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FCCPC Recovers N10Bn for Shortchanged Customers

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Federal Competition and Consumer Protection Commission (FCCPC) has released an updated data on consumer complaints received and resolved across key sectors of the Nigerian economy.

FCCPC Recovers N10Bn for Shortchanged Customers

The data, covering cases lodged with the Commission between March and August, 2025 compiled from the Commission’s complaint resolution platforms, provides insight into the patterns and prevalence of consumer dissatisfaction across 30 sectors.

The top ten sectors by number of complaints received between March and August 2025 were led by banking (3,173 complaints), followed by Fast Moving Consumer Goods (FCMG) (1,543), fintech (1,442), and electricity (458).

Other notable sectors included e-commerce (412), telecommunications (409), retail/wholesale/shopping (329), aviation (243), information technology (131), and road transport and logistics (114).

This data covers consumer grievances ranging from unfair charges, service failure, unauthorised deductions, deceptive marketing, poor disclosure of terms, product defects, and failure to provide redress within acceptable timelines.

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The total number of complaints resolved during the reporting period was 9091, while total recoveries for consumers exceeded ₦10 billion (Ten Billion Naira), reflecting both the scale of harm experienced and the significant financial burden borne by consumers in the absence of effective redress.

The publication of sector-specific complaint data aligns with the Commission’s mandate under Sections 17(a), 17(j) of the FCCPA 2018, which empowers them to enforce consumer protection laws and make information on their functions available to the public.

Reacting to the findings,  Mr. Tunji Bello, executive vice chairman/chief executive oof the Commission, said: “These numbers are not just statistics; they tell the story of consumer frustration, and the daily challenges Nigerians face in essential services. 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.”

Banking is the dominant source of consumer complaints, both in volume and financial exposure, highlighting recurring issues in loan deductions, account charges, and transaction disputes, and reflecting public reliance on the FCCPC to intervene in systemic financial service challenges.

Banking and fintech dominate by financial impact, showing consumer vulnerability where services are both essential and high value, signaling an urgent need for stronger joint regulation with the Central Bank of Nigeria (CBN).

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With 458 reported complaints, the electricity sector ranks 4th overall, behind banking, financial services, and FCMG, highlighting persistent billing disputes, service delivery failures, and the need for stronger coordination between the FCCPC, NERC, state electricity regulatory agencies and electricity distribution companies (DisCos).

  • commerce disputes are relatively low-value but high-frequency, signaling broad consumer exposure at the retail level.
  • While average monetary losses per complaint are low, the volume and recurrence of disputes (deliveries, refunds, counterfeit goods) reveal e-commerce as a growing consumer pain point.

Interestingly, report of the high incidence of disputes linked to digital lending, investment schemes, and microfinance services coincides with the unveiling of a new regulation by FCCPC to curb abuses in the digital lending sector.

The Commission is intensifying monitoring, enforcement, and collaboration with sector regulators to address these concerns. Focus is on financial and utility services, where recurring patterns of consumer exploitation require corrective action.

 

 

 

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Ebere Melum-Nwogbo is a trained and practicing journalist. She is passionate about ICT and business journalism. She has over a decade experience spanning money and capital market as well as information technology

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Access Holdings Sets New Benchmark in Nigeria’s Finance Talent Pipeline

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New data from CFA Society Nigeria is reshaping how the country’s financial sector thinks about talent development, with Access emerging as the single largest source of CFA candidates in Nigeria, distinction industry watchers say signals a deeper shift in how leading institutions are building investment expertise from within.

In its Where Nigeria’s Finance Professionals Work series, published in a national daily, CFA Society Nigeria placed Access first among employers of CFA candidates nationwide, with 82 candidates enrolled in the programme, more than double the 38 recorded at the next-placed institution and well ahead of every other bank or financial services firm on the list.

Access also ranked second among employers of CFA charterholders, with 11 professionals who have completed all three levels of the Programme and met its experience and ethics requirements.

For an industry that has long measured itself by balance sheet size and branch count, the rankings point to a different kind of competition: one over who is building the deepest bench of certified, globally credentialed talent.

CFA Society Nigeria compiled the data from its Salesforce Membership Database as at June 2026, and described the exercise as a way of recognising employers whose people “bring rigour, integrity and global best practices into the workplace every day.”

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Analysts following the sector say the outcome is notable less for the ranking itself than for what it suggests about talent strategy across Africa’s financial services industry. A single institution developing more aspiring charterholders than the rest of the market combined raises the floor for professional standards nationally, not just within one balance sheet.

Every candidate who advances through the CFA Programme adds to a shared pool of ethics-trained, analytically rigorous professionals that Nigeria’s capital markets, pension funds and asset managers all eventually draw from.

Access Holdings Group Chief Executive Officer Innocent C. Ike, commenting on the rankings, framed the achievement in terms of institution-building rather than recruitment: “Every candidate on that list represents our commitment to building institutions and professionals that endure.”

The remark echoes a broader thesis increasingly voiced by market observers, that talent depth, not scale alone, is what will determine which African financial institutions earn lasting global credibility.

That distinction sits at the centre of Access’s stated ambition to become the World’s Most Respected African Financial Services Group. If the CFA numbers are any indication, the Group’s route to that goal runs less through square metres of branch network and more through the calibre of the people sitting inside it, a bet that Nigeria’s finance professionals, and the institutions that will one day hire them, are already placing alongside Access.

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NCAA to Introduce RFID Technology to Tackle Missing Luggages

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Nigeria Civil Aviation Authority (NCAA) has announced plans to introduce Radio Frequency Identification (RFID) baggage tracking technology across domestic and international airport terminals to tackle the growing problem of delayed, misrouted and missing luggages

NCAA to Introduce RFID Technology to Tackle Missing Luggages

Michael Achimugu, director, Public Affairs and Consumer Protection, NCAA, disclosed this at a stakeholder engagement forum in Lagos.

Achimugu said the RFID-enabled system would replace the traditional barcode-based baggage tracking framework and provide airlines and passengers with real-time visibility of checked luggage from check-in to final collection.

According to him, the technology would improve baggage traceability, reduce mishandling and strengthen accountability across the baggage-handling chain.

Unlike conventional barcode systems, RFID technology allows baggage to be automatically scanned at multiple points without requiring direct line of sight, enabling real-time tracking of luggage throughout its journey.

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Achimugu said issues involving short-landed, missing, lost or damaged baggage had remained among the major complaints from air travellers, alongside flight delays.

He said the introduction of RFID technology was therefore aimed at improving baggage-handling standards and restoring passenger confidence in the aviation sector.

The NCAA said the initiative also aligns with IATA Resolution 753, which requires airlines to track baggage at key points during the passenger journey.

The authority expects the technology to provide more accurate information on the location of luggage, facilitate quicker resolution of baggage-related complaints and improve the overall passenger experience.

The NCAA said the initiative would also strengthen accountability among airlines and other stakeholders involved in baggage handling at Nigerian airports.

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Firm Urges MSMEs to Increase Digital Payments Adoption for Growth

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eTranzact International Plc has called for increased adoption of digital payment solutions among micro, small and medium enterprises (MSMEs), saying access to technology is critical to improving business efficiency, financial inclusion and growth.

The company also said it was deepening its partnership with the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) to expand digital access and financial literacy among small businesses across the country.

In a statement, the Divisional Head, Merchant Services, eTranzact, Mrs. Abimbola Reis, stated this at the SMEDAN/eTranzact Town Hall Engagement in Lagos recently, themed, “Financial Literacy and Inclusion for MSMEs Leveraging on Fintech Innovation.”

Reis described MSMEs as the backbone of Nigeria’s economy, noting that the sector comprises almost 40 million businesses and contributes significantly to economic growth and job creation.

However, she said many businesses continue to face challenges including limited access to finance, inefficient payment systems, weak financial reporting, cash-flow constraints and inadequate access to digital platforms.

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She added that trust concerns also affect businesses’ ability to access finance, while heavy reliance on cash increases exposure to theft and makes payment reconciliation more difficult.

Representing the Director-General of SMEDAN, Prof. Yinka Fisher said the town hall was aimed at generating practical ideas and solutions that would support the growth and expansion of MSMEs.

“The essence of this engagement is to share ideas and concepts that will help MSMEs thrive and expand. Our partnership with eTranzact is about expanding the frontiers of MSMEs and ensuring they continue to grow,” he said.

Also speaking, representative of the Director-General of the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), Dr. Praise Adedigba said businesses could no longer depend solely on hard work to remain competitive.

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