The Federal Competition and Consumer Protection Commission (FCCPC) has announced the total recoveries of N10 billion for aggrieved consumers following complaints against banks, fintechs, and others.
This was disclosed in a statement signed by Ondaje Ijagwu, FCCPC, Director, Corporate Affairs, on Thursday.
The development follows updated data on consumer complaints received and resolved across key sectors of the Nigerian economy.
Data
The data, according to the Commission, covered cases lodged with the Commission between March and August 2025, compiled from the Commission’s complaint resolution platforms.
“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),” the Commission stated.
- The Commission stressed that the 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.
“The total number of complaints resolved during the reporting period was 9091, while total recoveries for consumers exceeded N10 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 FCCPC added.
Reacting to the findings, the Executive Vice Chairman/Chief Executive Officer of the Commission, Mr. Tunji Bello, 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.”
More Insights
The publication of sector-specific complaint data is said to align with the Commission’s mandate under Sections 17(a), 17(j) of the FCCPA 2018, which empower it to enforce consumer protection laws and make information on its functions available to the public.
- According to the report, 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, signalling an urgent need for stronger joint regulation with the Central Bank of Nigeria (CBN).
“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).
“E-commerce disputes are relatively low-value but high-frequency, signalling 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,” the statement added.
- The Commission stated it is intensifying monitoring, enforcement, and collaboration with sector regulators to address these concerns.
- The Commission encouraged regulated entities to study its data trends and strengthen internal mechanisms for handling consumer complaints, ensuring that issues are addressed promptly and equitably.
Consumers were encouraged to continue reporting violations through the FCCPC complaint portal: complaints.fccpc.gov.ng, or FCCPC zonal and state offices.
It’s not just recovery by the FCCPC, but what are the consequencies to these rip-offs? Unless there are punitive measures, they will continue in these acts while you keep resolving or recovering. There must be consequences as a deterrence.
I appreciatr thr of FCCPC in protect the interest of the poor massed in terms of shark loan money lender .
Many have taken suide just to avoid the shsme of scandalizing to the whole world that they are owing .
Some losn shark will loan you money and will add more than 30% interest wih a duration of 7days higest duration is 14days .
Some times the interest added is creater than the borrower’s salary.
Some one I know, borred money, when he failed to pay complete, the following day the lender added N13,000.= on balance payment of N28,000.
Many have gone to their early grave because of the lending habit of the loan shark money lenders.