FCCPC Boss Explains Inability to Resolve Bank Customers’ Complaints Peter Uzoho The Executive Vice Chairman and Chief Executive Officer of the Federal Competition and Consumer Protection Council (FCCPC), Mr. Babatund
The Executive Vice Chairman and Chief Executive Officer of the Federal Competition and Consumer Protection Council , Mr. Babatunde Irukera has said the enactment of the Bank and Other Financial Institutions Act 2020 has limited the power of the council on the Nigerian banking industry in dealing with bank customers’ complains against their banks.
“And so, we’re struggling with having the statutory tools to deal with the banking sector as we used to. And one of the results of this is that we don’t have the visibility that we would have to be able to contribute to policy and execution of policy in a way that would truly and fully capture what we know based on our experience in dealing with banking customers and what we understand the landscape of the industry to be,” Irukera said.
Meanwhile, Irukera has disclosed that some of the companies importing and selling generators in the country took undue advantage of the opportunity provided by the government through the exemption of duty payment on imported Completely Knocked Down parts of generators, which was intended to boost alternative energy and increase the affordability of generators for consumers.
“So we got credible intelligence that in the generator sector, there were few things that were going wrong. Number one, in order to address the generation, transmission and distribution deficits, one of the things the government has done is to relax certain rules with getting your own alternative power.
Irukera maintained that while the spare parts continue to attract duty, the council later discovered that “there were some businesses that would import few engines in a container that would be dominated by spare parts and portray that as Completely Knocked Down parts, thereby paying far less duty than they should.”
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