• Saturday, May 18, 2024
businessday logo

BusinessDay

FCCPC signs tripartite agreement to address cross-border fraud concerns

Inflation: FCCPC moves against price-fixing, cartel formation

The Federal Competition and Consumer Protection Commission (FCCPC) has signed a tripartite Memorandum of Understanding (MoU) with Nigeria’s Economic and Financial Crimes Commission (EFCC) and the United States Federal Trade Commission (FTC).

The purpose of the MoU is to strengthen cooperation and collaboration in addressing mutual cross-border consumer protection/fraud concerns and problems.

Babatunde Irukera, executive vice chairman of FCCPC, Mohammed Umar Abba, acting executive chairman, EFCC, and Joseph Simons, chairman, FTC, all signed the MoU on behalf of their respective agencies.

The FCCPC in a statement said the MoU reaffirms the agencies’ intention and willingness to deploy their capacities to work together, share information, and assist one another in relevant investigations.

READ ALSO: #ENDSARS Protest: Nigeria’s $460bn GDP threatened as looting, destruction of businesses dotted Southwest

It also establishes a Joint Implementation Committee to develop joint training programmes and provide assistance with regard to specific investigations.

The MoU also affirms the agencies’ continuing support for econsumer.gov, a joint project of similar agencies from 40 countries for reporting international online scams. The MOU is a framework for voluntary cooperation that does not change existing laws in either country.

Speaking on the MoU, Irukera 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,” the FCCPC boss said.

According to the MoU, the 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.

This MoU is consistent with FCCPC’s mandate and strategy to cooperate with counterpart agencies and other regulators to protect consumers and promote market competition in Nigeria.