FCCPC Launches Probe into Major Nigerian Companies

The Federal Competition and Consumer Protection Commission (FCCPC) has launched investigations into Guaranty Trust Bank (GTB), MTN Nigeria, and Air Peace Limited following a significant rise in consumer complaints. Scheduled for December 3, 4, and 5, these inquiries will address allegations of poor service delivery and exploitative practices across the banking, telecommunications, and aviation sectors.

Ondaje Ijagwu, FCCPC’s Director of Corporate Affairs, stated, “In the banking sector, we will engage GTB over reports of network failures that hinder customers from accessing their funds.” Complaints include disruptions linked to GTB's transition to a new core banking system that left many unable to complete transactions during peak times.

MTN Nigeria faces scrutiny for unresolved issues regarding undelivered data services and unexplained data depletion. Ijagwu noted, “In telecommunications, MTN is under investigation for persistent complaints about inadequate customer care.” 

Air Peace Limited is also implicated, with allegations of exploitative ticket pricing. Customers have reported significant fare increases for advance bookings on domestic routes. The FCCPC emphasized that these inquiries are conducted under the Federal Competition and Consumer Protection Act (FCCPA) of 2018, which empowers the commission to investigate practices undermining consumer rights.

Ijagwu highlighted the importance of these engagements: “These inquiries provide a platform for companies to address consumer concerns and clarify their operational practices.” Consumers are encouraged to report further issues through official FCCPC channels as the commission seeks to uphold accountability and fair market practices.