Federal Competition and Consumer Protection Commission (FCCPC) has warned Lagos traders against enforcing the unlawful “no return, no refund” policy, declaring it illegal under the Federal Competition and Consumer Protection Act (FCCPA) 2018.

FCCPC

Dr Olubunmi Otti, FCCPC Southwest Zonal Coordinator, issued the directive during the inauguration of new executives of the Phone and Allied Products Dealers Association (PAPDA) on Wednesday, stressing consumer education as the strongest defence against market exploitation.

“There is no such thing as ‘no return, no refund’. If a product does not fulfil its intended purpose, the consumer has the right to return it,” Otti declared, adding the commission mediates complaints for refunds, replacements, or exchanges.

Non-compliant businesses face fines, product withdrawals, seizures, prosecutions, or shutdowns. Otti noted thousands of monthly complaints via the FCCPC portal in the Southwest alone, with sensitisation expanding to Alaba Market and Trade Fair Complex.

She urged consumers: “When your rights are violated, do not just say, ‘You give it to God.’ Bring your complaints to the FCCPC. The law empowers us to protect you,” while calling for traders’ collective responsibility to ensure quality products and services.

African Development Bank Group (AfDB) has approved a €6.5 million investment in the Saviu II venture capital fund to boost technology start-ups across Francophone West and Central Africa.

The Bank Group will contribute €4.5 million as equity investment and an additional €2 million as a first-loss hedging tranche on behalf of the European Commission under the Boost Africa Programme.

The investment is expected to strengthen early-stage financing for innovative businesses with strong technological and digital components, particularly in French-speaking countries.

Saviu II, the second investment vehicle managed by Saviu Partners, plans to invest between €500,000 and €3 million in about 20 seed-stage or early institutional fundraising start-ups. The fund will primarily target B2B technology-oriented companies with scalable models.

At least 60 per cent of the fund’s commitments will focus on French-speaking countries in West and Central Africa, including Côte d’Ivoire, Cameroon, Benin, Senegal, Togo, Burkina Faso and Mali.

The fund may also co-invest in promising East African technology firms seeking expansion into Francophone markets.

In addition, Saviu II will dedicate a special funding envelope for pre-seed investments, mainly through minority equity stakes, often in collaboration with incubators, venture studios and other ecosystem partners.

Industry observers say the AfDB’s backing is expected to de-risk early-stage investment and crowd in more private capital into Africa’s growing digital economy.

Saviu Partners previously launched Saviu I in 2018 with a capitalization of €10 million.

The first fund invested in 12 start-ups, mainly based in French-speaking West Africa, offering not just funding but hands-on support in business development, recruitment, international expansion and fundraising.

Nigerian Electricity Regulatory Commission (NERC) has ruled in favor of electricity consumers, directing distribution companies (DisCos) to refund ₦20.33 billion in outstanding costs for meters bought under the Meter Asset Provider (MAP) framework.

NERC

Signed on February 27, 2026, by  Musiliu Oseni, chairman,NERC and Dafe Akpeneye, commissioner  Order No. NERC/2026/025 amends a 2023 directive.

It requires DisCos to disburse the funds via energy credits over 12 months starting March 1, 2026, addressing years of slow refunds.

As of December 31, 2025, DisCos owed this amount due to delays in reimbursing prepaid customers who funded their own meters.

DisCos must automate credits for the full MAP meter cost upon activation, disbursed monthly over 120 months based on the customer’s tariff—credits cannot offset legacy debts.

Prepaid customers will receive a monthly token by the 4th day equivalent to the reimbursement value; for arrears, they’ll get two tokens per month.

Postpaid customers will see a distinct credit line on bills subtracted from totals, with two line items monthly for arrears.

NERC mandates monthly reports on reimbursement values using an approved template, plus dedicated email channels for complaints with resolution status included.

The order aims to end delays, improve notifications, and boost sector trust. DisCos must accelerate arrears recovery over 12 months without further excuses.

This follows NERC’s February 2026 compliance review, amid ongoing power sector challenges highlighted by Power Minister Adebayo Adelabu.