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Banking, Fintech Top Consumer Laments in Nigeria — FCCPC

Published

8 months ago

September 11, 2025

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Banking, Fintech Top Consumer Laments in Nigeria — FCCPC

…Commission secures ₦10bn recovery for customers in five months

The Federal Competition and Consumer Protection Commission (FCCPC) has released fresh data showing that banking and fintech sectors accounted for the highest number of consumer complaints in Nigeria between March and August 2025.

According to the Commission’s report, a total of 9,091 complaints were resolved during the period, with financial recoveries for consumers exceeding ₦10 billion. The complaints spanned 30 sectors, ranging from unfair charges and unauthorised deductions to deceptive marketing and poor service delivery.

Banking topped the list with 3,173 complaints, followed by Fast Moving Consumer Goods (FMCG) with 1,543, fintech with 1,442, and electricity with 458. Other sectors included e-commerce (412), telecommunications (409), retail/wholesale/shopping (329), aviation (243), information technology (131), and road transport/logistics (114).

The Executive Vice Chairman/CEO of FCCPC, Mr. Tunji Bello, said the figures reflect the daily struggles of Nigerians with essential services.

“These numbers are not just statistics; they tell the story of consumer frustration,” he said. “The FCCPC is determined to hold businesses accountable, ensure compliance with the law, and protect the welfare of all consumers.”

The report highlights banking and fintech as the dominant sectors both in volume and financial exposure, with recurring issues around loan deductions, account charges, and transaction disputes. FCCPC stressed that this underscores the urgent need for stronger collaboration with the Central Bank of Nigeria (CBN) to safeguard consumers.

Electricity-related complaints, ranking fourth, centred on billing disputes and poor service delivery, prompting calls for closer coordination with the Nigerian Electricity Regulatory Commission (NERC) and DisCos.

E-commerce disputes were found to be low in monetary value but high in frequency, involving issues such as refunds, counterfeit goods, and failed deliveries. FCCPC noted this as a growing consumer pain point.

The report also flagged the rising number of disputes linked to digital lending, investment schemes, and microfinance services — coinciding with the Commission’s rollout of new regulations aimed at curbing abuses in the sector.

FCCPC urged businesses to study the data trends and strengthen internal mechanisms for handling complaints, while encouraging consumers to continue reporting violations via its portal (complaints.fccpc.gov.ng) or through its zonal and state offices.

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Related Topics:Banking FCCPC Fintech Fintech Top Consumer Laments in Nigeria

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Sports

BREAKING: Saka Fires Arsenal Into First Champions League Final in 20 Years

Published

16 hours ago

May 5, 2026

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BREAKING: Saka Fires Arsenal Into First Champions League Final in 20 Years—-TCN reports that Arsenal have qualified for the 2026 UEFA Champions League final after a narrow victory over Atlético Madrid, with Bukayo Saka scoring the decisive goal.

Saka’s strike proved to be the difference as Arsenal secured a 1-0 win in the second leg, progressing 2-1 on aggregate following a 1-1 draw in Spain.

The result sees the North London club reach the Champions League final for the first time in two decades, marking a significant milestone in their European journey.

Arsenal will now face either defending champions Paris Saint-Germain or German giants Bayern Munich in the final scheduled for May 30.

This will be only the second Champions League final appearance in Arsenal’s history. Their first came in 2006, when they were narrowly defeated by FC Barcelona.

The Gunners will now be aiming to go one step further and claim their first-ever Champions League title.

Developing story…

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Entertainment

BREAKING: From Words to Ring: Lizzy Anjorin Accepts Iyabo Ojo Boxing Challenge

Published

2 days ago

May 4, 2026

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BREAKING: From Words to Ring: Lizzy Anjorin Accepts Iyabo Ojo Boxing Challenge—–Nollywood stars Iyabo Ojo and Lizzy anjorin set for potential showdown as rivalry takes new turn

Actress Lizzy Anjorin has accepted the boxing ring challenge issued by her colleague Iyabo Ojo, adding a new turn to their long running public dispute.

The development began after Iyabo Ojo shared a video of herself training and challenged Lizzy Anjorin to a boxing match. She also called on businessman Emeka Okonkwo, known as E-Money and music executive Soso Soberekon to sponsor the proposed fight.

Lizzy Anjorin responded by accepting the challenge and criticised Iyabo Ojo in her post, questioning public support and describing her as a certified failed actress with zero achievements.

She also asked Iyabo to set a date for the fight and insisted she was ready.

“ABEG MK WE START BETTING NOW
TEAM LAWAL OR TEAM SISI MAMA ???

“PAULO SIS MAMA AMBASSADOR BABY OIL I CHALLENGE YOU AND IYABO OJO SEPETERI THE CERTIFIED FAILED ACTRESS WITH ZERO ACHIEVEMENTS TO PICK A DATE FOR THE FIGHT
NA THAT RING FIGHT FIT GIVE ME THE REAL JUSTICE WEY I DEY LOOK FOR
NA WHY I NO DRAG U GO COURT THAT TIME
BUT I’M READY ANYWAY NOW
DOCTOR KAN
AMBULANCE KAN
POSI MEJI,” she said.

In another post, Lizzy Anjorin also reacted to Iyabo Ojo’s partner Paulo Okoye, over his suggestion that their disagreement should be settled in a boxing ring. She challenged him to a 10 round fight with her husband before any match involving her and Iyabo Ojo.

The latest exchange adds to a long running dispute between both actresses, which has played out publicly on social media over the years, with repeated back and forth comments and accusations.

At different points in the conflict, Iyabo Ojo had shared a video mocking Lizzy Anjorin, which escalated tensions between both sides. Lizzy later made allegations against Iyabo, leading to further public exchanges and legal threats.

Iyabo Ojo had demanded a public apology and threatened legal action over alleged defamatory statements, including a compensation claim.

In 2024, a Lagos court dismissed a 1 billion naira defamation suit filed by Iyabo Ojo against Lizzy Anjorin, marking a legal setback in one of their cases. The public disagreement between both actresses has however continued to resurface through online exchanges.

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