…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.
….Denies Dodging Probe, Pledges to Appear After Treatment
By Adesina Adeleja
Former Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari, has described the Senate Committee on Public Accounts’ decision to issue an arrest warrant against him as “deeply shocking.”
In a formal letter addressed to the committee chairman, Kyari clarified that he had earlier informed the panel of his inability to appear due to medical treatment abroad.
“I refer to the news of the arrest warrant issued against me during the proceedings of your esteemed Committee today, 10th June, 2026. I am deeply shocked by the issuance of the warrant,” Kyari wrote.
He referenced a letter sent to the committee on May 11, 2026, in which he notified lawmakers that he was receiving medical care outside the country. In that correspondence, Kyari expressed his willingness to honour the committee’s invitation upon his return to Nigeria and offered to provide written responses to any urgent questions through his legal representatives.
“I also expressed my willingness to honour the Committee’s invitation as soon as I return to Nigeria,” he stated. “I wish to reiterate that I remain very willing and ready to honour the invitation of the Committee and to appear before it once I return to the country.”
Kyari firmly denied any attempt to evade the Senate’s invitation, noting that he had not received any fresh summons before the warrant was issued.
“However, I wish to respectfully state that I have neither received nor sighted the said invitation,” he said. “Had the invitation reached me, I would have gladly honoured it.”
The former NNPCL boss explained that his current medical condition has made it impossible for him to appear in person. He urged the committee to channel any questions or requests for clarification through his legal team to ensure prompt responses while he continues treatment abroad.
Kyari assured the Senate of his full cooperation and respect for the legislative oversight process. He pledged to appear before the committee personally as soon as his health permits.
Defence of Tenure
In the letter, Kyari also defended his leadership of the national oil company, stating that his team transformed NNPCL from a loss-making entity into a profitable commercial organisation. He added that all transactions during his tenure were properly documented and remain available for scrutiny at the NNPCL.
“I remain deeply grateful to my country for the opportunity afforded me to serve with utmost diligence and commitment,” he said.
Background
The Senate Committee on Public Accounts issued the arrest warrant after Kyari failed to appear at its sitting. The panel is investigating financial records and transactions of the NNPCL, including allegations surrounding over ₦210 trillion.
The motion for the warrant was moved by Senator Victor Umeh and seconded by Senator Adams Oshiomhole.
Kyari’s latest response appears aimed at dispelling suggestions of deliberate non-cooperation, attributing his absence primarily to health reasons and possible communication gaps regarding subsequent invitations. He has maintained that he has nothing to hide and remains committed to assisting the investigation.
Alpha Morgan Bank has announced a landmark financial performance, recording Profit Before Tax of N1.9 billion in just 10 months of operations, a result that stands as a major milestone in Nigeria’s banking industry and reinforces the Bank’s emergence as one of the country’s most remarkable new-generation financial institutions.
With this performance, Alpha Morgan Bank did not only break-even within an exceptionally short period, but also delivered what is believed to be a record-setting early-profit performance in the Nigerian banking sector, underlining the strength of its strategy, the discipline of its execution and the confidence the market has placed in its business model.
The Bank’s strong debut performance was supported by robust growth across key financial and operating indicators. Highlights of the 10-month financial statement include customer deposit of over ₦103BN, gross earning of ₦13.1 billion, net interest margin of 67%, non-performing loan ratio of 0%.
The performance was driven largely by strong synergy in customer acquisition and branch expansion, a deliberate focus on growth in demand deposits, creation of quality risk assets and balance sheet efficiency. These achievements were further supported by robust operational processes powered by sound technology and systems, management depth and expertise, experience and strategic oversight provided by the Bank’s Board.
Speaking on the performance, the Managing Director, Ade Buraimo, described the result as a significant validation of the Bank’s vision, business model and execution capacity.
“This is more than a financial milestone; it is a strong statement of what is possible when vision, discipline, sound execution, and market opportunity come together. From inception, Alpha Morgan Bank was built to be a commercial bank that is solution-driven and committed to delivering value at scale. To record a PBT of N1.9 billion in our first 10 months of operations is both historic and deeply encouraging. It reflects the dedication of our people, the trust of our customers and the solid foundation we have laid for long-term growth.”
About Alpha Morgan Bank
Alpha Morgan Bank is a customer-centric, innovative, and solutions-driven commercial bank, with a clear commitment to delivering “Satisfying Banking.”
Alpha Morgan Bank commenced operations in March 2025 with the rare distinction of regulatory approval for 14 branches across the country. This early footprint, combined with disciplined market execution, has enabled the Bank to build momentum across key business segments in record time.
Alpha Morgan Bank focuses on:
Human-Centred Technology: Digital tools designed for intuitive, everyday relevance and not vanity metrics.
Transparent Operations: From pricing to service promises, every process is clear, accountable, and customer friendly.
Customer-Centric Innovation: Continuously developing solutions and services driven by customer insights to deliver meaningful value and enhance satisfaction.
More than a financial institution, Alpha Morgan Bank positions itself as a partner in progress. Its vision is to drive possibilities, enable dreams, and reemphasize what it means to experience Satisfying Banking in Nigeria.