The Federal Competition and Consumer Protection Commission (FCCPC) has recovered more than N10 billion between March to August 2025 for aggrieved consumers as banking and fintech sectors dominate consumer complaints.
According to the Commission, the data, which examined consumer dissatisfaction across 30 sectors, 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,” FCCPC said in a statement on its X account Thursday.
In the six months to August, the banking sector accounted for 3,173 complaints, followed by Fast Moving Consumer Goods (FCMG) at 1,543, fintech 1,442, and electricity 458.
“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,” the statement read.
“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).”
Other notable sectors included e-commerce 412, telecommunications 409, retail/wholesale/shopping 329, aviation 243, information technology 131, and road transport and logistics 114.
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In his comments, Tunji Bello, executive vice chairman/chief executive officer of the Commission said 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.
“These numbers are not just statistics; they tell the story of consumer frustration, and the daily challenges Nigerians face in essential services,” Bello said.
FCCPC said that the publication of sector-specific complaint data aligns with the Commission’s mandate under Sections 17(a), 17(j) of the FCCA 2018, which empower it to enforce consumer protection laws and make information on its functions available to the public.
