The Federal Competition and Consumer Protection Commission (FCCPC) has directed traders and market stakeholders to reduce the prices of their goods and services within one month. This instruction was made by Mr. Tunji Bello, the newly appointed Executive Vice Chairman of FCCPC, during a stakeholders’ engagement on exploitative pricing held in Abuja.
After the moratorium period, enforcement actions will commence, according to Bello, urging traders to embrace patriotism and cooperation. He referred to a finding by the Commission whereby a fruit blender cost $89 (N140,000) in Texas, yet was being sold for N944,999 in Lagos, questioning the basis for arbitrary price hike.
Under Section 155, those who violate this warning would face severe penalties, including monetary fines or imprisonment, said the FCCPC boss. However, he insisted that they do not want it punitive; rather, they needed cooperation from others in order to stop illegal acts.
The Chairman of the National Association of Nigerian Traders, FCT chapter, Ifeanyi Okonkwo, pointed out that costs were escalating due to port charges on import commodities and proposed the establishment of a task force by the commission, which would involve the association in its enforcement activities.
Bello acknowledged the government’s knowledge regarding issues raised by stakeholders in markets and highlighted the necessity for self-reflection, stating that traders also engage in exploitative practices.
