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FCCPC insists on Air Peace investigation over violations

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The Federal Competition and Consumer Protection Commission has insisted that it is investigating Air Peace for allegedly exploiting customers.

FCCPC disclosed this in a statement by its spokesperson, Ondaje Ijagwu, on Thursday.

The Commission was clarifying reports making the round that it is not investigating Air Peace.

However, the FCCPC told Nigerians to disregard the claim as it does not emanate from the Commission.

“The Federal Competition and Consumer Protection Commission (FCCPC) categorically refutes a story entitled “FG not investigating Air Peace—FCCPC” making the rounds on some media platforms, particularly online, which has been falsely attributed to the Commission.

The referenced story, which seems syndicated and sponsored, did not emanate from the FCCPC, and we advise the public to disregard it in its entirety.

The FCCPC stands firmly by its official release dated December 1, 2024, which announced enquiries into widespread consumer complaints in the banking, telecommunications, and aviation sectors.

As stated, Air Peace is one of the entities being engaged to address allegations of exploitative ticket pricing, including significant price hikes for advance bookings on specific domestic routes.

These enquiries, being conducted under the Federal Competition and Consumer Protection Act (FCCPA) 2018, are focused on addressing poor service delivery, exploitative practices, and potential consumer rights violations.

The enquiries are structured engagements aimed at ensuring compliance with regulatory standards, improving transparency, and protecting consumer interests.

“The FCCPC reaffirms that the enquiry into Air Peace commenced as scheduled on December 3, 2024, and remains ongoing.

The Commission is reviewing information and responses being provided by Air Peace and other entities under inquiry.

Appropriate determinations will be made, and necessary actions taken to address any identified violations.

“We urge the public to rely solely on verified communications from the FCCPC,” the Commission stated.

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PoS agents, operators worrying over new CBN policy

Today, there are over 3 million PoS terminals in circulation, and about two million active agents. Many of these agents operate multiple terminals from different service providers to ensure efficiency and customer satisfaction. The new exclusivity rule will destroy that balance.”

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The National President of the Association of Mobile Money and Bank Agents of Nigeria, Fasasi Sharafadeen, says that the new policy of the Central Bank of Nigeria on agent banking will likely put 40 percent Point-of-Sale operators out of business.

The CBN released recently a new operational guidelines for agent banking, which pegged the daily cumulative transactions per PoS agent at N1.2 million.

The CBN warned that any agent found using non-designated accounts for operations would be in violation of the regulation and would face sanctions.

Agents involved in misconduct or fraud will be blacklisted or have their agreements terminated.

The framework further limits individual customer transactions to N100,000 daily, while agent devices must be geo-fenced to prevent unauthorised mobile use.

The CBN announced that implementation of the new agent location and exclusivity rules would begin on April 1, 2026.

Reacting, Sharafadeen, said that one of the most worrying aspects of the policy is the introduction of exclusivity, which restricts agents to operate under only one principal or service provider.

He explained that this move would not only reduce the income of PoS agents but also drive many out of business due to the loss of flexibility and customer trust that currently

He emphasised that the introduction of exclusivity, which restricts agents to operate under only one principal or service provider would not only reduce the income of PoS agents but also drive many out of business due to the loss of flexibility and customer trust that currently defines agency banking operations.

“Today, there are over 3 million PoS terminals in circulation, and about two million active agents. Many of these agents operate multiple terminals from different service providers to ensure efficiency and customer satisfaction. The new exclusivity rule will destroy that balance.”

He added that PoS operators usually relied on multiple platforms to ensure steady transactions when one network fails.

“Some agents choose a particular provider because of incentives like free bank transfers, while they use another provider that is faster in withdrawals,” he explained.

This mix guarantees customer experience because even when one service is down, they can still serve their customers through another provider.

”The association president noted that the CBN’s argument for introducing exclusivity to enable easier monitoring and sanctioning of providers in cases of fraud, overlooks the realities of informal sector operations.

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Forex Trading: Ventezo Winds Up, Blocks Nigerian Clients’ Withdrawals

Last year, many traders from the Philippines and Iran reported issues related to fund withdrawals and poor customer service.

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Cover image: Naira to Dollar

Seychelles-based Ventezo, a forex market trading broker, has ceased its operations, resulting in financial losses for Nigerian clients.

Last year, many traders from the Philippines and Iran reported issues related to fund withdrawals and poor customer service.

“My trading broker, Ventezo, folded up with $1,500 (about N3 million) with them over two months.

Now, we never hear from them.

“They keep promising that they will refund Nigerian clients, but till now, I have never seen anything,” lamented one of its dealers.

Background checks by this Reporter reveal that Ventezo is an electronic communication network (ECN) forex broker offering online trading services in currencies, oil, precious metals, stock indices, and cryptocurrencies.

Established in 2021, Ventezo is registered with the St. Vincent and the Grenadines Financial Services Authority (SVG FSA).

According to Wikibit, although Ventezo claims to have a team of experienced traders and financial professionals, there is a lack of transparency surrounding its ownership and management structure.

The company’s official website (currently offline), provides minimal information about its founders or key personnel, which is a common trait among potentially fraudulent brokers.

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“Nigeria Is Bigger Than PENGASSAN, Any Trade Union – Shettima

Shettima stated this in Abuja on Monday during the Nigerian Economic Summit (NES31), themed: “The Reform Imperative: Building a Prosperous and Inclusive Nigeria by 2030”.

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•Vice President Kashim Shettima

Vice President Kashim Shettima says that Nigeria is bigger than any trade union.

Shettima stated this in Abuja on Monday during the Nigerian Economic Summit (NES31), themed: “The Reform Imperative: Building a Prosperous and Inclusive Nigeria by 2030”.

Shettima’s comment comes on the heels of the industrial action by oil workers under the aegis of the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) over a dispute with the 650,000 barrels per day Dangote Refinery.

While stating that Dangote Refinery must be protected at all costs, he added that the $20 billion facility is a national asset that must be supported to function.

He said, “Aliko Dangote is not an individual, he’s an institution, and he’s a leading light in Nigeria’s economic parliament.

And how we treat this gentleman will determine how outsiders will judge us. If he had invested $10 billion in Microsoft, Amazon, or Google, he probably might be worth $70 to $80 billion by now.

“But he opted to invest in his country, and we owe it to future generations to jealously protect, promote, preserve, and protect the interests of this great Nigeria.

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