The Consumer Protection Council (CPC) on Thursday in Abuja signed a Memorandum of Understanding (MoU) with the Economic and Financial Crimes Commission (EFCC) to further protect consumers’ interest.
The Director-General of CPC, Mrs Dupe Atoki, said the collaboration was aimed at protecting consumers and combating scams, using a three point approach.
She said the approach would include a complaint data analysis to establish patterns, trends and hotspots and also consumer education campaign which would be done across the country.
“The third approach will be through a case investigation, prosecution and redress aimed at combating scams,” she said.
Atoki said the collaboration would henceforth bring to book perpetrators of fraudulent loan schemes and on-line foreign exchange trading, questionable mortgage and other deceptive business practices.
“The MoU was initiated to tighten the loose ends in the protection of consumers with the might of the enabling acts of the two agencies.
“It became inevitable in order to curtail the sharp trade practice of unscrupulous providers of goods and services, which often lead to financial losses to consumers in the country.
“Over the years, the council has received a large number of complaints from consumers bordering on fraudulent savings and loan schemes, deceptive mortgages and scams emanating from online forex trading companies.
“Others are fraudulent education admission/scholarship opportunities, deceptive business practice and pyramid sales schemes, aimed at defrauding unsuspecting and vulnerable consumers, with consumer losses valued at several millions of naira.”
She explained that the synergy created by the MoU would be such that would ensure that consumers received appropriate redresses, restitution and compensation in a competent court of law.
“Evidently the need for joint investigative and enforcement cooperation between the two agencies of government cannot be overemphasized, particularly on matters affecting consumers’ economic and financial well being,” Atoki added.
The EFCC Chairman, Mr Ibrahim Lamorde, said that the collaboration between the two agencies was important to protect the interest of every person living in Nigeria.
“We need to stand up and get value and I am enjoining Nigerian consumers to demand their rights in all their interactions in the marketplace.
“When you buy something or you pay for service, it is already a contract.

L-R: Director, Resource Mobilization, National Agency for the Control of Aids (NACA), Dr. Emmanuel Alhassan; Legal Director/Company Secretary, Airtel Nigeria, Gbenga Rotimi; Chief Executive Officer/Managing Director, Airtel Nigeria, Segun Ogunsanya; Country Director, UNAIDS, Dr. Bilali Camara and Chief of Office, UNICEF, Sarah Beysolow-Nyanti during the signing ceremony of a memorandum of understanding between UNAIDS and Airtel to eliminate Mother-to-Child transmission of HIV in Nigeria, at the Corporate Headquarters of Airtel Nigeria, yesterday, in Lagos.