The Nigerian banking sector has recorded the highest number of consumer complaints, according to the Federal Competition and Consumer Protection Commission. Between March and August 2025, the commission received 3,173 complaints against banks, exceeding those in other sectors such as Fast Moving Consumer Goods, fintech, and electricity. The total number of complaints resolved by the commission during this period was 9,091.
The banking sector’s high complaint rate is significant, given the crucial role it plays in the country’s economy. Other sectors with notable complaint rates include e-commerce, telecommunications, and retail/wholesale/shopping. The commission’s spokesperson, Ondaje Ijagwu, disclosed that total recoveries for consumers exceeded N10 billion, highlighting the substantial financial impact of these complaints.
The Executive Vice Chairman of the Commission, Tunji Bello, emphasized that the figures reflect not only the scale of harm experienced by consumers but also the importance of holding institutions accountable. “These numbers are not just statistics; they tell the story of consumer frustration and the daily challenges Nigerians face in essential services,” he stated. The commission is committed to ensuring compliance with the Federal Competition and Consumer Protection Act and promoting fair market practices that protect consumer welfare.
The commission’s efforts to address consumer complaints and ensure accountability in various sectors are critical to maintaining a fair and competitive market. By resolving a significant number of complaints and securing substantial recoveries for consumers, the commission has demonstrated its commitment to protecting consumer rights. As the Nigerian economy continues to evolve, the commission’s role in promoting consumer protection and fair market practices will remain essential. The latest figures underscore the need for ongoing vigilance and enforcement to ensure that businesses operate in a manner that prioritizes consumer welfare.
