A former Lagos Commissioner, Mr. Tunji Bello, on Thursday, assumed office as the Chief Executive Officer/Executive Vice-Chairman of the Federal Competition and Consumer Protection Commission (FCCPC).
Bello’s assumption comes a month after President Bola Tinubu appointed him and follows the Senate’s confirmation of the appointment on Tuesday. He takes over from Adamu Abdullahi, who has been leading the Commission in an acting capacity since the removal of the former helmsman, Babatunde Irukera in January.
“Mr. Tunji Bello officially assumed his role as the Executive Vice Chairman/ Chief Executive Officer of the Federal Competition and Consumer Protection Commission (FCCPC) today.
“Mr. Bello brings a wealth of experience to the FCCPC, and we are confident he will be a strong advocate for fair competition and consumer protection in Nigeria,” the FCCPC said in a statement announcing his assumption on Thursday.
The tasks before Bello
Coming in at a time when global attention is on the FCCPC after imposing a landmark fine on social media giant, Meta, over discriminatory practices against Nigerians, Bello will be expected to up the ante in consumer protection in Nigeria.
The consumer protection function of the Commission cuts across all sectors of the economy, from telecom to manufacturing, to banking, to power, among several others, thus giving the leadership a very wide spectrum of attention and focus.
In the same vein, the new FCCPC boss will be expected to strengthen moves to sanitize the digital lending space, an area the former CEO, Irukera, had made a mark by facilitating the registration of digital lenders in the country to tackle the menace of harassment and defamation of borrowers from the loan apps.
While some success has been recorded in that some of the digital lenders are now under the control of the Commission, a lot is still required to get rid of loan sharks and unregistered digital lenders that continue to perpetrate unwholesome practices.
Meanwhile, there have also been concerns over rising debt in the digital lending space as many Nigerians continue to borrow from registered lenders without paying back. The new FCCPC CEO will also be expected to come up with new policies to address this.
What you should know
The FCCPC is the apex consumer protection agency in Nigeria, established to promote competition, protect consumers, and ensure the welfare and interest of consumers through the adoption of measures that ensure the safety and quality of goods and services.
- The Commission promotes fair competition by preventing anti-competitive practices, such as monopolies, cartels, and abuse of dominant market positions. This ensures a level playing field for businesses and benefits consumers with better choices and prices.
- The FCCPC monitors and regulates market activities to ensure compliance with consumer protection laws and competition regulations. It conducts market investigations and enforces compliance through legal actions when necessary.
- The Commission educates consumers about their rights and responsibilities.
- It also advocates for consumer interests in policymaking processes and engages in public awareness campaigns to inform consumers about issues affecting them.
- President Tinubu expects the new Chief Executive Officer of the agency to fully realize the Commission’s mandate by safeguarding and advancing the interests and welfare of Nigerian consumers.
