The Federal Competition and Consumer Protection Commission (FCCPC) imposes a range of penalties for non-compliance, which vary depending on the nature of the violation and the responsible entity (individual or company).
Non-compliance with the regulations is a serious violation and attracts severe sanctions, including:
Key Penalties and Sanctions:
- Monetary Fines:
- Companies: Can face fines up to ₦100 million or 1% of their previous year’s annual turnover (whichever is higher) as an administrative penalty. For abuse of a dominant position, the penalty can be not less than 10% of the previous year’s turnover upon conviction by a court.
- Individuals: May face an administrative penalty of up to ₦50,000,000.
- High-Profile Cases: The FCCPC has imposed substantial fines on major corporations, such as a $220 million penalty on Meta Platforms for discriminatory practices and a $110 million fine on British American Tobacco Nigeria for various violations.
- Director Liability and Disqualification:
- Directors of offending firms may be subject to sanctions including disqualification from acting as a director for a period of up to five years.
- Operational Sanctions:
- The Commission may impose sanctions such as the suspension of operations, delisting of a company’s registration, or revocation of approvals.
- For specific areas like digital lending, non-compliant operators face enforcement actions and regulatory prohibition.
- Court-Imposed Penalties (Imprisonment and Fines):
- The FCCPA also provides for court-imposed penalties, which can include substantial fines and imprisonment for individuals if found guilty of certain offences, such as price fixing or failing to comply with court orders.
- Failure to comply with a regulatory summons or order can lead to a Federal High Court conviction.
- Other Measures:
- The FCCPC can order refunds to consumers for harm caused by violations.
- The Commission also seeks reimbursement for all expenses and resources expended during an investigation or enforcement action.
- Non-compliant entities may have their property attached and sold to recover monetary penalties.
Companies have the option to apply for leniency, which can result in partial or full
Consumers are encouraged to report any unlawful or unregistered lenders to the Commission through the complaint portal email at [email protected]
