The Federal Competition and Consumer Protection Commission (FCCPC) has issued a one-month deadline to traders and market stakeholders involved in exploitative pricing, urging them to reduce the prices of goods across Nigeria. 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 today, Thursday in Abuja.
Bello warned that the Commission would initiate enforcement actions after the one-month period if the prices were not adjusted. He explained that the meeting was convened to address the rising trend of unreasonable pricing of consumer goods and services, as well as unethical practices by market associations.
During his remarks, Bello highlighted a concerning finding by the Commission: a fruit blender known as Ninja, priced at $89 (N140,000) in a popular supermarket in Texas, was being sold for N944,999 in a supermarket located in Victoria Island, Lagos. Bello questioned the justification for such an arbitrary price hike compared to the same product in Texas, USA.
He emphasized that such unwholesome practices, including price fixing, pose a serious threat to the stability of the economy. Bello cited Section 155 of the law, which prescribes severe penalties, including substantial fines and imprisonment, for individuals or corporate entities found guilty of such violations by the court. These measures are intended to deter all parties involved in illicit pricing activities.
However, Bello clarified that the Commission’s current approach is not punitive.
“I urge all stakeholders to embrace the spirit of patriotism and cooperation,” he said. “It is in this spirit that we are giving a one-month moratorium before the Commission will begin strict enforcement.”
He acknowledged that traders face genuine challenges, including high transportation costs, insecurity, and multiple taxation, which contribute to rising prices. However, he also noted the existence of collusion among traders to exploit consumers, and he called for a collective effort to address these issues.
Other market stakeholders who spoke at the engagement echoed these concerns, citing the high cost of transportation, insecurity, and multiple taxation as key factors contributing to the continuous increase in the prices of goods and services.
The Federal Competition and Consumer Protection Commission (FCCPC) is Nigeria’s primary regulatory body responsible for promoting fair competition, protecting consumer rights, and ensuring market integrity within the country. Established under the Federal Competition and Consumer Protection Act (FCCPA) of 2018, the FCCPC plays a crucial role in fostering a healthy and competitive market environment that benefits both consumers and businesses.
Ogun announces second batch of appointments to non-statutory boards
The Ogun State Government has unveiled the second set of appointments to various non-statutory boards, as announced by Governor Dapo Abiodun on Thursday in Abeokuta.
According to a statement from Mr. Lekan Adeniran, Chief Press Secretary to the Governor, the newly appointed board members will oversee four key agencies: Gateway Trading Company, Food Crops Marketing Board, Ogun State Parks and Gardens, and the Ogun State Signage and Advertising Agency.
This round of appointments follows the initial set, which included appointments to the Ogun Waste Management Authority (OGWAMA), Ogun State Agricultural and Multipurpose Credit Agency (OSAMCA), Plantgate Limited, and the Ogun State Alternative Medicine Board (OGAMB).
Mr. Yomi Odunowo has been named Chairman of the Gateway Trading Company board, joined by Elder Tajudeen Alao, Chief Dele Oderinde, Mr. Vittu Tagbe Mechack, Disu Azeez, and Adeleye Olugbenga.
The Food Crops Marketing Board will be chaired by Subair Kamilat, with board members Akorede Idowu, Akaosi Gbeleyi, Mr. Ogunade Bashiru, Hon. Yusuf Soyemi, and Awoderu Omoyemi.
Ogun State Parks and Gardens will be managed by a 20-member board led by Lukman Adunmo as Chairman. The members, representing various local government areas (LGAs) of the state, include Imam Moruf Adekunle, Olanrewaju Samod, Hon. Ogidan Abayomi, Mr. Abiodun Ogunro, Hon. Adeyemi Adekunle, Hon. Sansa Abayomi, and Mrs. Ayoola Oyeniyi. Others on the board are Adetona Olusola, Taiwo Obanla, Alhaji Wale Soremi, Ogundeyi Olufunsho, Oluwafemi Onanuga, Olaolu Isiaka, Kabiru Adeosun, and Adesanya Joseph.
Finally, the Ogun State Signage and Advertising Agency will be chaired by Wale Soremi, with members Ogunbanjo Abolore, Adeoye Alani, Onanuga Olufemi, and Adeyemi Olayiga also serving on the board.
