The Federal Competition and Consumer Protection Commission (FCCPC) has struck an agreement with the Nigeria’s Economic and Financial Crimes Commission (EFCC) and the United States’ Federal Trade Commission (FTC) to jointly address mutual cross-border consumer protection/fraud concerns and problems.
The commissions signed an updated tripartite Memorandum of Understanding on Wednesday, October 28th, 2020.
The updated MoU reaffirms the Agencies’ intention and willingness to deploy their capacities to work together, share information, and assist one another in relevant investigations. It also establishes a Joint Implementation Committee to develop joint training programmes and provide assistance with regards to specific investigations.
Babatunde Irukera, the Executive Vice Chairman/CEO, FCCPC, Mohammed Umar Abba, Acting Executive Chairman, EFCC and, Joseph Simons, Chairman, FTC, all signed the updated MoU on behalf of their respective agencies.
Commenting on the MoU, Babatunde Irukera, EVC/CEO, FCCPC said “this cross-border collaboration is perhaps one of the most vital tools for combating criminal conduct and consumer protection violations which now transcend territories. Indeed, criminals and exploiters specifically create arrangements and devices to exploit consumers globally from remote locations in order to escape justice and retribution. This framework strengthens our joint abilities and efforts to address this”.
FCCPC discharges its mandate of protection by both preventive and remedial action, including complaint resolution, investigations and enforcement action, while the EFCC investigates and prosecutes financial crimes, including frauds perpetrated on consumers.
The FTC is the United States Government’s equivalent of the FCCPC with a mandate to regulate competition and enforce consumer protection laws.
