FCCPC To Probe Banking, Telecoms, Aviation Giants Over Exploitative Practices
The Federal Competition and Consumer Protection Commission (FCCPC) has announced a comprehensive inquiry into mounting consumer grievances against major players in the banking, telecommunications, and aviation sectors.
The investigations, slated for 3rd, 4th, and 5th December respectively, aim to tackle concerns over substandard service delivery, exploitative practices, and potential violations of consumer rights.
In a statement released on the agency’s X handle on Sunday, Ondaje Ijagwu, FCCPC’s Director of Corporate Affairs, confirmed the dates for the inquiry, set to run from 3rd to 5th December.
The statement read: “In the banking sector, the FCCPC will engage Guaranty Trust Bank (GTB) regarding complaints of network failures that prevent customers from accessing their funds or utilising banking applications.
“In the telecommunications sector, MTN Nigeria will address issues relating to persistent complaints of undelivered data services, unexplained data depletion, and inadequate customer care.
“Likewise, Air Peace Limited faces scrutiny over allegations of exploitative ticket pricing, including significant fare increases for advance bookings on specific domestic routes.”
These inquiries are being conducted under the Federal Competition and Consumer Protection Act (FCCPA) 2018, particularly Sections 17, 18, 32, 33, 80, 110, 111, 112, and 113. The Act empowers the FCCPC to investigate and rectify practices that infringe upon consumer rights, distort market operations, or foster unfair competition.
“The FCCPC’s engagement with these companies provides a platform to address consumer concerns, clarify business practices, and enforce compliance with regulatory standards. The companies will be required to appear before the Commission on designated days to provide information and responses, enabling the Commission to resolve pending issues expediently.
“This initiative underscores the Commission’s dedication to safeguarding consumer rights, promoting a fair marketplace, and ensuring accountability across all sectors.
“We encourage consumers to continue reporting instances of poor service delivery or exploitative practices through the FCCPC’s official channels,” the statement concluded.