Abuja, August 29, 2024 — The Federal Competition and Consumer Protection Commission (FCCPC) has issued a one-month deadline for traders and market participants across Nigeria to reduce the prices of goods, following concerns about exploitative pricing practices.
The announcement was made by Mr. Tunji Bello, the newly appointed Executive Vice Chairman of the FCCPC, during a one-day stakeholders’ engagement on exploitative pricing held on Thursday in Abuja. Bello emphasized that the grace period is intended to allow traders and market participants to adjust their prices voluntarily before the Commission begins strict enforcement actions.
Under the provisions of Section 155, the FCCPC has the authority to impose severe penalties on violators, including substantial fines and imprisonment for individuals or corporate entities found guilty of price exploitation.
“Under Section 155, violators, whether individuals or corporate entities, face severe penalties including substantial fines and imprisonment if found guilty by the court. This is intended to deter all parties involved in such illicit activities,” Bello stated.
However, he also stressed that the Commission’s current approach is not intended to be punitive, but rather a call for cooperation and patriotism among traders. “It is in this spirit that we are giving a moratorium of one month before the Commission will start firm enforcement,” Bello said.
The engagement highlighted the challenges faced by traders, but Bello urged them to reflect on their pricing practices and avoid forming cartels that exploit consumers. “We have heard and you have genuine issues, and the government has the responsibility to address the problems, but generally, let us talk to ourselves too. There are also gang-ups to exploit consumers by traders,” he remarked.
The FCCPC’s move is part of a broader effort to curb inflationary pressures and protect consumers from unfair pricing in the marketplace. With the moratorium now in place, all eyes will be on how traders respond to the Commission’s directive before the enforcement phase begins.
