FCCPC recovers over N10 billion for Nigerians after thousands of complaints against banks, fintechs, and other sectors.
In a major breakthrough for consumer rights in Nigeria, the Federal Competition and Consumer Protection Commission (FCCPC) has recovered more than N10 billion for aggrieved customers following a surge of complaints against banks, fintech companies, and other key service providers.
The announcement, made Thursday by Ondaje Ijagwu, Director of Corporate Affairs at the FCCPC, comes after the agency reviewed its latest data covering March to August 2025 — a period marked by unprecedented consumer outcry across multiple sectors.
According to the FCCPC, the banking sector led the pack with 3,173 complaints, followed by Fast-Moving Consumer Goods (FMCG) with 1,543 cases and fintech services with 1,442 grievances. Electricity providers received 458 complaints, while e-commerce platforms and telecommunication firms logged 412 and 409 complaints respectively. Retail, aviation, IT, and road transport also made the list of sectors under scrutiny.
The FCCPC revealed that 9,091 consumer complaints were successfully resolved during the reporting period, resulting in record-breaking refunds and compensations. This milestone, the agency noted, reflects both the scale of harm experienced by consumers and the Commission’s growing effectiveness in enforcing compliance and protecting Nigerians from unfair practices.
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“This recovery highlights the significant financial burden borne by consumers in the absence of effective redress,” Ijagwu stated, adding that the FCCPC will continue strengthening consumer protection frameworks, tightening oversight, and ensuring fair market practices across Nigeria’s rapidly evolving economy.
Industry observers say the recovery sends a strong message to financial institutions, fintechs, and service providers that consumer protection is no longer negotiable in Nigeria.