We have generated and remitted N5.6b to FGN and we have tamed online loan apps/Babatunde Irukera

Addressing the theme of the event, ‘Reflections on the road so far, and road ahead,’ Irukera revealed that 90 percent of the revenue generated stemmed from penalties, with N22.4 billion remitted to the Federal Government. Emphasizing the importance of holding businesses accountable, he stressed the adoption of a consequence management system, clarifying that the goal is not to shut down businesses but to ensure they face appropriate consequences for any wrongdoing.


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Analyzing the Commission’s budget since 2017, Irukera detailed the progression in both government budget and Internally Generated Revenue. In 2017, the agency received a government budget of N1 billion and generated an IGR of N154 million. Subsequent years saw increases in both government budgets and IGR, reaching N1.8 billion and N4 billion, respectively, in 2021. In 2022, despite a government budget of N1.3 billion, the agency refrained from using any operational or capital expenses from the budget and generated N5.2 billion, remitting N2.6 billion.

Highlighting the Commission’s departure from relying on the Federal Government’s budgetary provisions since January 1, Irukera reiterated the importance of companies establishing their independent complaints resolution platforms. Regarding digital money lenders and customer harassment, he noted an 80 percent reduction in such incidents, emphasizing the Commission’s commitment to eliminating defamatory messages and intrusions on privacy while promoting ethical lending.

Acknowledging challenges in the digital lending space, Irukera pointed out that Nigeria shares similar struggles with other countries like India, Kenya, Brazil, Ghana, and Uganda. Despite ongoing efforts, he emphasized the need for a balanced market and continued dedication to consumer protection.

Summing up the Commission’s scorecard, Irukera acknowledged achievements but emphasized the ongoing efforts needed for a more balanced market and enhanced consumer protection.

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