The Federal Competition and Consumer Protection Commission (FCCPC) has issued a stern warning to traders and market stakeholders, giving them a one-month moratorium to significantly reduce the prices of goods and services.
This directive was announced by the newly appointed Executive Vice Chairman of the FCCPC, Tunji Bello, during a one-day stakeholders’ engagement on exploitative pricing in Abuja.
Bello emphasized that the commission aims to address the escalating trend of unreasonable pricing and the unwholesome practices of market associations. He highlighted a striking example where a Ninja fruit blender was priced at $89 (approximately ₦140,000) in a Texas supermarket but was sold for ₦944,999 in a supermarket in Victoria Island, Lagos. Bello questioned the rationale behind such a drastic price hike, comparing the two markets.
The FCCPC has identified that practices such as price fixing are undermining the economic stability of the country. Bello warned that violators, whether individuals or corporate entities, could face severe penalties, including substantial fines and imprisonment under Section 155, if found guilty by the court. However, he clarified that the current approach is not punitive but rather seeks cooperation and patriotism from all stakeholders.
“We have heard and you have genuine issues, and the government has the responsibility to address the problems. However, let us also reflect on our own practices. There are also gang-ups to exploit consumers by traders,” Bello said.
The commission will begin firm enforcement after the one-month moratorium in September. Market stakeholders have cited various reasons for the price hikes, including high transportation costs, insecurity, multiple taxation, and other operational challenges
