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World Consumer Rights Day: FG Cautions Nigerian Against Ponzi Schemes, Money Sharks

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Stakeholders from various divide of the Nigerian economy converge on Yar’Adua Centre in the nation’s capital, Abuja to commemorate the 2022 World Consumer Rights Day.

The event, organised by the Federal Competition and Consumer Protection Commission is to create awareness as well as recognize consumers, their rights and need for improved consumer protection.

Addressing the occasion, Minister of Industry, Trade and Investment, Richard Adebayo said the theme for this year’s world consumer rights day “fair digital finance” is apt as technology has been leveraged by businesses to support their existing operating model in ensuring that customers are given the best value which gives them a competitive advantage in the consumer market.

He noted that digital financing, as a subsector has helped other businesses, especially Micro Small and Medium Enterprises (MSMEs) by aiding payments and facilitating transactions thereby contributing to the dynamism, effectiveness and competitiveness in the markets by accelerating inclusive growth.

The Executive Vice Chairman, FCCPC, Babatunde Irukera spoke on the significance of the world consumer rights day especially on the activities of “money sharks”.

He however, cautioned consumers on the adverse effects of technology which include risks ranging from invasion of privacy, data theft to cybercrime and Ponzi schemes.

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