CPC recovers N2.5bn as compensation for consumers in 2016
THE Consumer Protection Council (CPC) has helped consumers to recover money to the tune of N2.5 billion in 2016 as compensation in the resolution of their complaints on unsatisfactory services and products.
Disclosing this Wednesday in Lagos, the Director General of the Council, Mrs Dupe Atoki, stated that the N2.5 billion included foreign currencies of $31,948.87 and €1,406 recovered for aggrieved consumers, who complained to the Council.
Atoki revealed that the financial services recorded the highest value of the total amount, while insurance and pensions had the least value.
She stated further that out of the 5,000 total numbers of complaints received in various sectors, 4,000 were resolved, while electricity/power and chemical and allied products sectors had highest and least number of complaints respectively.
The DG noted that under enforcement, the total value of substandard products removed from Nigerian markets was over N242.3 million with food and beverages taking the lion share of over N200 million and tobacco with the least value of about N300,000.
Explaining further, She stated that the value of seized products showed that substandard
products worth over N202 million were seized from malls, super and open markets, shops and warehouses, while the value of electrical and electronic products seized during the period is N40 million.
Atoki emphasised that “the sectoral intervention adopted in the strategic plan enabled such result and provided speed and spread to consumer redress.”
She said that due to the huge consumer abuse in virtually all sectors of the economy, “the Council in developing its 2013-2017 strategic plan, identified a tripod stand for a fast track delivery of its mandate via sectoral intervention, enhanced consumer awareness and collaborations with other sector regulators.”