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Tag: Federal Competition and Consumer Protection Commission (FCCPC)

  • FCCPC Sets January 2026 Deadline For Digital Lenders’ Full Compliance

    FCCPC Sets January 2026 Deadline For Digital Lenders’ Full Compliance

    The Federal Competition and Consumer Protection Commission (FCCPC) has set January 5, 2026, as the deadline for all digital lending platforms and intermediaries in Nigeria to fully comply with its new consumer lending regulations.

    The directive, announced on Thursday by the Commission’s Director of Corporate Affairs, Ondaje Ijagwu, is part of the Federal Government’s effort to curb unethical practices in Nigeria’s rapidly expanding digital lending sector.

    The new regulations, which took effect on July 21, 2025, under the Federal Competition and Consumer Protection Act (FCCPA) 2018, aim to ensure fairness, transparency, and accountability across the lending ecosystem.

    To aid implementation, the Commission has also released the Guidelines on the Digital, Electronic, Online and Non-Traditional Consumer Lending Regulations, 2025. The guidelines, issued under Sections 17 and 163 of the FCCPA, provide practical direction for operators, outline documentation requirements, and include updated Forms 1 and 3 developed from stakeholder feedback.

    According to the statement, applicants with pending submissions may supplement their applications with any additional information required under the new guidelines without waiting for formal notification. The FCCPC assured stakeholders that it would continue to process applications transparently and efficiently.

    The Executive Vice Chairman of the FCCPC, Mr. Tunji Bello, emphasized the importance of meeting the compliance deadline. “Full compliance is not only a legal requirement but a crucial step in protecting consumers and ensuring that the sector grows fairly and responsibly. Operators have had ample time to adjust to the new regulations, and we expect all obligations to be met before the deadline,” he said.

    The Commission warned that enforcement actions would begin immediately after January 5, 2026. Sanctions may include operational restrictions, suspension of non-compliant entities, and possible prosecution under the FCCPA.

    Nigeria’s digital lending market has expanded rapidly in recent years, driven by mobile technology and demand for quick-access loans. However, the sector has been marred by consumer abuse, data breaches, and aggressive debt recovery methods by unlicensed operators, commonly known as “loan sharks.”

    In response, the FCCPC, in collaboration with the Central Bank of Nigeria, NITDA, and ICPC, launched a joint task force in 2022 to sanitize the sector. This led to an interim registration framework and the eventual introduction of the 2025 Regulations and Guidelines.

    As of November 2025, 438 digital lending companies have received full approval from the Commission — a significant milestone in the ongoing effort to regulate Nigeria’s online lending industry.

  • FCCPC Supports CBN’s 48-Hour ATM Refund Proposal

    FCCPC Supports CBN’s 48-Hour ATM Refund Proposal

    The Federal Competition and Consumer Protection Commission (FCCPC) has welcomed the Central Bank of Nigeria’s (CBN) draft guidelines requiring banks to refund customers for failed Automated Teller Machine (ATM) transactions within 48 hours.

    In a statement on Monday, Ondaje Ijagwu, FCCPC’s Director of Corporate Affairs, described the guidelines as “a timely and long-awaited intervention” that aligns with ongoing efforts to safeguard consumers in Nigeria’s financial services sector.

    The CBN released the draft guidelines last week, following the FCCPC’s September 2025 Consumer Complaints Data Report, which revealed that the banking and fintech sectors recorded the highest volume of consumer complaints nationwide. Between March and August 2025, more than 3,000 complaints were lodged against banks, with over ₦10 billion recovered for consumers across 30 sectors.

    “The report highlighted recurring issues such as failed transactions, unauthorised deductions, and delayed refunds—challenges that the CBN draft guidelines now seek to address,” the FCCPC statement read.

    Tunji Bello, FCCPC Executive Vice Chairman and CEO, described the CBN initiative as “a timely and long-awaited correction to a persistent consumer challenge.” He added that the policy would ease the burden on consumers and help rebuild trust in financial services.

    The FCCPC noted that the proposed directive aligns with the Federal Competition and Consumer Protection Act 2018, particularly provisions empowering the commission to eliminate unfair practices, ensure resolution of consumer complaints, and safeguard consumer interests.

    The commission urged the prompt adoption and implementation of the guidelines, stressing that early enforcement would provide immediate relief to consumers still facing unresolved electronic transaction reversals. It also pledged to collaborate with the CBN to monitor compliance and ensure accountability in the banking sector.

    Under the draft rules, customers with unresolved ATM or electronic transaction issues should first lodge complaints with their banks or the CBN. Unresolved cases can then be escalated to the FCCPC via its complaints portal, email, or hotline.

    Nigeria’s electronic payments system, now serving over 200 million cardholders, has faced challenges from network failures, poor infrastructure, and delayed transaction reversals. The new guidelines, which follow a revision of ATM fees eight months ago, aim to improve service delivery, enhance transaction security, and hold banks accountable.

    Stakeholders are invited to provide feedback ahead of the final policy adoption, which could take effect before the end of the year.

  • FCCPC Approves Sale Of Chivita|Hollandia To UAC Nigeria

    FCCPC Approves Sale Of Chivita|Hollandia To UAC Nigeria

    The Coca-Cola Company on Friday confirmed that Nigeria’s Federal Competition and Consumer Protection Commission (FCCPC) has approved the sale of Chivita|Hollandia (CHI Limited) to UAC of Nigeria PLC, completing a transaction first announced in July.

    The deal transfers ownership of CHI Limited, a major player in Nigeria’s food and beverage sector known for its juice and dairy brands, from Coca-Cola to UAC. Financial terms of the agreement were not disclosed.

    “We are pleased to have received regulatory approval for this transaction,” Managing Director of Chivita|Hollandia, Eelco Weber, said in a statement. “We look forward to a smooth transition and to seeing Chivita|Hollandia thrive under UAC’s ownership.”

    Coca-Cola first entered CHI in 2016 with a 40 per cent stake and assumed full control in 2019 after acquiring the remaining shares.

    Commenting on the acquisition, UAC Group Managing Director, Fola Aiyesimoju, said: “We are excited to officially welcome the Chivita|Hollandia team and brands into the UAC family, and we are eager to work together to build on their strong legacy and market leadership.”

    UAC of Nigeria is one of the country’s oldest conglomerates, with operations spanning manufacturing, marketing, and distribution of consumer goods. It runs nine production facilities and several logistics hubs across Nigeria, employing about 5,000 people.

    CHI Limited, incorporated in 1980, has grown into one of Nigeria’s leading food and beverage companies. Its portfolio includes Chivita juices, Hollandia dairy products, nectars, and snacks, supported by ISO 22000-certified facilities.

    The sale underscores ongoing consolidation in Nigeria’s consumer goods market, as local and international firms seek to strengthen their positions amid rising competition and changing consumer demand.