EFCC, CPC collaborate to protect consumers

(Nigeria) 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.  You have fulfilled your own obligation; it is now the responsibility of the other party to ensure that the description that was advertised is given,’’ Lamorde said.

Lamorde said that the Federal Government had provided Nigerians with the platforms to lodge their complaints and they should take advantage of that.

He, however, advised Nigerian consumers to report all market failures to the Consumer Protection Council for address.

The EFCC Chairman commended the CPC boss for bringing the impunity of multinationals under control with its recent action in the food and beverage sector.

He said areas of collaboration would include information and intelligence sharing.

He further said that “we are also going to share information on investigation, so the collaboration is very important”.

Parties also agreed to prioritise the most severe cases of consumer abuses and financial crimes for coordinated action.

They also consented to cooperate on appropriate case investigations and prosecutions.