The Federal Competition and Consumer Protection Commission has announced the launch of a comprehensive inquiry into widespread consumer complaints involving leading companies in the banking, telecommunications, and aviation sectors, including GTBank, MTN, and Air Peace.
The Commission revealed this in a statement on Sunday, signed by its Director of Corporate Affairs, Ondaje Ijagwu. The investigations, set to begin on December 3, 4, and 5, are focused on addressing issues of poor service delivery, exploitative practices, and potential violations of consumer rights.
GTBank is being scrutinized over persistent network failures, which have reportedly prevented customers from accessing their accounts or using banking applications. In the telecommunications sector, MTN Nigeria is facing scrutiny over ongoing complaints related to undelivered data services, unexplained data depletion, and poor customer service.
Meanwhile, Air Peace is under investigation for allegations of exploitative ticket pricing, including significant price hikes on certain domestic routes.
The FCCPC emphasized that these inquiries are being conducted under the Federal Competition and Consumer Protection Act of 2018. Relevant sections of the Act empower the Commission to investigate and address practices that undermine consumer rights, disrupt markets, or create unfair competition.
The Commission stressed that this engagement with the companies would offer an opportunity to resolve consumer concerns, clarify business practices, and ensure compliance with regulatory standards. The companies will be required to appear before the Commission on specified dates to provide information and responses that will help resolve the issues.
“This action reflects the Commission’s commitment to protecting consumer rights, fostering a fair marketplace, and ensuring accountability across all sectors,” the statement read. The FCCPC also urged consumers to continue reporting instances of poor service or exploitative practices through its official channels.
The allegations against GTBank may be linked to its recent transition to a new core banking system, which caused service disruptions for several weeks.
Last week, the bank issued a public apology, explaining that the challenges were due to difficulties encountered during the migration to the Finacle Suite of Core Banking Application.
