Tag: consumer protection

Housing News

FCCPC Seals Abuja Offices of Ochacho Real Estate, TI’Bilon Over Alleged Failure to Deliver Homes

The Federal Competition and Consumer Protection Commission (FCCPC) has sealed the Abuja…

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The Nigerian Communications Commission and the Central Bank of Nigeria have jointly launched a new portal designed to track fraudulent and suspicious phone lines, in a move aimed at strengthening consumer protection and curbing electronic fraud. The initiative, unveiled alongside the signing of a Memorandum of Understanding between both regulators, is expected to improve transparency and deepen collaboration between the telecommunications and financial sectors. Speaking at the signing ceremony, the Executive Vice Chairman of NCC, Aminu Maida, described the agreement as a critical step toward enhancing regulatory coordination in Nigeria’s digital ecosystem. He noted that the increasing reliance on mobile numbers for identity verification and financial transactions makes closer cooperation between regulators essential. According to Maida, the Telecoms Identity Risk Management System portal will provide financial institutions with real-time access to the status of phone numbers used in transactions. “The platform aggregates data on recycled or churned lines and flags numbers linked to suspicious activities. This enables banks to verify whether a line is active, swapped, disconnected, or reassigned,” he said. He added that the system would significantly strengthen efforts to combat fraud, particularly those executed through mobile channels. Beyond fraud detection, Maida highlighted the portal’s role in improving consumer protection, noting that issues such as failed airtime recharges and transaction disputes would now be resolved faster through coordinated regulatory actions. On his part, the Governor of the Central Bank, Olayemi Cardoso, said the partnership would enhance cooperation in areas such as regulatory approvals, technical standards, and financial innovation. He explained that the agreement aligns with the bank’s broader objective of building a secure, inclusive, and resilient financial system. Cardoso also announced the establishment of joint committees focused on payment systems, consumer protection, and the operation of the new portal, to ensure continuous engagement and proactive responses to emerging risks. The collaboration, according to both agencies, places consumer safety at the forefront while supporting innovation and boosting confidence in Nigeria’s digital financial services space.
Housing

NCC, CBN Launch Portal to Track Fraudulent Phone Lines

The Nigerian Communications Commission and the Central Bank of Nigeria have jointly…

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Overland Airways to Refund Passengers Over Pre-2026 VAT Error
News

Overland Airways to Refund Passengers Over Pre-2026 VAT Error

The Nigeria Civil Aviation Authority has directed Overland Airways to refund passengers…

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CBN to Hold Key Monetary Policy Meeting on February 24
Economic

CBN Orders Banks to Withdraw All Non-Compliant Adverts, Tightens Marketing Rules

The Central Bank of Nigeria (CBN) has directed all banks, payment service…

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EconomicNews

Reps Summon CBN Governor, Bank CEOs Over Arbitrary Charges

The House of Representatives has summoned Central Bank of Nigeria (CBN) Governor…

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SON Warns Against Influx of Fake Roofing Sheets in Nigeria
Housing NewsNews

SON Warns Against Influx of Fake Roofing Sheets in Nigeria

The Standards Organisation of Nigeria (SON) has raised concern about the growing…

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