The Federal Competition and Consumer Protection Commission (FCCPC) in Nigeria reported that it generated N56 billion in Internally Generated Revenue (IGR) through penalties imposed on companies in 2023. Mr. Babatunde Irukera, the Executive Vice-Chairman/Chief Executive of FCCPC, revealed that out of this amount, N22.4 billion was remitted to the federation account as operating surplus.
Irukera emphasized the importance of holding businesses accountable for promoting good behavior. He mentioned that 90% of the revenue came from penalties, highlighting the commission’s shift to being self-funded. The FCCPC was removed from the annual budget list, becoming a self-funded institution from December 2022.
In his remarks, Irukera highlighted the commission’s commitment to accountability and consequence for businesses. He noted that all penalties were mutually resolved by the parties involved, with the targets acknowledging wrongdoing and seeking administrative processes to resolve issues.
The FCCPC’s significant revenue generation from penalties underscores the importance of accountability in the market and the commission’s role in ensuring fair business practices.