an activity in a manner that is incompatible with the

12 provisions of this Act,

13 (b) a person registered under this Act whomthe Commission believes has

14 failed to comply with a condition or conditions of its registration.

15 (2) Where a regulated financial institution is involved, before issuing a

16 compliance notice in accordance with subsection (1) of this section, the

17 Commission shall consult with the regulatory authority that issued the license

18 to the regulated financial institution.

19 (3) A compliance notice issued pursuant to subsection (1) of this section

:xl shall comply with the items set out in this section 28 of this Act.

21 (4) A compliance notice issuedunder this section remains inforce until-«

22 (a) it is set aside by tbe tribunal or a Court of Appeal or review of a

23 tribunal decision with regards to the notice. or

24 (b) the Commission issues a compliance certificate in accordance with

25 subsection (5) of this section.

2li (5) Tbe Commission shall on being satisfied that the requirement of a

7:1 compliance notice issuedunder subsection(I) havebeen complied with. issuea

28 compliance certifICate.

19 31.-(1) Any person issued with a notice under section 28 or 29 of this

:II Act may, apply to the tribunal in the prescribed manner and form to review the

31 notice within 14days of receiving the noticeor such other longer period as may

Issuance ofComplianceNotice.

Applicationfor review ofnotice.


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be allowed by the tribunal on good cause shown.

(2) After a consideration of the representation of the applicant and any

other relevant information, the tribunal may confirm, modify or cancel pan or

all of the notice.

(3) If the tribunal confirms or modifies pan or all of a notice, the applicant

shall comply with that notice as confirmed or modified within the stipulated

time.

32.-(1) A registration under this Act may be cancelled by the tribunal on

the request of the Commission, if the person registered has severally -

(a) failed to comply with any of the conditions of its registration; or

(b) contravened the provisions of this Act.

(2) With regards to a regulated financial institution registered under this

Act, the Commission may refer the matter to the regulated authority that

licensed that regulated financial institution with a request that the regulatory

authority review the license.

(3) A regulatory authority to which a matter is referred to under subsection

(2)-

(a) shall conduct a formal review of the license of the regulated financial

institution,

(b) may suspend the license pending, the outcome of the review in line

with relevant legislation.

(4) On the cancellation of a registration by the tribunal, the Commission

shall notify the person affected in writing of -

(a) the cancellation;

(b) the reasons for the cancellation; and

(c) the date of cancellation.

(5) A registration is cancelled from the date that the tribunal issues an

Order.

(6) A person registered under this Act whose registration has been cancelled

shall not engage in any formerly registered business after the date the cancellation

takes effect.

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(7) The obligation of a person registered under this Act or in respect of a

credit agreement of which it is the credit provider and the consumer under such

credit agreement survives the suspension or eventual cancellation of the credit

providers' registration.

33.-(1) A person affected by a decision of the Commission under this

Part ofthis Act may apply to the Tribunal to review that decision.

(2) The Tribunal may in carrying out the review, make an order confirming

or setting aside the decision in pan or in whole as regards any of the conditions

attached to the registration, if it is satiSfied that the condition was reasonable

and justifiable with regards to the purpose of the Act, circumstance of the

application or review.

(3) A decision of the Tribunal under this section is subject to appeal to or

review by the High court.

PART VI - CoNSUMER RIGHTS, CONFIDENTIALITY OF

CONSUMER'S PERSONAL AND CREDIT RECORDS

34.-( 1) In Nigeria, every person, be it natural or association of persons

or juristic persons, have a right to apply to a credit provider for credit. .

(2) A credit provider has a right to refuse to enter into a credit agreement

with any prospective consumer based on reasonable commercial grounds consistent

with its customary risk management and underwriting practices.

35.-(1) A credit provider shall on the request of a consumer furnish in

writing the reasons for-

(a) the refusal to enter into a credit agreement with that consumer;

(b) offering that consumer a lower credit limit under a credit facility

than applied for the consumer, or reducing the credit limit under an existing

credit facility;

(c) refusing a request from the consumer to increase credit limit under an

existing credit facility;

(d) refusing to renew an expiring credit card, debt card or similar

renewable credit facility with that consumer.

(2) If the decision of the credit provider under subsection (1) was based on

Review orAppeal ofdecisions.

Righi 10 applyfor credit.

Righi 10reasons forcredit beingrefused.


Righi toreceivedocuments.

Protection ofconsumercredit rights.

Right 10confidentialtreatment.

"

an adverse credit report from a credit bureau, the credit provider shall furnish

2 the consumer in writing with the name, address and other relevant contact

3 particulars of that credit bureau.

4 (3) If the Tribunal on the application of a credit provider is satisfied that

5 the consumer's request for information is vexatious and frivolous, it may make

6 an order limiting the credit provider's obligation under this section.

7 36.-(1) Every document required to be delivered to a consumer under

8 this Act shall be done in the prescribed manner.

9 (2) Delivering of document in the prescribed manner could be -

10 (a) by ordinary mail;

11 (b) bye-mail;

12 (c) by fax; or

13 (d) in person at the business premises of the credit provider.

14 (3) A credit provider shall not charge a fee for the original copy of any

15 document required to be delivered to a consumer under this Act.

16 37.-(1) A credit provider shall not, when a consumer exercises. asserts

17. or seeks to uphold his right under this Act or a credit agreement -

18 (a) take any action to accelerate, suspend, enforce or terminate a credit

19 agreement with the consumer;

;D (b) penalize the consumer;

21 (c) alter or propose to alter the terms and conditions of a credit agreement

22 to the detriment of the consumer;

23 (d) discriminate against the consumer directly or indirectly.

24 (2) When a credit agreement or any of its provisions is declared unlawful

25 under this Act or severed from the agreement, the credit provider who is a

26 party to the agreement shall not in response to that decision -

27 (a) take any action to accelerate, enforce, suspend or terminate another

28 credit agreement with another party to that agreement;

29 (b) directly or indirectly penalize any other party to that agreement.

30 38.-(1) Any person who under this Act receives, collates, compiles,

31 retains or reports any confidential information concerning a prospective consumer

iiiI" f '. '

National Consumer Credit Regulatory Commission 2009 No. ClOO7

or a consumer shall protect the confIdentialityof the information,and in particular

2 shall-

3 (a) release or report that informationonly to the prospective consumer or

4 a consumer or another person-

5 (I) to the extent that is required under this Act or other applicable

6 legislations;

7 (ii) as directed on the instructions of the prospective consumer or the

8 order of the Tribunal or a court.

9 (b) use that information only for the purpose required under this Act Or

10 any other applicable legislations.

11 (2) Aperson referred to in subsection (I) of this section-

12 (0) shall release or report confidential information in accordance with

13 the written directive from the prospective consumer or consumer;

14 (b) who discloses confidential informationor fails to discloseconfidential

15 information in contravention of this section is guilty of an offence.

16 39.-(1) Intbis section, "consumercredit information"means information

17 concerning-

18 (l/I) a person's credit history, including applications for credit, credit

19 agreements to which the person is or has been a party, pattern of payment or

:a:J default under any-such credit agreements, debt rearrangement in terms of21 this Act, incidence of enforcement actions with respect to any such credit

Z2 agreement, the circumstances of termination of any such credit agreement,

23 and related matters;

24 (b) a person's financial history, including the person's past and current

25 income, assets and debts; and other matters within the scope of that person's

26 financial means, prospects and obligations, and related matters;

27 (c) a person's education, employment, career, professional or business

28 history, includingthecircumstancesof terminationof anyemployment,career,

'19 professional or business relationship, and related manersior

30 (dJa person'sidentity, includingthe person's name, date of birth, identity

31 number, marital status-andfamily relationships, past and current addresses

Credit bureauinformation.


and other contact details, and related matters.

2 (2) A registered credit bureau shall-

3 (a) accept the filing of consumer credit information from any credit

4 provider on payment of the credit bureau's filing fee, if any;

5 (b) accept without charge the filing of consumer credit information from

6 the consumer concerned for the purpose of correcting or Challenging

7 information otherwise held by that credit bureau concerning that consumer;

8 (c) take reasonable steps to verify the accuracy of any consumer credit

9 information reported to it;

10 (d) retain any consumer credit informationreported to it for the prescribed

II period, irrespective of whether that information reflects positively or

12 negatively on the consumer;

13 (e) maintain its records of consumer credit information in a manner that

14 satisfies the prescribed standards;

15 If) promptly expunge from its records any prescribed consumer credit

16 information that, in terms of the regulations, is not permitted to be entered

17 in its records or is required to be removed from its records;

18 (g) issue a report to any person who requires it for a prescribed purpose

19 or a purpose under this Act; and

J) (h) not draw a negative inference about, or issue a negative assessment

21 of, a person's creditworthiness merely on the basis that the credit bureau

22 has no consumer credit information concerning that person.

23 (3) In addition to-

24 (a) the consumer credit infurmation provided for under subsection (2), a

25 credit bureau may receive, compile and report only other prescribed

26 information in respect of a consumer; and

T! (b) the sources of consumer credit information under subsection (2), a

28 credit bureau may receive consumer credit information in respect of a

29 consumer only from other prescribed persons.

D (4) The Minister may prescribe standards and fees for tbe filing, retention

31 and reporting of consumer credit information by credit bureau, in addition to,

National Consumer Credit Regulatory Commission 2009 No. C 1009

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or in furtherance of, the requirements set out in this session.

(5) For the purpose of monitoring the consumer credit market to detect

apparent patterns of reckless credit granting and over-indebtedness, researching

the accessibility and use of credit by persons and otherwise exercising its

mandate to research consumer credit issues and to investigate and enforce

compliance with this Act, the Commission may -

(a) require any credit bureau to provide periodic synoptic reports of

aggregate consumer credit information in the prescribed manner and form

to, but any such report shall not identify any particular consumer to any

information so reported; and

(b) make further reasonable requests for information from a credit bureau

related to the information under paragraph (a); and

(c) analyse information provided to it under this section.

(6) A credit bureau that knowingly or negligently provides a report to any

person which contains inaccurate information is guilty of an offence.

40.-( 1) Every person in Nigeria has a right to -

(a) to be informed by a credit provider within the prescribed time before

any adverse information concerning the person is represented by it to a

credit bureau;

(b) receive a copy of that adverse information on request; .

(c) inspect the credit register or any credit bureau, file Of information

pertaining to the person without charge once within 6 months; if so ordered

by the Tribunal or a court or for the purpose of verifying within a reasonable

time after challenging the information whether it has been corrected and on

payment of inspection fees to the Commission or credit bureau;

(d) challenge the accuracy of any information relating to that person

subject of a report held by the Commission or credit bureau and enjoin the

Commission or credit bureau to investigate the accuracy ofany challenged

information without any charge on the consumer;

(e) be compensated by the person who reported the incorrect information

for the cost of.correcting that information.

Righlloaccess andchallenge ofcredh recordsandinformation.


Creditmarketingpractices >

advertisingpractices.

Marketinginformationrequired.

(2) If the accuracy of the information held by the Commission or credit

2 bureau or proposed to be reported to either of them is challenged, they must

3 seek evidence in support of the challenged information and shall -

4 (a) provide a copy of such evidence to the person who filed the challenge;

5 or

6 (b) if it is unable to secure credible evidence in support of the information,

7 remove the information and records of it from their files.

8 (3) The person who challenged the information in the custody of a credit

9 provider, credit register or credit bureau may within 30 days after receiving a

10 copy of the evidence, apply in the prescribed manner and for the Commission to

II investigate the disputed information as a complainant.

12 41.-( I) A person who is required to be registered as a credit provider

13 but is not so registered shall not advertise the available credit or goods and

14 services to be purchased on credit.

15 (2) Any advertisement of the availability of credit or of goods or services

16 to be purchased on credit-

17 (a) shall not advertise a form of credit that is unlawful;

18 (b) shall not be misleading, deceptive or fraudulent;

19 (c) shall not contain any statement prohibited in the regulation.

:xl 42.-(1) For the purpose ofinducing a person to apply for or obtain credit,

21 such written solicitation shall include the following information -

22 (a) the name, address and registration number of the credit provider;

23 (b) nature of the proposed credit agreement;

24 (c) the credit provider's current annual interest rate and other costs of

25 the credit;

16 (d)deposit or security that may be required;

27 (e) residual payment to be made if required; and

18 if) if the solicitation is by a credit agent, the name and address of tbe

29 agent and the hasis of calculating any commission payable to that agent.

3) (2) For the purpose of inducing a person to apply for or obtain credit, such

31 oral solicitation shall provide a written statement containing the, information

National Consumer Ct'i11itRegulatory Commission 2009 !iIo. cieuset out in subsection (I) of this section.

2 PART VII - CONSUMER CREDIT AGREEMENTs

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4

43.-(1) Subject to subsections (3) and (4), a credit agreement is unlawful

if-

5 (a) at the time the agreement was made, the consumer was a minor, or

6 was subject to an order of a competent court holding that person to be

7 mentally unfit;

8 (b) it is a supplementary agreement or document prohibited by this Act;

9 (c) atthe time the agreement was made, the credit provider was

10 unregistered and this Act requires that credit provider to be registered,

II unless the agreement is an incidental credit agreement; or

12 (d}lbe credit provider was subject 10 a notice by the Commission requiring

13 the credit provider -

14 (i) to stop offering, rriaking available Orextending credit under any

15 credit agreement, or agreeing to do any of thOSethings; or

16 (ii) io stop offering, making available-orextending credit under the

17 particular form of credit agreement used by the credit provider, whether

18 or nonhis Act requires that crediiprovider to be registered, and no

19 further appeal or review is available in respect of that notice.

:!J (2) Subsection (I) (a) does not apply to a credit agreement if the consumer,

21 or any person acting on behalf of the consumer, directly or indirectly, by an act

22 or omission -

23 (a) induced the credit provider to believe that the consumer had the legal

2il capacity to contract; or

25 (b) attempted to obscure or suppress the fact that the consumer was subject

16 IIIan order contemplated in ,hat paragraph.

27 (3}Subsection (2) (c) does riot applyto a creditprovider if at the time the

28 credit agreement was made, or within 30 dllysaftet that time, the credit provider

29 bad appliedfor' tellistratib~l'as iii section If.''and was awaiting a determination

:D of that application,

31 (4)If a credit agreement is unlawful under this section, despite any provision

Unlawfulcreditagreements.


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Unlawful 19provision of a

20creditagreement. 21Supplementaryrequirements

22anddocuments. 23

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"I, , ,

of common law, any other legislation or any provision of an agreement to the

contrary, a court or the Tribunal shall order that-

(a) the credit agreement is void as from the date the agreement was

entered into;

(b) the credit provider shall refund to the consumer any money paid by

the consumer under that agreement to the credit provider, with interest

calculation -

(i) at the rate set out in that agreement; and

(ii) for the period from the date on which the consumer paid the money

to the credit provider, until the date the money is refunded to the consumer;

and

(c) all the purported rights of the credit provider under that credit

agreement to recover any money paid or goods delivered to, or on behalf of,

the consumer in terms of that agreement are either -

(i) cancelled, unless the Tribunal or court concludes that doing so in

the circumstances would unjustly enrich the consumer; or

(ii) forfeit to the state. if the Tribunal or court concludes that canceling

those rights in the circumstances would unjustly enrich the consumer.

44.-(1) A credit agreement shall not contain an unlawful provision.

(2) A provision of a credit agreement is unlawful if -

(a) its general purpose or effect is to-

(i) defeat the purposes or policies of this Act;

(ii) deceive the consumer; or

(iii) subject the consumer to fraudulent conduct;

(b) it directly or indirectly purports to-

(i) waive or deprive a consumer of a right set out in this Act;

(U) avoid a credit provider's obligation or duty in terms of this Act;

(iii) set aside or override the effect of any provision of this Act;

(iv) authorize the credit provider to do anything that is unlawful in

terms of this Act, or fail to do anything that is required in terms of this

Act;

,. I',' ; . ,... I

National Consumer Credit Regulatory Commission 2009 No. C iOl3

I (c) it purports to waive any common law rights that -

2 (i) may be applicable to the credit agreement; and

3 (il) have been prescribed under subsection (5);

.4 (d) it purports llfmake the agreement subject to a supplementary agreement .

5 prohibited by this Act;

6 (e) it requires the consumer to enter into a supplementary agreement or

7 sign a document, prohibited under this Act; or

8 ifj it purports to exempt the credit provider from liability, or limit such

9 liability, for-

10 (0 any act, omission or representation by a person acting on behalf of

II the .credit provider; or

12 (ii) any guarantee or warranty that would, in the absence of such a

13 provision, be implied ill a credit agreement;

14 (g) it expresses an acknowledgmenlby the consumer that -

15 (i) before the agreement was made, no representations or warranties

16 were made in conneciion with the agreement by the credit provider or a

17 person on behalf of the credit provider; or

18 (U) the consumer that received goods or services, or a document that

19 is required by this Act to be delivered to the consumer, which have or has

3J not in fact been delivered or rendered to the consumer;

21 (h) it expresses an agreement by the consumer to forfeit any money to the

22 credit provider if the consumer -

23 (i) exercises the right of rescission under this part;

24 (ii) fails to Comply with a provision of the agreement before the

25 consumer receives any goods or services in terms of the agreement;

~ (i) it purports to appointtbe credit provlder.or any employee or agent of

27 the credit provider, as an agent of the consumer for any purpose other than

28 those contemplated in this act or deems such an appointment to have been

29 made;

1) (j) it expresses, on hehalf of the consumer -

31 (I) an authorisation for any person aciing on behalf of the credit provider


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to enter any premises for the purposes of taking possession of goods to

which the credit agreement relates; or

(iO a grant of a power of attorney in advance to the credit provider;

(iii) an undertaking to sign in.advance any documentation relating to

enforcement of the agreement, irrespective of whether such documentation

is complete or incomplete at the time it is signed;

"Ov) a consent to a pre_determined value of costs relating to enforcement

of the agreement; or

(v) a limitation of the credit provider's liability for an action

contemplated in subparagraph (iv);

(k) it expresses an agreement by the consumer to -r-

0) deposit with the credit provider, or with any other person at the

direction of the credit provider, an identity document, credit or debit

card, bank account or automatic teller machine access card, or any similar

ideritifying document or device; or

(ii) provide a personal identification code or number to be used to

access an account ~

(f) it purports to direct or authorize any person engaged in processing

payments to give priority to payments for the credit provider over any other

person;

(m) it purports to authorize or permit the credit provider to satisfy an

obligation of the consumer by making a charge against an asset, account, or

amount deposited by or for the benefit of the consumer and held by the credit

provider or a third party, except by way of a standing debt arrangement; or

(n) it states or implies that the rate of interest is variable;

(3) In any credit arrangement, a provision that is unlawful in terms of this

section is void as from the date that the provision purported to take effect.

(4) In any matter before it respecting a credit agreement that contains a

provision contemplated in subsection (2), the Tribunal or a court shall -

(a) sever that unlawful provision from the agreement, or alter it to the

extent required to render it lawful, if it is reasonable to do so having regard

I. _, I •,,·1···, ,

National Consumer Credit Regulatory Commission 1AJOIJNo. ClOtS

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to the agreement as a whole; or

(b) declare the entire agreement unlawful as from the date the agreement,

or amended agreement, from the date it took effect, and make any further

order that is just and reasonable in the circumstances to give effect to the

principles of section 41 (5) with respect to that unlawful provision, or entire

agreement, as the case may be.

(5) The Mini~ter may prescribe particular common law rights that may

not be waived in a credit agreementon the grounds that the waiver of those

rights would be inconsistent witbthepurposes of this Act.

45.-(1) A credit provider shall not-

(a) directly or indirectly require Or induce a consumer to enter into a

supplementary agreement, or sign any document, that contains a provision

that would be unlawful if it were included in a credit 'agreement;

(b) request or demand a consumer to -

(i) give the credit provider temporary or permanent possession of an

instrument referred to in section 42 (2) (k) (l) other than for the purpose

of identification, or to make a copy of lite instrument;

(ii) reveal any personal identification code or number contemplated in

section 42 (2) (k) (ii); or

(c) direct, or knowingly permit, any other person to do anything referred'

to in this section on behalf or for the benefit of the credit provider.

46.-( I) The credit-provider shall deliver to the customer, without charge,

a copy of a document that records their credit agreement, transmitted to the'

consumer in a paper form, or in a printableelectronicfonn.

2) A document that records a small credit agreement shall be in the

prescribed form.

(3) A document that records an intermediate or large agreement -

(a) shall be in the prescribed form, ifany, for the category or type of

credit agreement concerned; or

(b) if there is no applicable prescribed form, may be in any form that-

(i) is determined by thecredlrproviderjand

Form ofcreditagreement.

Establishmenlandconstitutlon of;Tribunal.


Functions ofTribunal.

Qualificationsof membersof Tribunal.

(U) complies with any prescribed requirements for the category or

2 type of credit agreement concerned.

3 (4) The Commission may publish guidelines for methods of assessing

4 whether a statement satisfies any prescribed requirements contemplated in

5 subsection (3).

6 (5) The Ministermay prescribedifferent forms to be used under subsection

7 (2) in respect of credit agreements.

8 (6) This section does not apply to an outstanding account.

9 47.-(1) There is hereby established a body to be known as the National

10 Consumer Tribunal, which-

11 (a) hasjurisdiction throughout Nigeria;

12 (b) is ajuristic person;

13 (c) is a tribunal of record; and

14 (d) shall exercise its functions in accordance with this Act or any other

15 applicable legislation.

16 (2) The Tribunal consists of a Chairperson and not less than 8 other

17 members appointed by the President, on a full or part-time basis.

18 (3) The President shall -

19 (a) appoint the Chairperson and other members of the Tribunal not later

:xl than the date on which this Act comes into operation; and

21 (b) appoint a person to fill any vacancy on the Tribunal.

22 48.-(1) The Tribunal or a member of the Tribunal acting alone in

23 accordance with this Act may -

24 (a) adjudicate in relation to any -

25 (I) application that may be made to it under this Act, and make any

26 order provided for in this Act in respect of such an application; or

27 (iI) allegationsof prohibitedconductby determiningwbetherprohibited

28 conduct has occurred and, if so, by imposing a remedy provided for in

:19 this Act;

:J) (b) grant an order for costs;

31 (c) make a declaratory order concerning the interpretation or application

I',' I·' I···. , ", .. , I

National Consumer Credit Regulatory Commission 100') No. C 1017

of any provision of this Act, when requested to do so on application by the

, 2 Commission or any other person with ,3 material interest in seeking the

3 declaratory order; and

4 (d) exercise any other power conferred on it by law.

5 49.-(1) The members of the Tribunal-

6 (a) shall represent abroad cross-sectionoftbe populationof Nigeria; and

7 (b) shall comprise sufficient persons with legal training and experience

8 to satisfy the requirements of section 50 (2) (a).

9 (2) Each member of the Tribunal shall- ,

10 (a) be a citizen of Nigeria, who is ordinarily resident in Nigeria;

II (b) have suitable qualifications and experience in economics, law,

12 commerce, industry or consumer affairs; and

13 (c) be committed to the purposes of this Act.

14 50.-(1) Each member of the Tribunal shall serve for a term of 5 years.

15 (2) The President may reappoint a member of the Tribunal at the expiry

16 of that member's term of office, but no person may be appointed to tbe office of

17 tbe Chairperson of the Tribunal for more than two consecutive terms.

18 (3)The Chairperson,on onemonthwrittennoticeaddressedto thePresident,

19 may-

3l (a) resign from the Tribunal; or

21 (b) resign as Chairperson, but remain as a member of the Tribunal.

22 (4) A member of theTribunal other than tbe Chairperson may re!lignby

23 giving at least one month written notice to the President.

2!1 (5) The President, on the recommendationoftheAttorney General ofthe

25 Federation-

26 (a) shall remove the Chairperson or any other member if it is not in the

Zl public interest or interest of the Tribunal for him to continue;

28 (b) may remove the Chairperson ora member from office only far-

29 (i) serious misconduct,

30 (ii) permanent incapacity, or

31 (iii) engagingIn any activity that may undermine the integrity of the

Term ofOffice ofmembers ofTribunal.

DeputyChairpersonof Tribunal.

C 1018 2009 No. Nationa; Consumer Credit Regulatory Commission

TribunalProceedings.

Conflicts anddisclosure ofinterest.

1 Tribunal.

2 . 51.-( 1)The Presidentshalldesignatea member of !beTribunal as Deputy

3 Chairperson of the Tribunal.

4 (2) The Deputy Chairperson shall perform the functions of Chairperson

5 whenever-

6 (a) the office of Chairperson is vacant; or

7 (b) the Chairperson is for any other reason temporarily unable to perform

8 those functions.

9 52.-( I) The Chairperson is responsible to manage the caseload of the

10 Tribunal, and shall assign each matter referred to the Tribunal to -

II (a) a member of the Tribunal, to the extent that this Act provides for a

12 matter to he considered by a single memher of the Tribunal; or

13 (b) a panel composed of any three members of the Tribunal, in any other

14 case.

15 (2) When assigning a mattecto a panel in terms of sub_section (I) (b), the

16 Chairperson shall -

17 (a) ensure that at least one member of the panel is a person who has

18 suitable legal qualifications and experience; and

19 (b) designatea memberof !bepanel to presideover thepanel's proceedings.

:!l (3) If, because of resignation, illness, death, or withdrawal from a hearing

21 in terms of section 48, a member of the panel is unable to complete the

22 proceedings in a matter assigned to that panel, the Chairperson shall -

23 (a) direct that the hearing of that matter proceed before the remaining

24 members of the panel, subject to the requirements of subsection (2) (a); or

25 (b) terminate the proceedings before that panel and constitute another

26 panel, which may include any member of the original panel, and direct the

27 panel to conduct a new hearing.

28 (4) The decision of, panel on a matter referred to it shall he in writing

29 and include reasons for that decision.

:n (5) A decision of a single member of the Tribunal hearing a matter as

31 contemplated in subsection (I) (a), or of a majority of the members of a panel

" , ,J.


in any other case, is the decision of the Tribunal.

2 53.-(1) A member of the Tribunal may not represent any person before

3 the Tribunal.

4 (2) If, during a hearing inwhicha memberof the Tribunal is participating,

5 it appears to that member that the matter concerns a financial or other interest

6 of that member, that member shall -

7 (a) immediately and fully disclose the fact and nature of that interest to

8 the Chairperson and to the presiding member at that hearing; and

9 (b) withdraw from any further involvement in that hearing,

10 54. If, on the expiry of the term of office of a member of the Tribunal,

II that member is still considered a matter before the Tribunal, that member may

12 continue to act as a member in respect of that matter only.

13 55.During the term of office of a member ofthe Tribunal, the member's

14 salary, allowances or benefits may not be reduced.

15 56.-(1) Any person may submit a complaint to the Commission in the

16 prescribed manner and form, alleging any of the followingconduct, other than

17 a matter in respectof whichan applicationmaybe madedirectly to the Tribunal-

18 (a) that a person has infringed a consumer's right set out in this Act;

19 (b) that a credit provider or credit bureau has contravened a provision of

20 this Act;

21 (c) that an unregistered person has advertised credit in contravention of

22 the section of this Act dealing with this.

23 (2) A complaint may be initiateddirectly by the Commissionor submitted

24 to the Commission by any person in the prescribed manner and form.

25 51.-(1) The Commission may apply to the Tribunal in the prescribed

26 manner and form ~

27 (a) for an order resolving a dispute over information held by a credit

28 bureau, in terms of this Act;

29 (b) for a declaration that all or part of a credit agreement is unlawful in

30 terms of this Act; .

31 (0) for an order condoning late filing.

Acting bymember ofTribunal afterexpiry of termof office.

Remunerationand benefits.

Initialing acomplaint 10NationalConsumerCreditRegulatoryCommission.

Initiatingapplications toTribunal.


Consentorders.

Investigationby theCommission.

1 (2) A registrant, or applicant for registration, may file an application in

2 terms of this Act at any time -

3 (a) 21 days after the Commission makes the decision that is the subject of

4 the application; or

5 (b) such longer time as the Tribunal may allow on good cause shown.

6 (3) A consumer or credit provider who has unsuccessfully attempted to

7 resolve a dispute directly with the other party and through alternative dispute

8 resolution may file an application under this Act at any time within -

9 (a) 21 days after the failure of the attempted alternative dispute resolution;

10 or

11 (b) such longer time as the Tribunal may allow on good cause shown.

12 (4) The Commission may intervene before the Tribunal in respect of any

13 application contemplated in this section in which the Commission is not already

14 a party.

15 58.-( 1) If a matter has been-

16 (a) resolved through the alternative dispute resolution agent; or

17 (b) investigated by the Commission and the Commission and the respondent

18 agree to the proposed terms of an appropriate order, the Tribunal or a court,

19 without hearing any evidence, may confirm that resolution or agreement as

20 a consent order.

21 (3) With the consent of a complainant, a consent order confirmed in

22 terms of subsection (I) (b) may include an award of damages to the complainant.

23 59.-(1) Upon initiating or accepting a complaint in terms of section 54,

24 the Commission may-

25 (a) issue a notice of non-referral to the complainant in the prescribed

26 form, if the complaint appears to be frivolous or vexatious, or does not

27 allege any facts which, iftrue, would constitute grounds for a remedy under

28 this Act;

29 (b) refer the complaint to an alternative dispute resolution agent for the

30 purposes of assisting the parties to resolve the dispute; or

31 (c) direct an investigator to investigate the complaint as quickly as

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NationaL Consumer Credit ReguLatory Commission 2009 No. C 1021

practicable, in any other case.

2 (2) At any time during an investigation, the Commission may designate

3 one or more persons to assist the investigator conducting the investigation

4 contemplated in subsection (I).

5 (3) At any time during an investigation, the Commission may summon

6 any person who is believed to be able to furnish any information on the subject

7 of the investigation, or to have possessionor control of any book, document or

8 other object that has a bearing on that subject-

9 (a) to appear before the Commission to be interrogated; or

10 (b) todeliver or produce to the Commissionsuchbook, documentor other

11 object, at a time and place specified in the summons.

12 (4) A person questioned by an investigator conducting an investigation

13 shall answer each question truthfully and to the best of that person's ability,

14 but-

IS (a) the person is not ohliged to answer any question if the answer is

16 self-incriminating; and

17 (b) the investigator questioning such a person shall inform that person of

18 the right set out in paragraph (a).

19 (5) No self-incriminating answer given or statementmade by any person

3l to an investigator exercising any power in terms of this section is admissible as

21 evidence against the person who gave the answer or made the statement in

22 criminal proceedings in any court.

23 60.-(1) After completing an investigation into a complaint, the

24 Commission may -

25 (a) issue a notice of non-referral to the complainant in the prescribed

26 form; or

Z7 (b) make a referral in accordance with subsection (2), if the Commission

28 believes that -

~ (i) a person has contravened this Act;

l) (ii) a registrant has breached a condition of its registration; or

31 (iiI) a registrant has failed to comply with a requirement of this Act.

Outcome ofComplaint.


Referral 10

Tribunal.

HearingsbeforeTribunal.

,·1 '

I (2) In thecircumstancescontemplatedinsubsection(I) (b), the Commission

2 may refer the matter to the Tribunal if, in the opinion of the Commission, the

3 matter-

4 (a) concerns one or more questions oflaw or interpretation or application

5 of this Act that have not previously been adjudicated by the Tribunal or a

6 court;

7 (b) concerns a matter of general public interest throughout Nigeria.

8 61.-(1) If the Commission issues a notice of non-referral in response to

9 a complaint, the complainant concerned may refer the matter directly to the

10 Tribunal, with the leave of the Tribunal.

11 (2) A referral to the Tribunal, whether by the Commission or by a

12 complainant, shall be in the prescribed form.

13 (3) The Tribunal shall conduct a hearing into any matter referred to it

14 under this part, in accordance with the requirements of this Act.

15 62.-(1) The Tribunal shall conduct its hearings in public -

16 (a) in an inquisitorial manner;

17 (b) as expeditiously as possible;

18 (c) as informally as possible; and

19 (d) in accordance with the principles of natural justice.

:!) (2) Despite subsection (I), the Tribunal member presiding at a hearing

21 may exclude membersof the public, or specificpersons or categoriesof persons,

22 from attending the proceedings -

23 (a) if evidence to be presented is confidential information, but only to the

24 extent that the information cannot otherwise be protected;

25 (b) if the proper conduct of the hearing requires it; or

26 (c) for any other reason that would bejustifiable in civil proceedings in a

27 High Court.

28 (3) The Chairperson of the Tribunal shall assign any of the following

29 matters to be heard by a single member of the Tribunal, sitting alone-

~ (a) any application by a consumer or credit provider under section 55;

31 (b) consent orders under this Act;

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National Consumer-Credit Regulatory Commission 2009 No. CUW

1 (c) applications to pennitlate filing;

2 (d) review of requests for additional information under tbis Act;

3 (e) review of an order to ceaseengaging in an activity under this Act;

4 (j) applications of an order limiting consumer requests under this Act.

5 (4) At the conclusion of a hearing. the Tribunal shall make any order

6 permitted in the circumstances under this Act and-shall issue written reasons

7 for its decision.

8 (5) The Tribunal-shallprovide the participantsand members of the public

9 reasonable access to the record of each hearing, subjecno any ruling to protect

10 confidential information made in terms of subsection (2) (a).

11 63.The following persons may participate in a hearing contemplated in

12 this part, inperson or through a representative,and mayput questions to witness

13 and inspect any books, documents or items presented at the hearing -

14 (a) the Commission;

15 (b) theapplicantor complainant,andtheconsumeror prospectiveconsumer,

16 if that person, is not the complainant;

17 (c) the respondent; and

18 (d) any other person who has a material interest in the hearing, unless, in

19 the opinionof thepresidingmemberof theTribunal, that interestis adequately

~ represented by another participant.

21 64.The member of the Tribunal presiding at a hearing may-

22 (a) direct or summon any person to appear at any specified time and

Z3 place;

24 (b) question any person under oathor afflrmaticn;

25 (c) summon or order any person-

26 (I) to produce any book, documenroritem necessary for tbe purposes of

27 the hearing; or

28 (ii) til perform any other act in relation II) this Act; and

29 (d) givedirectionsprohibitingor restricting'thepublicationof any evidence

Xl given to the Tribunal.

Right 10participate inhearing.

Powers ofmemberpresiding athearing.

C 1024 2009 No.

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65. Subject to the rules of procedure of the Tribunal, the member of the

Tribunal presiding at a hearing may determine any matter of procedure for that

hearing, with due regard to tbe circumstances of the case and the requirements

of the applicable sections of this Act.

66.-(1) Every person giving evidence at a hearing of the Tribunal shall

answer any relevant question.

(2) The law regarding a witness's privilege in a criminal case in a court

of law applies equally to a person who provides information during a hearing.

(3) The Tribunal may order a person to answer any question or to produce

any article or document, even if it is self_incriminating to do so.

(4) Section 57 (5) applies to evidence given by a witness under this section.

67.-(1) Subject to subsection (2), each party participating in a hearing

shall bear its own costs.

(2) If the Tribunal -

(a) has not made a finding against a respondent, the member of the Tribunal

presiding at a hearing may award costs to the respondent and against a

complainant who referred the complaint under section 59 (I); or

(b) has made a finding against a respondent, the member of the Tribunal

presiding at a hearing may award costs against the respondent and to a

complainant who referred the complaint under section 59 (I).

68.-( I) A participant in a hearing before a single member of the Tribunal

may appeal a decision by that member to a full panel of the Tribunal.

(2) A participant in a hearing before a full panel of the Tribunal may-

(a) apply to the High Court to review the decision of the Tribunal in that

matter; or

(b) appeal to the High Court against the decision of the Tribunal in that

matter, other than a decision-

(I) of a full panel on a review or appeal of a decision by a single

member of the Tribunal; or

(U) under section 56 of this Act.

69.-(1) At any time, whether or not a hearing has commenced into a

,. ", I,," ~ '" , 'I , .. j ,·1-, ..


I complaint, a complainant may apply to the Tribunal for an interim order in

2 respect of that complaint, and the Tribunal may grant such an order if -

3 (a) there is evidence that the allegations may be true; and

4 (b) an interim order is reasonably necessary to-

5 (I) prevent serious, irreparable damage to that person; or

6 (ii) prevent the purposes of this Act from being frustrated;

7 (c) the respondent has been given a reasonable opportunity to be heard,

8 having regard to the urgency oftbe proceedings; and

9 (t/) the balance of convenience favours the granting of the order.

10 (2) An interim order under this section shall not extend beyond the earlier

11 of-

12 (a) the conclusion of a hearing into the complaint; or

13 (b) the date, that is, 6 months after tbe date of issue ofthe interim order.

14 (3) If an interim order has been granted, and a hearing into that matter

15 has not been concluded within 6 months after the date of that order, the Tribunal,

16 on good cause shown, may extend the interim order for a further period not

17 exceeding 6 months.

18 70.-(1) In addition to its other powers under this Act, the Tribunal may-

19 (a) make an appropriate order in relation to a prohibited activity,

3) including-

21 (i) declaring any prohibited in terms of this Act;

22 (ii) interdicting any prohibited conduct;

23 (iii) imposing an administrative fine under section 69. with or without

24 the addition of any other order in terms of this section;

25 (b) confirms consent agreement under this Act as an order of the tribunal;

16 (c) condone any non_compliance of its rules and procedure of good cause

27 shown; or

28 (t/) confirm an order against an unregistered person to cease engaging in

29 any activities that is required to be registered in terms of this Act.

30 (2) If the tribunal determines that a person infringed a right set out in this

31 Act, the tribunal may make-

Orders ofTribunal.


(a) an order to alter the business practice so as to avoid further similar

2 contraventions;

3 (b) an order imposing an administrative fine, subject to section 69; or

4 (c) an order suspending or canceling the registrant's registration.

5 (3) In additionto, or in substitutionfor, an order contemplatedinsubsection

6 (2), the Tribunal may -

7 (a) if the credit provider has infringed a right set out in section 62 or 68,

8 makean order cancelingor suspendingany obligationof consumer under the

9 agreement for a period that the Tribunal determines to be reasonable and

to just in the circumstances;

11 (b) if the credit provider has infringed a right set out in 62, 63 or 64,

12 make an order cancelling or suspending all the obligations of the consumer

13 under the agreement until the tribunal is satisfied that the credit provider

14 has provided the required information to the consumer in the manner and

15 form and standards required by this Act; and

16 (c) if a registrant has infringed a right set out in section 71 or 72, make an

17 appropriate order to give effect to that right.

18 (4) If the tribunal determines that a credit provider has contravened a

19 provision of Part V, the tribunal may make any of the following orders -

:!l (a) an order to alter the business practices ofthe credit provider so as to

21 avoid future similar contraventions;

22 (b) an administrative fine, subject to section 69; or

23 (c) suspension or cancellation of the registration of the credit provider,

24 subject to the principles of section 57 (2).

25 (5) In additionto, or in substitutionfor, an order contemplatedin subsection

26 (4) the Tribunal-

27 (a) if the credit provider has contravened sections 75,76, may make an

28 order-

29 (i) cancelling the agreement subject to any terms and conditions that

:ll the Tribunal determines to be reasonable andjust in the circumstance; or

31 (il) cancelling or suspending all the Obligationsof the consumer under

National Consumer Credit Regulatory Commission 2llO9 No.€l027

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the agreement until the tribunal is satisfied that the credit provider has

form and to the standards required by this Act.

(iii) suspension or cancellation of the credit provider's registration,

subject to section 57 (2) and (3).

71.-(1) The Tribunal may impose an administrative penalty only in the

circumstance expressly provided for in this Act.

(2) An administrative fine imposed under subsection (I) may not exceed

the greater of-

(a) 10 percent ofthe respondent's annual turnover during the proceeding

financial year;

(b) N30 million.

(3) When determining an appropriate fine, the Tribunal shall consider the

following factors -

(a) the nature, duration, gravity and extent of the contravention;

(b) any loss or damage suffered as a result of the contravention;

(c) the behavior of the respondent;

(d) the market circumstances in which the contravention took place;

(e) the level of profit derived from the contravention;

if) the degree to which the respondent has cooperated with the Commission

and the Tribunal; and

(g) whether the respondent has previously been found in contravention of

this Act.

(4) For the purpose of this section,the annual turnover of-

(0) a credit provider arlbe time an administrative fine is assessed, is the

total income of that credit provider during ihe immediately preceding year

under all credit agreements to which this Act applies, less the amount of

that income that represents lherepayment of principal debt under those

credit agreements; or

(b) any other.person is the 3IIIllUIIl determined irtthe prescribed manner.

11.-( I) Any decision, judgment or order of die tribunal may be served.

executed and enforced as if it were an order of the Hillh Court, and is binding

Administrativefines.

Status andenforcementof orders.

C 1028 2009 No.

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Power to 10makeregulations. 11

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on-

(a) the Commission;

(b) an alternative dispute resolution agent; or

(c) a debt collection and,

(d) a Magistrate's Court.

(2) The Commission may institute proceedings in the High Court on its

own behalffor recovery of an administrative penalty imposed by the Tribunal.

(3) A proceeding under subsection (2) may not be initiated more than

three years after the imposition of the administrative penalty.

73.-( I) The Minister-

(a) may make any regulations expressly authorized or contemplation

elsewhere in this Act, in accordance with subsection (2);

(b) in consultation with the commission, may make regulations for mailers

relating to the functions of the Commission including -

(I) forms;

(ii) time periods;

(iil) information required;

(iv) additional definitions applicable to those regulations;

(v) filing fees;

(VI) access to confidential information; and

(vii) manner and form of participation in Commission procedures;

(c) in consultation with the chairperson of the Tribunal, and by notice in

the Gazelle, may make regulations for mailers relating to the functions of

the tribunal and rules for the conduct of mailers before the tribunal; and

(d) may make regulations regarding -

(l) any forms required to be used for the purposes of this Act; and

(ii) in general, any ancillary or incidental mailer that is necessary to

prescribe for the proper implementation of this Act.

(2) Before making any regulations under subsection (I) (a), the Minister-

(a) shall publish the propose regulations for public comment; and

(b) may consult the Commission.

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National Consumer Credit Regulatory Commission 2009 No. C lO19

(3) A regulation under this Act shall be made by notice in the Gazette.

2 74. In this Act, except as otherwise stated - Interpretation.

3 "advertisement" means any written. illustraud. visual or other descriptive

4 material. communication, representation Of reference by means of which a

5 person seeks to bring to the attention of all or part of the public the nature.

6 properties, advantages or uses of. conditions on, or prices of -

7 (a) goods to be purchased. leased or otherwise acquired;

8 (b) any available service; or

9 (c) credit to he granted;

10 "agreement" includesan arrangementor understandingbetweenor among

II twoor more parties. which purports to establisha relationshipin law between

12 those parties;

\3 "board" means the governing body of the Commission. established in

14 accordance with section 2;

15 "confidential information" means personal information that belongs to a

16 person and is not generally available to or known by others;

17 "consumer", in respect of a credit agreement to which this Act applies,

18 means-

19 (a) the party to whom goods or services are sold under a discount

3l transaction, incidental credit agreement or installment agreement;

21 (b) the party to whom money is paid. or credit granted;

22 (c) the party to whom credit is granted under a credit facility;

23 (d) the mortgagor under a mortgage;

24 (e) the borrower under a secured loan;

25 I/J the lessee under a lease;

26 (g) the guarantor under a credit guarantee; or

'1:1 (II) the party to whom or at whose direction money is advanced or

28 credit granted under any other credit agreement;

29 "credit", when used as a noun. means-

II (a) a deferral of payment of money owed to a person, or a promise to

31 defer such a payment; or


(b) a promise to advanceor pay money to or at the direction of another

2 person;

3 "credit agent" means a person appointed to represent a credit provider,

4 other than an employee of that credit provider;

5 "credit bureau" means a person required to apply for registration as such

6 under section 18of this Act;

7 "credit agreement" means an agreement that meets all the criteria set

8 out in Part VII of this Act;

9 "credit facility" means an agreement that meets all the criteria set out

10 in Part VII of this Act;

II "credit provider" in respect of a credit agreement to which this Act

12 applies, means -

13 (a) theparty whosuppliesgoodsor servicesunder a discounttransaction,

14 incidental credit agreement or instalment agreement;

15 (b) the party who advances money or credit;

16 (c) the party who extends credit under a credit facility;

17 (d) the mortgage under a mortgage;

18 (e) the lender under a secured loan;

19 If) the lessor under a lease;

Xl (g) the party to whom an assurance or promise is made under a credit

21 guarantee;

22 (h) the party who advancesmoney or credit to another any other credit

23 agreement; or

24 (;) any other person who acquires the rights of a credit provider under

25 a credit agreement after it has been entered into;

26 "credit transaction" means an agreement that meets the criteria set out

27 in Part VII of this Act;

28 "default administration charge" means a charge that may be imposed by

29 a credit provider to cover administration costs incurred as a result of a

~ consumer defaulting on an obligation under a credit agreement;

31 "effective dale", in relation to any particular provision ofthis Act, means

I ',I

'. '


the date on which that provision came into operation;

2 "initial fee" means a fee in respectof costsofinitiating a credit agreement,

3 and-

4 (a) charged to the consumer by the credit provider; or

5 (b) paid to the credit provider by the consumer upon entering into the

6 credit agreement; .

7 "inspector" means a person appointedas suchunder section9 of this Act;

8 "license" means the authority, regardless oHISspecific title or form, issued

9 to a regulated financial institution and in terms of which.it is authorized to

10 conduct its business;

11 "member of the Board" means a person designated or appointed to the

12 Board under section 2 of this Act;

13 "Minister" means the Minister responsible for consumer credit matters;

14 "person" means a natural or juristic persons;

15 "prescribed" means prescribed by regulation;

16 "prohibited conduct" means an act or omission in contravention of this

17 Act by-

18 (a) an unregistered person who is required to be registered to engage

19 in such an act; or

J:) (b) a credit provider, credit bureau, debt collector or employer;

21 "regulated financial institution" means a bank as defined in the Banks

22 and Other Financial Institutions Act (BOFlA) 1991 (as amended) or any

23 other financial institution that is similar licensed and authorized to conduct

24 businessand takedepositsfrom tbepublic, in termsof any nationallegislation;

25 "regulation" means a regulation made under this Act;

26 "regulatory authority" means an entity establisbedunder national or state

27 legislation responsible for regulating ari industry, or sector of an industry;

28 . "secured loan" means an agreement, irrespective of its form but not

29 including an instalment agreement, in terms of which a person -

3J (a) advances money or grants credit to another, and

31 (b) retains, or receives a pledge or cession of the title to an,Ymovable


2

3

4

5

6

7Short Title. S

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property or other thing of value as security for all amounts due under that

agreement;

"service fee" means a fee that may he charged periodically by a credit

provider in connection with the routine administration cost of maintaining a

credit agreement;

"Tribunal" means the National Consumer Credit Trihunal established by

section 45 of this Act.

75. This Bill shall be cited as National Consumer Credit Regulatory

Commission Bill, 2009.

I ," ",I···, f 'I' I "I'


SCHEDULE

Section 2 (3)

SUPPLEMENTARY PROVISIONS RELATING TO THE BOARD

Proceedings of the Board

l. The Board may make standing orders regulating the proceedings of the Boardor any committee thereof; and shall meet not less than once in each of any six monthsin every year.

2. The quorum of the Board shall be six, which shall include the representativeof the Central Bank of Nigeria and the Ministry of Finance.

3.-(\) Subject to the provisions of any applicable standing orders, the Boardshall meet whenever summoned by the Chairman; and if the Chairman is required soto do by notice given to him by not less tban six other members, shall summon ameeting of the Board to be held within twenty _one days, from the date on which thenotice is given.

(2) At any meeting of the Board, the Chairman shall preside or in his absence,the members present at the meeting shall appoint one of their numbers, to preside atthat meeting.

(3) Where the Board wishes to obtain the advice of any person on a particularmatter, the Board may co_opt him as a member for such period as it thinks tit, but aperson who is a member by virtue of this subparagraph, shall not be entitled to voteat any meeting of the Board and shall not count towards a quorum.

4.-(1) The Board may appoint one or more committees to carry out on behalfof the Board such of its functions as the Board may determine.

(2) A committee appointed under this paragraph shall consist of the number ofpersons determined by the Board and not more than one_third of those persons may bepersons who are not members of the Board; and a person other than a member of theBoard shall hold office on the committee in accordance with the terms of the instrumentby which he is appointed.

(3) A decision of a committee of the Board shall be of no effect until it isconfirmed by the Board.

Miscellaneous

5.-(\) The fixing of the seal of the Commission shall be authenticated by thesignature of the Chairman and of some other member authorised generally or speciallyby the Board to act for that purpose.

(2) Any contract or instrument which if made or executed by a person not beinga body corporate, would not be required to be under seal, may be made or executed onbehalf of the Board by any person generally or specially authorised to act for thatpurpose by the Board.

Bill for NCCRC_2009

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Transcript of Bill for NCCRC_2009