The Economic and Financial Crimes Commission(EFCC), and Consumer Protection Council(CPC) have signed a Memorandum of Understanding, MoU to bring mortgage, on-line forex and other scammers of consumers to book.

The MoU, which was signed by the Director General of CPC, Mrs. Modupe Atoki, and the Executive Chairman of EFCC, Mr. Ibrahim Lamorde at the EFFC’s headquarters, Abuja, was initiated to tighten the loose ends in the protection of consumers with the might of the enabling Acts of the two agencies.

Speaking at the event, the Director General, CPC, Mrs. Modupe Atoki said evidently, the need for joint investigation and enforcement cooperation between the two agencies of government cannot be overemphasized, particularly on matters affecting consumers economic and financial well being.

She added that the MoU became inevitable in order to curtail the sharp trade practices of unscrupulous providers of goods and services, which often lead to financial losses to consumers in the country.

She explained further that while the EFCC law punishes the offender with jail terms or fines and confiscates the ill gotten booty, it is a legal fact that prosecutions do not translate to redress for victims of criminal breaches, therefore consumers who are usually the victims of most of these scams and fraudulent business practices in Nigeria are usually unable to access redress under criminal prosecution.

Mrs. Atoki said: “Over the years, the Council has received a large number of complaints from consumers bordering on fraudulent savings and loan schemes, deceptive and misleading mortgage schemes, fraud scams emanating from online forex trading companies, fraudulent education admission/scholarship opportunities, deceptive business practices and pyramid sales/marketing schemes, aimed at defrauding unsusceptible and vulnerable consumers with consumer losses at several million of naira.

“It is the CPC law that clearly stipulates redress and compensation for consumers/victims of obnoxious practices or unscrupulous exploitations. The synergy created by this CPC/EFCC MoU is such that while the EFCC focuses on the criminal prosecution of offenders, both agencies will work together to ensure that consumers/victims receive appropriate redresses, restitution and compensation in a competent court of law.”

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