The Federal Competition and Consumer Protection Commission (FCCPC) has warned businesses not to exploit the ongoing
United States-Israel war with Iran by hiking petrol prices and other consumer goods in the country.
Accordingly, it vowed to closely monitor the situation and the impact on citizens with a view to ensuring that consumers are well protected against such tendencies.
Executive Vice Chairman and Chief Executive Officer of the Commission, Dr Tunji Bello, disclosed this on Thursday while briefing newsmen at the Meet-The-Press session at the State House, Abuja.
Bello said the commission had already deployed monitoring teams across the country to track changes in fuel prices and other essential commodities affected by the global energy shock triggered by the conflict.
According to him, petrol prices have a ripple effect on many consumer goods and services, and the commission will not tolerate unjustified price hikes.
“We are presently monitoring the situation as it affects prices in Nigeria because petrol has supply effects on some of the things we eat or take on a daily basis,” Bello said.
He noted that the commission was working closely with regulators in the petroleum sector to ensure compliance with prevailing price trends.
“Our monitors are already outside monitoring developments. If suppliers reduce prices by ₦100 or ₦200 and some filling stations are still selling for ₦1,500 per litre or higher, we will ask questions and take the necessary steps,” he added.
Bello stressed that the federal government under President Bola Tinubu had recorded “massive economic gains” in the past two years, and the FCCPC would ensure that external shocks do not translate into consumer exploitation.
The FCCPC boss also revealed that investigations had confirmed that some airlines exploited Nigerians during the 2025 Yuletide travel period.
He said the commission had concluded investigations into the spike in ticket prices and would soon publish its final report.
According to him, the findings could lead to sanctions as well as refunds to affected passengers.
“We have carried out a full investigation on the issue of airlines during the Yuletide period. The final report will be published soon, and where refunds are necessary, they will be demanded,” he said.
Bello said the move was part of the commission’s mandate to ensure fairness in the marketplace and protect consumers from exploitative practices.
The FCCPC further disclosed that the energy, financial technology and telecommunications sectors account for the highest number of consumer complaints in Nigeria.
Bello explained that issues related to electricity supply, digital lending platforms, telecom service charges and bank transactions dominate the complaints received by the commission.
“In major cities like Lagos, Abuja, Ibadan and Kaduna, most of the complaints we receive border on fintech, energy and telecom services, and also banks,” he said.
He said electricity-related complaints were particularly widespread, largely due to estimated billing and disputes over service quality.
According to him, the commission is working to ensure that electricity distribution companies deliver the promised service levels, particularly under the band-based tariff system.
“Consumers who are placed on Band A expect at least 20 hours of electricity daily. If they are paying the higher tariff, they must receive value for their money, and we are holding the companies accountable for that commitment,” he said.
Providing insight into the commission’s operations, FCCPC officials disclosed that between March and August 2025 alone, more than 9,000 complaints were resolved, leading to recoveries exceeding ₦10 billion for Nigerian consumers.
Officials said complaints received by the commission annually could exceed 25,000 across multiple channels including online platforms, telephone reports, petitions and social media.
They added that many cases end in refunds or replacement of defective goods after mediation by the commission.
The commission also urged Nigerians to formally report consumer rights violations rather than merely complaining informally.
An FCCPC official noted that many Nigerians “grumble more than they complain,” stressing that effective regulatory action depends on documented complaints.
Consumers were encouraged to file complaints through the commission’s digital platform or other available channels so that the agency could intervene.
Bello said the FCCPC would continue to strengthen enforcement, consumer education and market monitoring to ensure fairness in Nigeria’s marketplace.
Bello highlighted significant challenges in regulating Nigeria’s informal markets, where associations often fix prices and prevent non-members from trading.
“A farmer comes from the village with produce and is told he cannot sell unless he registers with the association. It’s a criminal offense to fix prices,” he noted.
The Commission said it is addressing this through engagement rather than immediate prohibition, utilizing radio broadcasts in regions where social media penetration is low and mandating state offices to hold regular meetings with market associations.
The FCCPC boss also criticized legislative attempts to remove the Commission’s jurisdiction over banking complaints, arguing that “a bank customer is a consumer whether you like it or not.”
He urged the National Assembly to preserve provisions allowing the FCCPC to receive complaints against financial institutions.
