FEDERAL consumer protection agency, the Federal Competition and Consumer Protection Commission (FCCPC) has announced its signing of an updated tripartite Memorandum of Understanding (MoU) with Nigeria’s Economic and Financial Crimes Commission (EFCC) and the United States foremost competition and consumer protection authority, the Federal Trade Commission (FTC).
This, the agency explains, is aimed at strengthening cooperation and collaboration in addressing mutual cross-border consumer protection/fraud concerns and problems.
The Executive Vice Chairman/CEO, FCCPC, Mr. Babatunde Irukera, in a statement made available to Brands & Marketing, described the updated MoU, as reaffirming the agencies’ intention and willingness to deploy their capacities to work together, share information, and assist one another in relevant investigations.
The FCCPC boss also described the MoU as consistent with FCCPC’s mandate and strategy to cooperate with counterpart agencies and other regulators to protect consumers and promote market competition in Nigeria.
The updated MoU, he added, also establishes a Joint Implementation Committee to develop joint training programmes and provide assistance with regards to specific investigations.
He expressed the belief that the cross-border collaboration would form one of the most vital tools for combating criminal conduct and consumer protection violations, which now transcend territories; since criminals and exploiters specifically create arrangements and devices to exploit consumers globally from remote locations in order to escape justice and retribution.
“This framework strengthens our joint abilities and efforts to address this. The MoU also affirms the agencies’ continuing support for econsumer.gov; a joint project of similar agencies from 40 countries for reporting international online scams. The MoU is a framework for voluntary cooperation that does not change existing laws in either country,” he added.
The FCCPC boss, the Acting Executive Chairman, EFCC, Mohammend Umar Abba and Joseph Simons, Chairman, FTC all signed the updated MoU on behalf of their respective agencies.
The FTC is the United States government’s equivalent of the FCCPC with a mandate to regulate competition and enforce consumer protection laws.
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