The Federal Competition and Consumer Protection Commission (FCCPC) has announced the recovery of over ten billion naira (N10bn) for aggrieved customers, with the banking sector generating the highest number of consumer complaints in a recent six-month period.
In a new report covering March to August of this year, the Commission revealed it received grievances across 30 different sectors. Banking services led the list with 3,173 complaints, followed by the fast-moving consumer goods sector (1,543) and financial technology, or fintech (1,442). Other sectors with significant numbers of complaints included electricity (458), e-commerce (412), and telecommunications (409).
During this period, the FCCPC successfully resolved 9,091 cases. The total value of recoveries for consumers exceeded N10 billion, highlighting both the scale of the issues faced by consumers and the significant financial impact of the Commission’s intervention.
In a statement released on Thursday in Lagos by its Director of Corporate Affairs, Mr. Ondaje Ijagwu, the Commission explained that the complaints covered a wide range of issues. These included unfair charges, service failures, unauthorised deductions from accounts, deceptive marketing practices, poor disclosure of terms and conditions, product defects, and a failure by companies to provide redress within acceptable timeframes.
The report noted that complaints within the banking and fintech sectors accounted for the largest financial impact on consumers. Common problems involved disputes over loan deductions, unfair bank charges, and transaction disagreements. The significant number of fintech complaints, particularly related to digital lending, aligns with the FCCPC’s recent move to introduce stricter regulations to curb abuses in that sector.
In the electricity sector, persistent billing disputes and poor service delivery remained primary concerns for consumers. While e-commerce complaints were lower in overall financial value, they frequently involved problems with refunds, failed deliveries, and the sale of counterfeit goods.
The Executive Vice Chairman/Chief Executive Officer of the FCCPC, Mr. Tunji Bello, commented on the findings. He stated that the figures represent the daily struggles faced by Nigerians when dealing with essential services.
“These numbers are not just statistics; they tell the story of consumer frustration, and the daily challenges Nigerians face in essential services,” Bello said. “However, the FCCPC is determined to hold businesses accountable, ensure compliance with the FCCPA, and promote fair market practices that protect the welfare of all consumers.”
The publication of this sector-specific data is part of the Commission’s mandate under the FCCPA 2018 to enforce consumer protection laws and keep the public informed. The FCCPC has clarified that its role is to act as a regulatory agency focused on competition and consumer protection, intervening in any sector where a company fails to deliver a service that was paid for.
The Commission has pledged to intensify its monitoring and enforcement efforts, particularly in financial services and utilities, where consumers are often most vulnerable. It has also encouraged consumers to continue reporting their complaints through the official FCCPC portal: complaints.fccpc.gov.ng, emphasising that each report helps to identify widespread problems and ensure companies comply with the law.
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