FCCPC recovers N10bn for aggrieved consumers as banking, FinTechs record highest complaints

*The Federal Competition and Consumer Protection Commission announces it has recovered N10 billion for aggrieved consumers in the Nigerian economy

Isola Moses | ConsumerConnect

In regard to consumer dissatisfaction with products and service delivery in the economy, Nigeria’s Federal Competition and Consumer Protection Commission (FCCPC) has revealed the banking and Financial Technology (FinTech) sectors ranked among with the highest number of complaints in a recent survey of 30 sectors of the economy.

ConsumerConnect reports the FCCPC disclosed this development Thursday, September 11, 2025, in its updated data on consumer complaints received and resolved across key sectors of the Nigerian economy.

The Commission said the release of the statistics on sector-specific consumer complaints was in accordance with its mandate under Sections 17(a), 17(j) of the FCCPA 2018.

Economy: Nigeria affirms implementation of new 4 Tax Acts commences January, June 2026 + Downloads

The mandate empowers the market regulator to enforce consumer protection laws, and make information on its functions available to the public.

FCCPC also said the data, covering cases lodged with the Commission between March and August, 2025, were compiled from its complaint resolution platforms, provided insight into the patterns and prevalence of consumer dissatisfaction across 30 sectors.

It further stated the 10 top sectors by number of complaints received within the period under consideration were led by banking (3,173 complaints), followed by Fast Moving Consumer Goods (FCMG) (1,543), FinTech (1,442), and electricity (458).

The Commission also highlighted other notable sectors to include e-commerce (412), telecommunications (409), retail/wholesale/shopping (329), aviation (243), Information Technology (131), and road transport and logistics (114).

The FCCPC said the data covered consumer grievances ranged from unfair charges, service failure, unauthorised deductions, deceptive marketing, poor disclosure of terms, product defects, and failure to provide redress within acceptable timelines.

READ ALSO: FCCPC Recovers N10bn For Aggrieved Consumers As Banking, FinTechs Record Highest Complaints in Economy

According to the Commission, 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.

Bello: Banking is dominant source of consumer complaints in Nigeria

Speaking on the

Mr. Tunji Bello, Executive Vice-Chairman/Chief Executive Officer (EVC/CEO) of FCCPC, 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.”

Mr. Ondaje Ijagwu, Director of Corporate Affairs at FCCPC, Thursday noted the market regulator emphasised that banking remains the dominant source of consumer complaints, both in volume and financial exposure.

READ ALSO: NCAA Issues Fresh Measures Against Unruly Passengers, Harps On Aviation Safety 

NITDA Invites Stakeholders To Public Hearing On New DPI, NGDX Regulatory Instruments

The Commission highlighted the 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 Financial Technology (FinTech) dominate by financial impact.

It stated the development showed 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.

Interestingly, report of the high incidence of disputes linked to digital lending, investment schemes, and microfinance services coincides with the unveiling of a new regulation by FCCPC to curb abuses in the digital lending sector.

The Commission is intensifying monitoring, enforcement, and collaboration with sector regulators to address these concerns.

Focus is on financial and utility services, where recurring patterns of consumer exploitation require corrective action, it said.

Ijagwu stated the Commission encouraged regulated entities to study these data trends and strengthen internal mechanisms for handling consumer complaints, ensuring that issues are addressed promptly and equitably.

The FCCPC restated that consumers “are encouraged to continue reporting violations through the FCCPC complaint portal: complaints.fccpc,gov.ng, or FCCPC zonal and state offices.

“Every report assists the Commission in identifying systemic issues and enforcing compliance.”

Kindly Share This Story