…Over 25,000 Complaints Lodged By Nigerians Annually
…Commission Probes Fintech Loans, Electricity Supply, Unfair Tariffs
Daud Olatunji
The Federal Competition and Consumer Protection Commission (FCCPC) has revealed that Nigerians are being most exploited by telecommunications, energy, and fintech companies, with over 25,000 complaints filed annually against these sectors.
The agency said it has recovered more than N20bn for consumers as of March 2026.
Speaking on Thursday at the Presidential Villa, Abuja, the commission’s Executive Vice Chairman, Tunji Bello, said between March and August 2025 alone, more than 9,000 consumer complaints were resolved, with over N10bn recovered for aggrieved Nigerians.
Bello identified electricity providers and fintech firms as the biggest culprits.
“Most complaints come from energy and fintech. Consumers complain about poor electricity supply, outrageous loan interest rates, and unfair online transaction terms,” he said.
He added that telecommunications firms and banks also contributed significantly to consumer grievances.
Petrol and commodity prices under surveillance
The commission said it has deployed monitors nationwide to track petrol and essential commodity prices amid fears that global tensions in the Middle East could trigger price exploitation in Nigeria.
Bello warned that fuel stations selling above regulated prices would be questioned.
“If suppliers reduce prices by N100 or N200 per litre, and stations continue to sell at N1,500, we will ask why,” he said, stressing that the action was part of efforts to prevent consumers from being short-changed.
The FCCPC also disclosed plans to compel airlines to refund passengers who paid inflated fares during the December 2025 festive season.
Investigations revealed that ticket prices jumped from N45,000–N50,000 to as high as N670,000, suggesting a price-fixing scheme, which is illegal under Nigerian law.
Bello said five to six airlines were under investigation, but declined to name them pending the final report.
“Preliminary findings found the airlines culpable. We will issue our final report soon, and refunds to affected passengers will be considered,” he said.
The commission’s Executive Commissioner for Operations, Louis Odion, urged consumers to report instances where electricity supply falls below stipulated hours.
“Band A consumers are entitled to 20 hours daily, Band B to 16 hours. Our work is evidence-based, and without formal complaints, we cannot act,” Odion said.
FCCPC’s Head of Legal Services, Chizenum Nsitem, said the commission has prosecuted more than 25 cases since the Federal Competition and Consumer Protection Act became operational in 2019. Over 30 cases remain pending, including five before the Court of Appeal.
Bello also confirmed investigations into cement pricing across the country and highlighted the FCCPC’s successful intervention with the Nigerian Communications Commission to reduce a proposed 100% telecom tariff hike to 50%, protecting consumers amid rising inflation.
“Protecting Nigerians from exploitation remains our top priority,” Bello said.
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