The Economic and Financial Crimes Commission (EFCC) and the Federal Competition and Consumer Protection Commission (FCCPC) have joined forces to tackle consumer exploitation and sabotage in Nigeria.

EFCC Chairman, Ola Olukoyede, emphasized the need for collaboration between regulators and law enforcement agencies to achieve better results in protecting consumers during a visit by the FCCPC management team to the EFCC headquarters in Abuja.

He noted that the FCCPC’s efforts to protect consumers would reduce the EFCC’s burden in addressing financial crimes.

Olukoyede stated, “As regulators, and we as law enforcers, there is always the need for us to support you in what you do. We give you the teeth to bite because many of our people are being exploited.

“Sometimes, the government releases certain palliatives, and they don’t reach the intended recipients. Some people will repackage, rebrand, and sell them. There are all sorts of shenanigans going on in our systems.

“When you have such intelligence, please don’t hesitate to let us know. You have been doing well in identifying some of these issues, but sanctions are also necessary. The only thing that deters people is sanctions.

“We are ready to strengthen the relationship and take it to a greater height to ensure that people feel the impact of the work you do.”

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FCCPC Vice Chairman/Chief Executive Officer, Olatunji Bello, commended Olukoyede for his leadership in the anti-corruption fight and sought the EFCC’s collaboration to enhance the FCCPC’s mandate.

He highlighted the need for surveillance and investigation in consumer protection, citing the exploitation of consumers as a major challenge.

Bello stated, “We want to commend you for doing great work for the country through the EFCC. Nigerians appreciate you, they appreciate your efforts. They are behind you.

“We feel there should be a collaborative effort. We need to gain some strength through some of the things that you are doing because some of them are related to the work that we do too, particularly in the areas of surveillance and investigation related to consumers.

“We have the apparatus and the institution, but we need collaboration from the EFCC to be able to achieve our objectives.”

Besides agreeing to share intelligence and collaborate on operations to tackle consumer exploitation and sabotage, the two agencies also discussed the need for regulators to work with law enforcement agencies to achieve better results.

The collaboration between the EFCC and FCCPC is expected to strengthen consumer protection in Nigeria and reduce the incidence of exploitation and sabotage.