FCCPC endorses multilateral MoU with EFCC, Federal Trade Commission

Isola Moses | ConsumerConnect

In a move to strengthen cooperation and collaboration in addressing mutual cross-border consumer protection cum fraud concerns and problems, Nigeria’s Federal Competition and Consumer Protection Commission (FCCPC) Wednesday, October 28 2020, signed an updated tripartite Memorandum of Understanding (MoU) with the Economic and Financial Crimes Commission (EFCC) and Federal Trade Commission (FTC), United States foremost competition and consumer protection authority.

The regulatory Commission in a statement Thursday said the updated MoU “reaffirmed the agencies’ intention and willingness to deploy their capacities to work together, share information, and assist one another in relevant investigations.”

The MoU is a framework for voluntary cooperation that does not change existing laws in either country.

The FCCPC disclosed that the document also establishes a Joint Implementation Committee to develop joint training programmes and provide assistance with regard to specific investigations.

It affirms the three regulatory agencies’ continuing support for econsumer.gov, a joint project of similar agencies from 40 countries for reporting international online scams.

The statement said Babatunde Irukera, Executive Vice-Chairman/Chief Executive Officer (CEO) of FCCPC; Mohammed Umar Abba, Acting Executive Chairman of EFCC; and Joseph Simons, Chairman of FTC, jointly signed the updated MoU on behalf of their respective agencies.

Mr. Irukera, in his remark on the tripartite MoU said: “This cross-border collaboration is perhaps one of the most vital tools for combating criminal conduct and consumer protection violations which now transcend territories.

“Indeed, criminals and exploiters specifically create arrangements and devices to exploit consumers globally from remote locations in order to escape justice and retribution.  This framework strengthens our joint abilities and efforts to address this.”

The statement further noted that FCCPC discharges its mandate of protection by both preventive and remedial action, including complaint resolution, investigations and enforcement action.

The EFCC investigates and prosecutes financial crimes including frauds perpetrated on consumers.

The FTC is the United States government’s equivalent of the FCCPC with a mandate to regulate competition and enforce consumer protection laws, it noted.

According to the Commission, the joint MoU “is consistent with the FCCPC’s mandate and strategy to cooperate with counterpart agencies and other regulators to protect consumers and promote market competition in Nigeria.”

Kindly Share This Story