The Federal Government, through the Federal Competition and Consumer Protection Commission (FCCPC), has issued a one-month deadline for traders across Nigeria to lower the prices of goods.
In a statement delivered during a stakeholders’ engagement on exploitative pricing held on Thursday in Abuja, Mr. Tunji Bello, the newly appointed Executive Vice Chairman of the FCCPC, announced the grace period.
Bello emphasized that this period is intended to encourage traders and market participants to adjust their prices and avoid enforcement actions.
Bello highlighted that the FCCPC would commence enforcement measures following the moratorium.
“Under Section 155, violators whether individuals or corporate entities face severe penalties including substantial fines and imprisonment if found guilty by the court,” he said. “This is intended to deter all parties involved in such illicit activities.”
He noted that the Commission's current approach is not punitive but rather aimed at fostering cooperation and patriotism. “However, our approach today is not punitive. I, therefore, call on all stakeholders to embrace the spirit of patriotism and cooperation."
”It is in this spirit that we are giving a moratorium of one month before the Commission will start firm enforcement,” Bello added.
Bello acknowledged that while the government is committed to resolving legitimate concerns, there are also instances where traders are involved in coordinated efforts to 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 concluded.
The FCCPC’s move underscores the government’s commitment to protecting consumers from unfair pricing practices and promoting market integrity.
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