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GUIDELINES FOR SALES PROMOTION REGISTRATION / MONITORING

‘Sales promotion’ means a marketing strategy, tool or devise, that involves presenting a range of direct or indirect benefits in exchange for exercising a choice or decision and or making a purchase of a service, goods or other products to the exclusion or in preference to another while the promotion subsists or any other relevant period within which it is reasonable to conclude that the decision made the consumer/decision maker or purchaser was or could have been motivated by the presentation.

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Civil Society / Consumer Protection Alliances

As a matter of operation of law, consumer protection is a vital and joint responsibility on many levels. Because it is a crucial centre-piece of business, and a primary and critical role of government, it is not uncommon that there is dual, or multiple regulation and regulators. This duplication or multiplicity is not a conflict, nor is it unintended. On the contrary, it is an overlap. Regulatory overlap is a deliberate and common design to ensure complete coverage and protection which is paramount in consumer protection.

As such, by law, several sector regulators also have statutory responsibilities to protect consumers in their sectors. Although the Federal Competition and Consumer Protection Commission (FCCPC) has overall oversight over protecting consumers across all sectors, the concurrent regulatory jurisdiction and approach in the laws seeks to improve protection outcomes by fostering collaboration.

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FCCPA 2018

The Federal Competition and Consumer Protection Act, 2018 ("FCCPA") is the main statute governing consumer protection and competition regulation in Nigeria. The FCCPA established the Federal Competition and Consumer Protection Commission (“FCCPC”) and the Competition and Consumer Protection Tribunal ("CCPT") for the development and promotion of fair, efficient and competitive markets in the Nigerian economy to facilitate access by all citizens to safe products and secure the protection of rights for all consumers in Nigeria; and for related matters.

regulations

The FCCPA empowers the Commission to make Regulations and issue Guidelines and Notices for the effective implementation and operation of the Act. To this end, the Commission has published the following regulations and guidelines, which provide a regulatory framework on different aspects of competition and consumer protection. These include regulations and guidelines for the notification and review of mergers; administration and imposition of administrative penalties, and other relevant matters.

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alert/announcement/latest events

The Status of Registration of Fintech/Digital Companies with FCCPC on the Limited Interim Regulatory/Registration Framework and Guidelines for Digital Lending 2022

August 4, 2023

An official website of the Nigerian Government

Federal Competition & Consumer Protection Commission

An official website of the Nigerian Government

Federal Competition & Consumer Protection Commission

Home » Alert/Announcements/Latest Events » The Status of Registration of Fintech/Digital Companies with FCCPC on the Limited Interim Regulatory/Registration Framework and Guidelines for Digital Lending 2022

The Status of Registration of Fintech/Digital Companies with FCCPC on the Limited Interim Regulatory/Registration Framework and Guidelines for Digital Lending 2022

Fri, August 4, 2023

In furtherance of the investigation by the Joint Regulatory and Enforcement Task Force (JRETF) into possible violation of privacy and other rights by Digital Money Lenders (DMLs), the FCCPC has resumed the registration of digital money lending Apps under the Limited Interim Regulatory Framework and Guidelines for Digital Lending 2022. Please see below the list of conditionally approved/fully approved companies/ digital money lending Apps:

CLICK HERE >> See Full list(s)

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The Status of Registration of Fintech/Digital Companies with FCCPC on the Limited Interim Regulatory/Registration Framework and Guidelines for Digital Lending 2022

August 4, 2023

PUBLICATION OF A PROPOSED REMEDY PACKAGE: PROPOSED ACQUISITION OF 21.61% STAKE IN CENTRAL SECURITIES CLEARING SYSTEM PLC BY FMDQ HOLDINGS PLC (“FMDQ Group”)

March 4, 2023

UPDATE ON REGISTRATION OF DIGITAL MONEY LENDERS (DMLs) UNDER THE INTER AGENCY JOINT TASK FORCE’S LIMITED INTERIM REGULATORY/ REGISTRATION FRAMEWORK AND GUIDELINES FOR DIGITAL LENDING 2022

July 21, 2023

Winner, 2023 Antitrust Writing Awards: Soft law Articles, Unilateral Conduct

April 8, 2023