A former Lagos Commissioner, Mr. Tunji Bello, officially assumed the role of Chief Executive Officer and Executive Vice-Chairman of the Federal Competition and Consumer Protection Commission on Thursday.
Bello’s appointment follows President Bola Tinubu’s recent decision and the Senate’s confirmation earlier this week.
He succeeds Adamu Abdullahi, who had been serving in an acting capacity since January, following the removal of Babatunde Irukera.
In a statement released on Thursday, the FCCPC highlighted Bello’s extensive experience and expressed confidence in his ability to champion fair competition and consumer protection in Nigeria.
Bello steps into his new role at a critical time, as the FCCPC has recently garnered international attention for imposing a historic fine on Meta for discriminatory practices against Nigerians. Bello will be tasked with enhancing the Commission’s efforts in consumer protection across various sectors, including telecommunications, manufacturing, banking, and power.
One of Bello’s immediate challenges will be to address issues within the digital lending sector. His predecessor, Irukera, had made significant progress by facilitating the registration of digital lenders to curb harassment and defamation of borrowers.
Despite these efforts, there remains a need to tackle unregistered lenders and loan sharks that continue to engage in harmful practices. Additionally, rising debt levels in the digital lending space, with many Nigerians defaulting on loans, will require new policy measures from Bello’s leadership.
The FCCPC, Nigeria’s top consumer protection agency, is dedicated to promoting competition and safeguarding consumer interests. It aims to ensure the safety and quality of goods and services through measures that prevent anti-competitive practices like monopolies and cartels.
The Commission also regulates market activities, enforces compliance with consumer protection laws, and educates the public about their rights and responsibilities.
President Tinubu has expressed high expectations for Bello to fully realize the Commission’s mandate and advance the interests and welfare of Nigerian consumers.
