Telecoms, FinTechs, energy sectors generated highest complaints from Nigerian consumers –Report

*Tunji Bello, Executive Vice-Chairman and CEO of the Federal Competition and Consumer Protection Commission, warns that businesses and organisations must not exploit Nigerian consumers in key industries, including telecommunications, Financial Technology and energy, as the Commission is closely monitoring the impact of the ongoing US-Israel war with Iran on product prices in the country’s economy

Isola Moses | ConsumerConnect

In a move to protect consumers against exploitation, the Federal Competition and Consumer Protection Commission (FCCPC) has disclosed the telecommunications, Financial Technology (FinTech), and energy sectors of the economy generated the highest complaints from Nigerians.

Mr. Tunji Bello, Executive Vice-Chairman and Chief Executive Officer (EVC/CEO) of the Commission, disclosed this Thursday, March 12, 2026, at a media briefing during the Meet-The-Press session in the State House, Abuja, FCT.

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ConsumerConnect reports the Nigerian Communications Commission (NCC) plays a crucial role in the West African country’s FinTech sector by providing the underlying telecommunications infrastructure, such as USSD, mobile money, and, crucially, high-speed broadband.

The telecoms sector regulatory Commission also actively collaborates with the Central Bank of Nigeria (CBN), and other regulators to create a secure regulatory framework, such as a 2018 Memorandum of Understanding (MoU), to ensure consumer protection, data privacy, and secure, reliable, and uninterrupted network services for digital financial transactions in the country.

Mr. Bello also explained that issues related to electricity supply, digital lending platforms, telecoms service charges, and bank transactions all dominated the complaints received by the market regulators.

He stated: “Consumers who are placed on Band A expect at least 20 hours of electricity daily.

“If they are paying the higher tariff, they must receive value for their money, and we are holding the companies accountable for that commitment.”

The EVC/CEO of FCCPC said: “In major cities like Lagos, Abuja, Ibadan, and Kaduna, most of the complaints we receive concern FinTech, energy, telecoms services, and banks.”

According to him, electricity-related complaints were particularly widespread, largely due to estimated billing and disputes over service quality.

The FCCPC Executive Vice-Chairman affirmed the Commission is working to ensure that electricity distribution companies deliver the promised service levels, particularly under the band-based tariff system.

Besides, Bello disclosed the FCCPC is closely monitoring the impact of the ongoing United States-Israel war with Iran on petrol prices, and other consumer goods in Nigeria.

He, therefore, warned that businesses must not exploit the situation to the detriment of Nigerian consumers.

In order to protect consumers, Bello said the Commission had already deployed monitoring teams across the West African country to track changes in fuel prices and other essential commodities affected by the global energy shock triggered by the conflict.

Petrol prices, he observed, have a ripple effect on several consumer goods and services.

The FCCPC will not tolerate unjustified price hikes in the Nigerian economy, stated he.

The Chief Executive of the market regulatory Commission said: “We are presently monitoring the situation as it affects prices in Nigeria because petrol has supply effects on some of the things we eat or take on a daily basis.”

According to him, the Commission is working closely with regulators in the petroleum sector to ensure compliance with prevailing price trends.

He restated: “Our monitors are already outside monitoring developments. If suppliers reduce prices by ₦100 or ₦200, and some filling stations are still selling for ₦1,500 per litre or higher.” We will ask questions and take the necessary steps.”

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Bello emphasised that the Nigerian Government under President Bola Ahmed Tinubu has recorded “massive economic gains” in the past two years.

He assured the FCCPC would ensure that external shocks would not translate into consumer exploitation in the country.

Investigations have also confirmed that some airlines exploited Nigerians during the 2025 Yuletide travel period, he said.

The EVC/CEO of FCCPC equally revealed the Commission had concluded investigations into the spike in flight ticket prices, and would soon publish its final report.

According to him, the findings could lead to sanctions as well as refunds to affected passengers.

He further explained: “We have carried out a full investigation on the issue of airlines during the Yuletide period.

“The final report will be published soon, and where refunds are necessary, they will be demanded.”

Bello reaffirmed the measure is part of the Commission’s mandate to ensure fairness in the marketplace, and protect consumers from exploitative practices.

Insight into FCCPC’s operations in 2025

Giving insight into the FCCPC’s operations in the past year, the Commission’s officials related that between March and August 2025, over 9,000 complaints were resolved, leading to recoveries exceeding ₦10 billion for Nigerian consumers in the process.

The officials as well revealed that complaints received by the Commission annually could exceed 25,000 across multiple channels, including online platforms, telephone reports, petitions and social media.

The Commission, therefore, urged Nigerians to formally report consumer rights violations rather than merely complaining informally.

They also encouraged to file complaints through the Commission’s digital platform or other available channels so that the agency could intervene.

Bello said the FCCPC would continue to strengthen enforcement, consumer education and market monitoring to ensure fairness in Nigeria’s marketplace.

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