The Federal Competition and Consumer Protection Commission (FCCPC) said it has launched a major inquiry into widespread consumer complaints against leading players in the banking, telecommunications, and aviation sectors comprising GTBank, MTN, and Air Peace.
The Commission disclosed this in a statement signed by its Director of Corporate Affairs, Ondaje Ijagwu, issued on Sunday.
According to the statement, the inquisitions, which will begin on December 3rd, 4th, and 5th respectively, are intended to address issues of poor service delivery, exploitative practices, and potential consumer rights violations.
Allegations against the companies
FCCPC said Guaranty Trust Bank (GTB) is being investigated over reports of network failures that hinder customers from accessing their funds or using banking applications.
“In the telecommunications sector, MTN Nigeria faces questions regarding persistent complaints of undelivered data services, unexplained data depletion, and inadequate customer care.
“Similarly, Air Peace Limited will address allegations of exploitative ticket pricing, including significant price hikes for bookings on certain domestic routes,” the Commission stated.
Legal backing
FCCPC said the inquiries are being conducted under the Federal Competition and Consumer Protection Act (FCCPA) 2018, specifically Sections 17, 18, 32, 33, 80, 110, 111, 112, and 113, which empower the Commission to investigate and resolve practices that undermine consumer rights, disrupt markets, or create unfair competition.
- It added that the engagement with these companies would provide a platform to address consumer concerns, clarify business practices, and enforce compliance with regulatory standards.
- The companies will be required to appear before the Commission on designated days to provide information and responses to enable the Commission to make determinations and resolve pending issues promptly.
“This action reflects the Commission’s commitment to safeguarding consumer rights, fostering a fair marketplace, and ensuring accountability across all sectors.
“We urge consumers to continue to report instances of poor service delivery or exploitative practices to the FCCPC through its official channels,” the Commission stated.
What you should know
The allegations of network failure against GTB may not be unconnected with the bank’s recent transition to a new core banking application, which disrupted its services for weeks.
Last week, the bank issued an apology to all its customers, with explanations that it faced difficulties in the process of transitioning to a new core banking system, Finacle Suite of Core Banking Application.
