The Federal Competition and Consumer Protection Commission, FCCPC, says it recovered more than N10 billion for aggrieved consumers between March and August 2025, largely from disputes in the banking and fintech sectors.
FCCPC’s Director of Corporate Affairs, Mr. Ondaje Ijagwu, who disclosed this in a statement on Thursday, said a total of 9,091 complaints were resolved during the period, reflecting the scale of financial harm suffered by Nigerians due to service failures and unfair practices.
Ijagwu noted that the data was compiled from the Commission’s complaint resolution platforms and covered consumer grievances across 30 sectors of the economy.
According to him, the banking sector led the top ten sectors with 3,173 complaints, followed by Fast Moving Consumer Goods with 1,543, fintech followed with 1,442, and electricity with 458.
He further stated that e-commerce reported 412 complaints, telecommunications, 409, retail/wholesale, 329, aviation, 243, information technology, 131, and road transport and logistics, 114,
The Commission explained that the complaints ranged from unauthorised deductions, loan disputes, billing errors, deceptive marketing, and defective products to outright refusal by companies to provide redress within acceptable timelines.
FCCPC stressed that publishing the sectoral data was in line with its mandate under the FCCPA 2018 to make information on consumer protection available to the public.
Executive Vice Chairman of the Commission, Mr. Tunji Bello, described the numbers as a reflection of daily consumer frustration in essential services.
“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,” he said.
The banking and fintech sectors were identified as the most financially impactful, underscoring consumer vulnerability where services are both high-value and essential.
The Commission noted recurring issues such as loan deductions, account charges, and failed transactions, calling for stronger regulatory collaboration with the Central Bank of Nigeria, CBN.
Similarly, the electricity sector ranked fourth with persistent billing and service delivery disputes, highlighting the need for tighter cooperation with the Nigerian Electricity Regulatory Commission, NERC, and distribution companies.
While disputes in e-commerce were described as relatively low-value but high-frequency, the Commission flagged growing risks in digital lending and investment schemes. It said recent regulations on digital lending were designed to curb abuses and strengthen consumer confidence.
“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.
“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).
“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,” the statement read.
The FCCPC urged regulated entities to improve their internal complaints mechanisms and encouraged consumers to keep reporting violations through its complaint portal and zonal offices.
