Business
Cardoso to suspend intervention loans, clear dollar debts
The new Governor of the Central Bank of Nigeria, Olayemi Cardoso, has said he will prioritise clearing the apex bank’s backlog of unsettled foreign exchange obligations in the near term.
He said this on Tuesday during the screening session of members of the Senate.
Cardoso promises to enhance transparency, fix corporate governance, and ensure confidence in the autonomy and integrity of the bank.
“We need to promptly find a way to take care of that. It would be naive for us to expect that we’ll be making too much progress if we’re not able to handle that side of the foreign exchange market,” he said.
The new CBN governor said he would maintain price stability, revert to evidence-based monetary policies, and discontinue his predecessor’s unorthodox monetary policies to bolster the country’s naira currency.
Cardoso’s screening as the nation grapples with falling economic indices with the naira nearing 1,000/$ at the parallel market.
The official market closed with the naira-to-dollar exchange rate settling at N755.08/$1 on Tuesday, according to the foreign exchange data released by the FMDQ Exchange
According to Cardoso, the immediate plan to stabilise the naira will be for the apex bank to settle existing financial obligations and make “transparent rules.”
Describing how to address what he termed as an ‘operational issue’, he said, “Right now, we have a situation where we are aware that there are unsettled obligations by the CBN. Whether it is $4bn, $5bn or $7bn, I don’t know but definitely the immediate priority will be to verify the authenticity and extent of what is owed.
“Number two, apart from the operational issue, there is one that is system related that involves ensuring that we come up with rules that are open, transparent that any of the players in that area understands. We can’t expect foreign investors and portfolio investors to come; we can’t expect them if there is no open, transparent system that everyone understands.
“In setting up those guidelines one will carry the relevant stakeholders along and the comment was made earlier that one should be ready to engage everybody and hear views. Those two things, though they may seem simple, will go a long way to easing up the restrictions we are having on people (investors) that want to come in.”
The immediate past acting CBN Governor, Folashodun Shonubi, on September 6, 2023, said the apex bank had concluded negotiation on dollar debts with commercial banks, disclosing that all forex exchange backlogs would be cleared within one to two weeks.
However, it was earlier reported that over two weeks after the CBN promised to clear the over $10bn foreign exchange debts owed Deposit Money Bank, the apex bank had yet to do so.
Also, the newly confirmed CBN governor said to tackle the country’s inflation, the CBN would roll out evidence-based policies.
He said, “When you look at the dimension of inflation, we will be doing evidence-based monetary policy. We shall not be making decisions based on a whim. We will significantly rebound the infrastructural demand with respect to ensuring that our data gathering capacity is enhanced so we can make decisions based on proper data.”
Nigeria’s inflation surged to 25.80 per cent in the month of August 2023, 1.72 percentage points higher than the 24.08 per cent recorded in the previous month.
The CBN started its monetary policy tightening cycle in May 2022, with its benchmark interest rate from 11.5 per cent to 18.75 per cent in July this year.
The bank justified this, noting that the rising rate of headline inflation necessitated the hike in interest rate.
However, the apex bank has been unable to curb the rising inflation.
Cardoso further stated that relatively, reliable studies have shown that in the past 10 to 15 years at least 50 per cent of inflation has been as a result of money supply and deficit financing.
“This is a big problem at least it certainly has been over a period of time and it’s something we have to face frontally,” he noted.
He said that the CBN would ensure that the issue of deficit financing would not be a problem for the country.
Cardoso added that avoiding deficit financing would tackle money supply issues.
Intervention suspension
Cardoso during his screening emphasised the need to restore the apex bank’s independence and credibility by refocusing on its core mandate and ensuring a culture of compliance.
“Much has been made of past CBN forays into development financing such that the lines between monetary policy and fiscal intervention have become blurred.
“In refocusing the CBN to its core mandate, there is a need to pull the CBN back from direct development finance interventions into more limited advisory roles that support economic growth.”
As of October last year, about N9tn had been released as intervention funds by the apex bank.
The bank had said that about N3.7tn had been repaid by beneficiaries while over N5tn was not yet due for recovery.
For bank unhealthy bank charges, the international banker said that the team would review the situation and come up with the required position.
No political influence
The newly confirmed governor also promised that he and his team would not be hijacked by politicians as they discharge their duties.
Senate President Godswill Akpabio had asked Cardoso if he would be influenced and hijacked by politicians when he assumed office.
Responding, the CBN governor said, “It is important that we, who are considered for this position today, understand that this is a position of trust.
“With that comes a huge responsibility to meet up with that trust. I know that a lot of time and effort has gone into choosing the people who are standing here for nomination today.
“As far as I am concerned, under my leadership, we will not be hijacked by anybody. The idea is to ensure that we do what is right, when it is right, and how it is right. We’ve seen what the effect of not doing right has been, and we do not intend for that to be repeated.”
He added that his team and him would inculcate a culture of compliance into the apex bank by adhering strictly to the CBN Act 2007.
“I believe that the central bank under our watch will have no choice but to embrace a culture of compliance,” he said.
Senators’ advice
The Senate on Tuesday after hours of screening confirmed the appointment of Olayemi Cardoso as the substantive governor of the Central Bank of Nigeria alongside four deputy governors.
The deputy governor nominees include Emem Nnana Usoro, Muhammad Sani Abdullahi Dattijo, Philip Ikeazor, and Bala Bello.
Cardoso and his colleagues were grilled by lawmakers who also expressed worry over the dwindling state of the economy with a special focus on the Naira.
During the exercise, the lawmakers bemoaned the woes be-devilling the country’s economy, as they expressed fears at the involvement of the regulatory bank in sectors outside the mandate of the Central Bank Act, 2017.
The Senate President, Godswill Akpabio, while addressing the Committee of the Whole, frowned at the involvement of the CBN in construction of classrooms, among others.
He emphasised the need for an apex bank that is focused on providing sound policy and monetary directions for the economy.
Akpabio also regretted that the bank under the former board lost its focus and veered into politics “with money that belongs to Nigerians.”
“Nowhere in the world is a currency changed within one week. But the CBN changed the Naira in 11 days just to sabotage the elections, and because some politicians told him that you can contest for election after all you have money with you,” the Senate President added.
This is as he tasked the incoming CBN board to work towards steering the economy to saner paths, as he lamented the poor standing of the Naira against the Dollar
Senator Olalere Oyewumi raised the issue of concurrent use of old and new Naira notes, seeking clarity on the matter.
Cardoso addressed the Supreme Court’s ruling that old N1,000, N500, and N200 notes would cease to be legal tender by December 31, 2023. Oyewumi sought Cardoso’s stance on continuing the dual currency system.
Earlier, Senator Abdul’Aziz Yari queried whether the CBN is legally empowered to generate profits. Senate President Godswill Akpabio raised concerns about previous governors’ actions potentially operating as a parallel government.
He sought clarification on whether the CBN generated profits and if they were directed towards the Federal Government’s Consolidated Revenue Account.
Former Edo Governor, Adams Oshiomole, advocated for government intervention to stabilize the Naira, emphasizing that market forces alone cannot achieve this.
He expressed concerns over high-interest rates hindering the growth of the manufacturing sector.
Oshiomole urged innovative approaches to address economic challenges and questioned the uncritical adoption of Western economic models.
Oshiomole expressed confidence in the new CBN leadership, anticipating their contribution to fulfilling the government’s campaign promises. He urged a departure from conventional economic thinking and emphasized the need for tailored solutions to Nigeria’s unique challenges, rather than uncritically adopting international models.
Following the official confirmation of Cardoso and the new deputy governors by the Senate, the central bank of Nigeria is now expected to hold its monetary policy committee meeting.
Earlier, the CBN had announced the postponement of its highly anticipated 293rd MPC meeting, originally scheduled for Monday and Tuesday, September 25 and 26, 2023.
Anchor borrowers, others
Meanwhile, Olayemi Cardoso, has stated that there is a need to pull the apex bank from direct development finance interventions to refocus the priorities of the bank.
According to the new governor of the apex bank, the bank needs to move into a limited advisory role that supports economic growth rather than actively play a prominent role in the financing of these projects.
In 2015, the former governor of the CBN, Godwin Emefiele, stated that the bank had over the years been involved in the financing of growth-enhancing programmes and projects of the Federal Government.
He stated that these involvements are incidental to the bank’s core mandates and part of its development and corporate social responsibilities, to accelerate growth and development of the country’s economy.
There are various schemes and programmes either implemented directly, in conjunction with the Federal Government or through specialised financial institutions.
According to the CBN, development financing is one of the requirements for sustainable economic growth and the supply of finance to various sectors of the economy will promote the growth of the economy.
However, the new CBN governor has stated that this an apex bank without the distraction of development financing will better serve the country’s economy.
He said, “Given this, a refocused CBN will better serve the country through monetary policy interventions and advisory rules that sustain implementation of the administration’s fiscal proposals.
“Advisory role of CBN, much has been made of past CBN forays into development finances, such that the lines between fiscal policies and fiscal intervention have become blurred. In refocusing the CBN to its core mandate, there is a need to pull the CBN back from direct development finance interventions into more limited advisory roles that support economic growth.”
Cardoso highlighted that these advisory roles include acting as a catalyst in the propagation of specialised institutions and financial products that will support emerging sectors of the economy, facilitate new regulatory frameworks to unlock dormant capital and accelerate of access to consumer credit and expansion of financial inclusions to the masses.
In 2022, the Director, Development Finance Department, CBN, Mr Yusuf Yila, disclosed it had disbursed N9.71tn in financial interventions to different sectors of the economy in the last three years according to various reports.
Addressing other aspects of his task as governor of the apex bank, Cardoso stressed that the challenges the bank faces are a lot. He declared that corporate governance continues to plague the bank.
He continued, “We also identify the diminished institutional autonomy. How can public and financial systems stakeholders’ confidence be restored in the autonomy and integrity of the CBN?
“Can the central bank look to adopt a worldwide code for institutional autonomy? We also look at the need to refocus CBN back to its core functions. What needs to be in place to revert to evidence-based monetary policies? Discontinuation of unorthodox monetary policies and foreign currency management. Unorthodox use of Ways and Means spending. What controls can CBN develop to enforce statutory limits in Ways and Means?”
Cardoso further noted that the backlog of foreign exchange demand is an issue the bank must address while clarifying fiscal and monetary relationships. He stressed that there is a need to draw clear lines in the relationship and determine what the limit is in CBN’s fiscal interventions.
According to him, the issue of inflation and price stability is a major function of the Central Bank. According to him, about 50 per cent of inflation in the country is because of money supply and deficit financing. He stated that going forward, the CBN will do everything possible to work closely with everyone involved and ensure that deficit financing is no longer a thing.
Commenting on the bank’s role in the FX market, he said, “We are also interested in access to foreign exchange markets and foreign exchange price discovery. What mechanisms exist to address a foreign exchange rate unification under a willing buyer and seller arrangement?
“What would be the role of the Central Bank in the foreign exchange market going forward? Is there a need for interest rate realignment to money supply, inflation, and market realities?”
While still convincing the upper chamber of his suitability for the job, Cardoso stated that current financial system stability was important to the bank and there needs to be an in-depth review to determine which mechanisms are currently working.
He further noted that the economic policy proposals of the current administration have identified a set of fiscal reforms and growth targets that will achieve a $1tn GDP within eight years.
The new governor said, “In reviewing selected growth target that will achieve $1tn GDP, we have reviewed selected countries with large populations and similar development characteristics as Nigeria, it is interesting to identify macroeconomic indices that point to Nigeria’s economic trajectory given faithful implementation of the proposed economic reforms.
“In economies bigger than $1tn, these indices include moderate inflation, sizable foreign reserves, and capacity to quickly rebound from significant economic downturns. In other words, to the extent that the administration has defined such a bold target for the country, it is our feeling that achieving this is critical to achieving the stability that we require in various economic indices.”
The new governor further stressed that his administration would adhere strictly to the CBN ACT of 2007. He also committed to the twice-a-year review with the house.
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African Export-Import Bank (Afreximbank) and the Midstream and Downstream Gas Infrastructure Fund (MDGIF) have signed a Memorandum of Understanding (MoU) to establish a collaborative framework aimed at promoting, developing, and improving gas infrastructure in Nigeria, according to ChannelsTV.
It was signed on the sidelines of the just-ended fourth Intra-African Trade Fair (IATF2025) by Helen Brume, Director and Global Head – Project and Asset-Based Finance on behalf of Afreximbank, and Oluwole Adama, Executive Director on behalf of MDGIF.
The MoU emphasises private sector-led delivery models and aligns with both institutions’ mandates and strategic priorities.
Under the terms of the MoU, Afreximbank and MDGIF will work together with the overarching intention of mobilising up to $500 million over a four-year period to support midstream and downstream gas infrastructure projects. The investment is structured as a blend of senior debt and equity contributions, considered under both entities’ independent mandates, with a focus on accelerating the modernisation and expansion of Nigeria’s gas sector.
Project Highlights:
Targeted Gas Infrastructure Investment: Joint identification and prioritisation of eligible projects, with annual pipeline targets to ensure investment goals are met.
Senior Debt Financing: Afreximbank will consider providing direct financing and credit risk guarantees to support project finance transactions, working alongside local financial institutions.
Project Preparatory Support: Establishment of a dedicated support, either through funding or a support framework, for feasibility studies, legal structuring, environmental assessments, and other preparatory activities for bankable gas projects.
Equity Financing: MDGIF will consider equity contributions to complement Afreximbank’s senior debt, enabling full capital structuring for eligible projects.
Promotion and Advocacy: MDGIF will leverage Afreximbank’s platforms, including the Intra-African Trade Fair, to promote its initiatives and engage stakeholders.
Capacity Building: Development of a structured programme to enhance MDGIF’s institutional capabilities in project structuring, risk management, and innovative financing.
With respect to the collaboration between both parties, Mrs Kanayo Awani, Executive Vice President – Intra-African Trade and Export Development at Afreximbank, noted that:
“This MoU marks a significant milestone in our shared commitment to accelerating Africa’s economic transformation. By combining Afreximbank’s deep expertise in trade and project finance with MDGIF’s national investment reach, we are poised to unlock new opportunities for inclusive growth and sustainable development across Nigeria and, potentially, across the West Africa sub-region.”
She added: “We stand ready to work with the MDGIF in advancing the development of gas infrastructure projects in Nigeria, which will add value to the country’s natural resources. This intervention is also important as it aligns with Afreximbank’s Industrialisation and Export Development Agenda.”
Senator Oluremi Tinubu, the First Lady of the Federal Republic of Nigeria, has called for unwavering support for the Niger Delta Power Holding Company (NDPHC) to accelerate growth in the nation’s power sector.
The appeal came during a courtesy visit by the managing director and chief executive officer of NDPHC, Engr. Jennifer Adighije, to the First Lady over the weekend in Abuja.
Speaking passionately about the critical role of NDPHC, Senator Tinubu said, “It is essential that all stakeholders rally behind NDPHC’s leadership to ensure the company fulfills its mandate of advancing Nigeria’s power infrastructure. I urge the entire Management and staff of NDPHC to continue supporting Engr. Adighije’s vision with dedication and teamwork.”
The First Lady also commended Adighije’s commitment and leadership qualities. “Your diligence, passion, and deep sense of responsibility stand as a shining example of leadership in Nigeria’s power sector,” she stated. “Young women like you, who demonstrate rare leadership virtues, inspire a new generation of leaders and bring hope to our nation’s development.”
Senator Tinubu expressed joy and pride in seeing young Nigerians excel in positions of high responsibility. “I sincerely commend your efforts towards leading NDPHC with every sense of diligence and commitment,” she emphasised. “Your leadership is not only about managing the company but also about inspiring others to step up and contribute meaningfully.”
She further urged continuous teamwork within NDPHC to ensure the attainment of critical milestones in power generation and distribution. “For Nigeria to achieve steady power growth, the success of companies like NDPHC is vital. Let us all work together to support this leadership and push forward the sustainable energy agenda for our people,” she concluded.
Engr. Jennifer Adighije expressed gratitude for the warm reception and the commendations. She assured that NDPHC would remain resolute in transforming Nigeria’s power landscape through innovative projects and effective management.
The visit underscores a renewed focus on the power sector’s growth, with strong endorsements from key national figures encouraging collaboration and dedication toward a brighter energy future for Nigeria.
When Oluwatosin Ajibade, popularly known as Mr Eazi, tied the knot with Temi Otedola, daughter of billionaire businessman Femi Otedola, many in Nigeria’s elite circles questioned why one of the nation’s most prominent families would give their daughter’s hand to a musician.
But at the couple’s white wedding in Iceland, Africa’s richest man, Aliko Dangote, provided an answer that silenced critics by confirming Mr Eazi as an entrepreneur with businesses across 18 countries on the continent.
Below is a list of Mr Eazi’s businesses, not known to many Nigerians.
1- emPawa Africa – Founded in 2018, emPawa is a talent incubation and music distribution platform that has helped launch stars like Joeboy. It provides mentorship, funding, and resources for up-and-coming artists across Africa.
2- Zagadat Capital – Mr Eazi’s venture capital firm invests in startups in tech, media, and entertainment. Notable investments include:
3- pawaPay – A pan-African mobile payments company.
4- Thrive Agric – an agri-tech startup connecting farmers to investors.
5- BetPawa – A popular online betting platform.
6- Street Banker – A financial inclusion project for underserved communities.
7- Choplife Gaming & Choplife SoundSystem – Expanding beyond music, Eazi launched Choplife Gaming in 2022, a pan-African lottery and gaming company. His Choplife SoundSystem blends music, events, and lifestyle branding into a cultural business model.
Although less publicised, the singer has confirmed investments in real estate projects across Nigeria and Ghana, as well as hospitality ventures linked to his Choplife brand.
Through Zagadat Capital, Eazi also holds stakes in several fintech firms driving financial inclusion across Africa.
Now married into one of Nigeria’s most influential families, Mr Eazi embodies a hybrid lifestyle — blending music, global entrepreneurship, and elite family life.
For him, business has never been secondary.
As Dangote hinted, music may be just the tip of the iceberg. With ventures spread across at least 18 African countries, Eazi is positioning himself not just as a musician, but as one of the continent’s most ambitious entrepreneurs.
And with his marriage to Temi Otedola, many say the couple may just become Africa’s new symbol of power, wealth, and influence.
The Dangote Group has announced that its Dangote Petroleum Refinery will begin supplying petrol (PMS) directly to 11 states starting Monday, September 15, 2025. This information was shared in a press release on the Group’s official X account on Thursday.
The retail pump prices for petrol in the initial states will be set at N841 per litre for Lagos, Ogun, Oyo, Ondo, Osun, and Ekiti. For Abuja, Delta, Rivers, Edo, and Kwara, the price will be N851 per litre.
Additionally, the gantry price for petrol is established at N820 per litre.
“Dangote Petroleum Refinery begins direct supply of PMS with free delivery effective Monday September 15, 2025
“New Gantry Price is set at N820,” the statement read in part.
To support petrol station operators, the refinery will provide free delivery of PMS to registered stations in the 12 states, with plans to gradually expand distribution nationwide. All station owners are invited to register to access these benefits. The move is expected to improve petrol distribution and supply consistency across the covered states.
Dangote Petroleum Refinery, Africa’s largest with a 650,000 barrels-per-day capacity, opened in 2024 to reduce Nigeria’s reliance on imported petrol and strengthen energy security.
In July 2025, it received 4,000 CNG trucks under a N720 billion investment programme, aimed at distributing 65 million litres of refined petroleum products daily, creating over 15,000 jobs, and saving Nigerians more than N1.7 trillion annually in energy costs. The initiative also seeks to improve efficiency in the downstream sector and revive dormant petrol stations.
The refinery’s planned expansion into nationwide petrol distribution was initially scheduled for August 15, 2025, but is now set to begin on Monday, September 15, 2025. Preparatory challenges in early September included a three-day notice from the Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN), starting Tuesday, September 9, to suspend lifting and dispensing of petrol over concerns about fair competition.
Simultaneously, the Nigerian Union of Petroleum and Natural Gas Workers (NUPENG) went on a two-day strike, which was later suspended following a DSS-convened meeting attended by the Minister of Finance, Wale Edun, and representatives of the Nigeria Labour Congress (NLC).
A Memorandum of Understanding (MoU) was signed to resolve the dispute, mandating unionisation of willing employees from 9th to 22nd September 2025, prohibiting the creation of any other union, and ensuring no worker would be victimised due to the strike.
Signatories included Sayyu Dantata (Dangote Group), O.K. Ukoha (NMDPRA), Ojimba Jibrin (Dangote Group), Benson Upah (NLC), N.A. Toro (TUC), NUPENG President Akporeha Williams, General Secretary Afolabi Olawale, and Amos Falonipe representing the Federal Ministry of Labour.
Wema Bank has successfully surpassed the Central Bank of Nigeria’s (CBN) capital requirement for commercial banks with national authorization, a significant milestone achieved through the completion of a substantial N150 billion rights issue.
This important financial strategy positions the bank firmly ahead of the upcoming deadline of March 2026, as outlined in the CBN’s latest recapitalization framework.
In an official statement released on Thursday, Wema Bank proudly announced that its total qualifying capital has now reached an impressive N214.7 billion, comfortably exceeding the regulatory threshold of N200 billion.
The rights issue, which opened its doors on April 14, 2025, and closed on May 21, 2025, was a strategic response to the CBN’s directive aimed at fortifying the Nigerian banking sector.
By embracing this initiative, Wema Bank has not only positioned itself as a leader in compliance but also as a robust player in the quest for sustainable development within the financial landscape of Nigeria.
“This rights issue was undertaken in response to the CBN’s directive on the recapitalisation of banks in Nigeria. With the successful completion and regulatory approval, Wema Bank has now met the N200 billion minimum capital requirement applicable to commercial banks with national authorisation,” the bank’s statement stated.
In addition to the rights issue, Wema Bank has concluded a N50 billion special placement, which is currently awaiting regulatory approval. This additional capital injection further reinforces the bank’s commitment to maintaining a strong capital base and supporting its strategic expansion initiatives.
CEO Expresses Confidence
Commenting on the milestone, Wema Bank’s Managing Director and Chief Executive Officer, Moruf Oseni, expressed confidence in the bank’s trajectory and the trust it enjoys from stakeholders.
“As a growth-driven bank, the industry recapitalisation requirement came as a welcome mission, and we undertook it with full confidence. Our success in surpassing the N200 billion benchmark ahead of the 2026 deadline not only reinforces our strong financial standing as a bank, but also attests to the mutual trust and confidence that exists between Wema Bank and its shareholders,” Oseni said.
Earlier in May, Wema Bank had announced its intention to raise an additional N50 billion through a private placement as part of its broader strategy to meet and exceed the CBN’s capital requirements.
At its Annual General Meeting (AGM), held electronically on May 22, 2025, shareholders formally adopted a resolution to secure this additional capital, signaling strong support for the bank’s growth agenda.
Under the CBN’s recapitalization framework, commercial banks with international authorization are required to maintain a minimum capital base of N500 billion, while those with national authorization, such as Wema Bank, must meet a N200 billion threshold.
Wema Bank’s swift and strategic response to these requirements highlights its resilience and forward-thinking leadership in Nigeria’s evolving financial landscape.
The Federal Competition and Consumer Protection Commission (FCCPC) has announced an impressive total of N10 billion in recoveries for consumers who were wronged, following a series of complaints directed at banks, fintech companies, and other entities.
This information was revealed in a statement issued on Thursday, which was signed by Ondaje Ijagwu, the Director of Corporate Affairs at the FCCPC.
The announcement comes in light of recent data that highlights the volume of consumer complaints received and subsequently resolved across major sectors of the Nigerian economy.
The data encompasses cases that were registered with the Commission between March and August 2025 and has been meticulously compiled from various complaint resolution platforms managed by the FCCPC.
“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).
“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 Commission stated.
The Commission stressed that the data covers 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 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,” the FCCPC added.
Reacting to the 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.”
The publication of sector-specific complaint data is said to align 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.
According to the report, 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 added.
The Commission stated it is intensifying monitoring, enforcement, and collaboration with sector regulators to address these concerns.
The Commission encouraged regulated entities to study its data trends and strengthen internal mechanisms for handling consumer complaints, ensuring that issues are addressed promptly and equitably.
Consumers were encouraged to continue reporting violations through the FCCPC complaint portal: complaints.fccpc.gov.ng, or FCCPC zonal and state offices.
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