The Federal Competition and Consumer Protection Commission (FCCPC) on Thursday disclosed that it had recovered N10 billion for aggrieved consumers following complaints lodged by them against banks, fintechs, and others.
A statement signed by the commission’s Director, Corporate Affairs, Ondaje Ijagwu, FCCPC, clarifies that the recovery follows updated data on consumer complaints received and resolved across key sectors of the Nigerian economy.
According to the Commission, the data covered cases lodged by the customers with it between March and August 2025 and compiled from its complaint resolution platforms, relating to 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 FCCPC stated: “The top ten sectors by number of complaints received between March and August 2025 were led by banking (3,173 complaints), followed by Fast Moving Consumer Goods (FCMG) (1,543), fintech (1,442), and electricity (458).
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“Other notable sectors included e-commerce (412), telecommunications (409), retail/wholesale/shopping (329), aviation (243), information technology (131), and road transport and logistics (114).
“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”, it added.
Commenting on the report’s findings, the Executive Vice Chairman/Chief Executive Officer of the Commission, Mr. Tunji Bello, 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.”
According to the report, Banking topped the consumer complaints’ chart, both in volume and financial exposure, reflecting recurring issues in loan deductions, account charges, and transaction disputes, and public reliance on the FCCPC to intervene in systemic financial service challenges.
The statement further clarified: “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 FCCPC added.
The Commission stated it would continue to intensify its monitoring, enforcement, and collaboration with sector regulators to address these concerns and charged regulated entities to study its data trends and strengthen internal mechanisms for handling consumer complaints, ensuring that issues are addressed promptly and equitably.
It also advised bank, fintech and other financial institutions’ (OFIs’) consumers to continue reporting violations through its complaint portal: complaints.fccpc.gov.ng, or FCCPC zonal and state offices.
The publication of sector-specific complaint data aligns with the Commission’s mandate under Sections 17(a), 17(j) of the FCCPA 2018, which empower it to enforce consumer protection laws and make information on its functions available to the public.
