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Home » FCCPC recoups 10 billion naira for harmed customers after grievances against banks and fintech companies
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FCCPC recoups 10 billion naira for harmed customers after grievances against banks and fintech companies

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FCCPC Recovers 10 Billion Naira for Injured Consumers in Nigeria

The Federal Committee on Competition and Consumer Protection (FCCPC) has successfully recovered a staggering 10 billion nairas for consumers impacted by various grievances against banking institutions, fast-moving consumer goods (FMCG), and other sectors. This significant recovery highlights the FCCPC’s commitment to safeguarding consumer rights and ensuring fair practices within the Nigerian economy.

Consumer Complaint Insights

This announcement was made in a press release by Ondaje Ijagwu, the Director of Business Affairs at FCCPC, on Thursday. The data reflect an update on the complaints received and resolved across vital sectors of Nigeria’s economy, signifying the Commission’s proactive approach to consumer protection.

Overview of Complaints

According to the latest report, the data encompasses complaints lodged with the Commission between March and August 2025. The leading sectors by the volume of complaints include:

  • Banking – 3,173 complaints
  • Fast-Moving Consumer Goods (FMCG) – 1,543 complaints
  • Fintech – 1,442 complaints
  • Electricity – 458 complaints
  • E-commerce – 412 complaints
  • Telecommunications – 409 complaints
  • Retail/Wholesale – 329 complaints
  • Aviation – 243 complaints
  • Information Technology – 131 complaints
  • Road Transport and Logistics – 114 complaints

Nature of Consumer Complaints

The FCCPC underscored that these complaints typically stem from issues such as unfair costs, service failures, unauthorized deductions, and deceptive marketing practices. They also included concerns regarding poor disclosure of terms, product defects, and delays in service repairs. Altogether, 9,091 complaints were resolved during this period, resulting in substantial financial recoveries for affected consumers.

Challenges Faced by Consumers

Mr. Tunji Bello, the Executive Vice President and CEO of the Commission, commented on the findings, stating that the reported figures reflect the immense frustration consumers endure while facing daily challenges in accessing essential services. He reiterated the FCCPC’s resolve in holding businesses accountable to ensure compliance with the FCCPA (Federal Competition and Consumer Protection Act) and foster a fair market environment for all consumers.

Sector-specific Insights

The bank sector continues to lead in terms of both the volume and financial impact of consumer complaints, primarily concerning loan deductions, account fees, and transaction disputes. The reliance on the FCCPC for intervention underscores the urgent need for more stringent regulations, especially in partnership with the Central Bank of Nigeria (CBN). In addition, the electricity sector registered 458 complaints, signaling ongoing issues with billing disputes and service failures, necessitating closer collaboration between FCCPC and relevant agencies.

Encouraging Consumer Engagement

The Commission emphasized its commitment to enhancing its monitoring and intervention strategies while collaborating with sector regulators to address consumer concerns effectively. Consumers are urged to continue reporting violations through the FCCPC’s complaint channels, which includes their online portal and Zonal offices. This proactive engagement is essential for maintaining transparency and accountability in service provision across various sectors.

Final Thoughts

The FCCPC’s resolution of 10 billion nairas for consumers is a significant milestone in consumer rights advocacy in Nigeria. As the Commission continues to fortify its mandate under the FCCPA, the focus remains on promoting fair market practices and protecting consumers from exploitative practices across all sectors.

banks billion companies customers FCCPC Fintech grievances harmed naira recoups
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