The Federal Competition and Consumer Protection Commission (FCCPC) says it will probe consumer complaints of exploitative practices in banking, telecommunications, and aviation sectors.

In a statement on Sunday, Ondaje Ijagwu, FCCPC’s director of corporate affairs, announced that the probe is scheduled to commence from December 3 to December 5.

He said the inquiry would address issues related to poor service delivery, exploitative practices, and possible violations of consumer rights.

“In the banking sector, the FCCPC will engage Guaranty Trust Bank (GTB) over reports of network failures that hinder customers from accessing their funds or using banking applications,” Ijagwu said.

“In the telecommunications sector, MTN Nigeria faces questions regarding persistent complaints of undelivered data services, unexplained data depletion, and inadequate customer care.

“Similarly, Air Peace Limited will address allegations of exploitative ticket pricing, including significant price hikes for advance bookings on certain domestic routes.

“These inquiries are being conducted under the Federal Competition and Consumer Protection Act (FCCPA) 2018, specifically Sections 17, 18, 32, 33, 80, 110, 111, 112, and 113, which empower the FCCPC to investigate and resolve practices that undermine consumer rights, disrupt markets, or create unfair competition.”

The director said the FCCPC’s engagement with the companies provides a platform to address consumer concerns, clarify business practices, and enforce compliance with regulatory standards.

He said the companies will be required to appear before the commission on specified dates to provide information and responses, allowing the commission to make decisions and address outstanding issues efficiently.

According to Ijagwu, the action reflects the FCCPC’s commitment to safeguarding consumer rights, fostering a fair marketplace, and ensuring accountability across all sectors.

He urged consumers to continue to report instances of poor service delivery or exploitative practices to the FCCPC through its official channels.

The Central Bank of Nigeria (CBN) says it will launch its new website today.

In a statement on Sunday, Hakama Sidi Ali, acting director of corporate communications at the CBN, said the redesigned website, operational from Monday, can be accessed on www.cbn.gov.ng.

She also said the platform will introduce a variety of new content, covering a broader spectrum of information regarding the bank’s mandate.

“The Bank has developed a contemporary Web API that operates on Microsoft .NET Core 8 (the most recent and stable release) to enhance user experience by speeding up and simplifying the navigation process,” Sidi-Ali said.

“We are pleased to announce that the front-end design and back-end technology were created in-house.

“The redesigned website introduces a variety of new content, which encompasses a broader spectrum of information regarding the Bank’s mandate.

The CBN director also said the website is “responsive to mobile devices, facilitating navigation across various web browsers and devices”.

“The Bank is grateful for the feedback provided by the public, which served as a valuable guide for our redesign endeavours,” she added.

“We are committed to developing and enhancing the website to facilitate communication.

“Please follow our different social media channels linked on the website’s home page for more updates.”

Holcim, a Swiss building materials company, has agreed to sell its Nigerian business to Huaxin Cement Ltd., a Chinese firm.

The deal, valued at $1 billion, would lead to the sale of Holcim’s 83 percent stake in Lafarge Africa, according to a statement on Sunday.

Lafarge Africa Plc is a member of the Holcim Group — a maker of roofing and other housing products, such as cement, aggregates for construction and ready-mix concrete.

The company said the agreement has been signed, noting that the transaction is expected to close next year.

“Holcim has signed an agreement with Huaxin Cement Ltd to sell its entire 83.81% shareholding in Lafarge Africa Plc, at an equity value of $1 billion on a 100% basis,” the statement reads.

“The transaction is expected to close in 2025, subject to customary and regulatory approvals.”

Holcim, however, did not give reasons for its exit.

On May 24, Kimberly-Clark, makers of Huggies, said it plans to stop local manufacturing and sales in Nigeria after 14 years of operation.

According to the firm, the decision was made owing to its recently refocused corporate priorities globally as well as economic trends in the country.

Pick n Pay, a South African grocery retailer, in October, also announced plans to exit Nigeria by selling its 51 percent stake in a joint venture.

Sean Summers, chief executive officer (CEO) of Pick n Pay, said the move was part of plans to restructure outside of its home market.

In 2023, three pharmaceutical companies exited Nigeria.

GlaxoSmithKline (GSK) Consumer Nigeria Plc ceased operations and transferred its business activities to a third-party organisation.

Sanofi-Aventis Nigeria Limited, a French pharmaceutical company, also halted its direct operations in the country in November 2023.

One month later, Procter & Gamble (P&G), an American multinational consumer goods company, disclosed plans to transition from local production to solely importing its products.