FCCPC recovers N10bn in 6 months as banking leads consumer complaints
The Federal Competition and Consumer Protection Commission (FCCPC) has recovered more than N10 billion for aggrieved consumers between March and August 2025, with the banking and fintech sectors accounting for the majority of reported grievances.
The Commission disclosed that its latest review covered consumer dissatisfaction across 30 sectors, with complaints ranging from unfair charges, service failures, unauthorised deductions, deceptive marketing, poor disclosure of terms, product defects, and failure to provide redress within acceptable timelines.
According to a statement posted on its X account on Thursday, the FCCPC said 9,091 complaints were resolved during the six-month period, leading to recoveries exceeding N10 billion. It noted that the figure reflects both the scale of consumer harm and the heavy financial burden faced by Nigerians in the absence of effective redress.
Data showed that the banking sector generated the highest number of complaints with 3,173 cases, followed by Fast Moving Consumer Goods (FMCG) at 1,543, fintech 1,442, and electricity 458.
“Banking is the dominant source of consumer complaints, both in volume and financial exposure, pointing to recurring issues in loan deductions, account charges, and transaction disputes. This underscores the public’s reliance on the FCCPC to step in where systemic financial service failures persist,” the statement read.
It added that banking and fintech complaints also had the greatest financial impact, underscoring consumer vulnerability in sectors where services are both essential and high value, and pointing to the need for stronger regulatory collaboration with the Central Bank of Nigeria (CBN).
Other notable sectors included e-commerce with 412 complaints, telecommunications 409, retail/wholesale/shopping 329, aviation 243, information technology 131, and road transport and logistics 114.
Speaking on the report, Tunji Bello, executive vice chairman and chief executive officer of the Commission, reaffirmed the FCCPC’s determination to hold businesses accountable, enforce compliance with the Federal Competition and Consumer Protection Act (FCCPA), and foster fair market practices that safeguard consumer welfare.
“These numbers are not just statistics; they tell the story of consumer frustration and the daily struggles Nigerians face in essential services,” Bello said.
The Commission further explained that publishing sector-specific complaint data is consistent with its mandate under Sections 17(a) and 17(j) of the FCCPA 2018, which empower it to enforce consumer protection laws and provide the public with access to information about its activities.