The Federal Competition and Consumer Protection Commission (FCCPC) has recovered over N10bn from banks, financial technology companies (fintechs), and others for aggrieved customers in six months.
The recoveries followed complaints from customers for service failures, unauthorised deductions, product defects, and deceptive marketing practices.
The commission disclosed this in an updated data released on Thursday.
The FCCPC said the recoveries stem from over 9,000 complaints received across 30 sectors between March and August.
It noted that banking, fast-moving consumer goods (FMCG), and financial technology (fintech) companies topped the list.
According to FCCPC, the banking sector accounted for 3,173 complaints, followed by FMCG (1,543), fintech (1,442), and electricity (458).
Other sectors that featured prominently were e-commerce (412), telecommunications (409), retail/wholesale/shopping (329), aviation (243), information technology (131), and road transport and logistics (114).
The watchdog noted that banking and fintech complaints were dominated by financial impact, underscoring recurring disputes over loan deductions, account charges, and failed transactions.
FCCPC said the trend points to consumer vulnerability in high-value services and the urgent need for stronger coordination with the Central Bank of Nigeria (CBN).
Electricity, which ranked fourth, was linked to persistent billing disputes and service failures, highlighting the need for closer collaboration with the Nigerian Electricity Regulatory Commission (NERC), state regulators, and distribution companies (DisCos).
While e-commerce disputes were lower in value but higher in frequency, the FCCPC said they revealed “broad consumer exposure at the retail level,” particularly around deliveries, refunds, and counterfeit goods.
The commission also flagged the rising number of complaints around digital lending, investment schemes, and microfinance services, adding that it coincided with its recent rollout of stricter rules for the digital lending sector.
Going forward, the FCCPC promised to intensify monitoring and enforcement, focusing on financial services and utilities where recurring patterns of exploitation remain most pronounced.
Speaking on the record, the Executive Vice Chairman of FCCPC, Tunji Bello, said the data is “not just statistics, but tells the story of consumer frustration and the daily challenges Nigerians face in essential services.”
Bello added that the commission was determined to hold businesses accountable, ensure compliance with the law, and protect the welfare of consumers.
