Lagos, Nigeria – The Federal Competition and Consumer Protection Commission (FCCPC) has appealed to stakeholders in the production and distribution value chain to collaborate in efforts to prevent price fixing and other unethical practices.
Speaking at a town-hall meeting in Lagos, FCCPC Executive Vice Chairman, Mr. Tunji Bello, emphasized the need for collective action to address these issues. The meeting was attended by representatives from various industries, market associations, transport operators, and service providers.
Mr. Bello highlighted the findings of a nationwide survey conducted by the FCCPC, which revealed that some traders engage in cartel-like behavior, imposing excessive membership fees to control market prices. He emphasized that such practices are illegal and contrary to the Commission’s objectives.
The town-hall meeting aimed to engage stakeholders and gather their perspectives, with the goal of achieving a consensus that benefits all parties involved.
The FCCPC has upgraded its online portal to facilitate easier submission of consumer complaints, ensuring prompt attention to grievances.
Mr. Bello acknowledged the current economic challenges, including exchange rate fluctuations and fuel price increases, but stressed that disproportionate price hikes in food items and transportation costs are often the result of exploitative practices. He urged traders to cooperate in passing on the benefits of government measures, such as tax removals on imported food items, pharmaceutical products, and transportation, to consumers.
Section 17 of the FCCP Act empowers the Commission to eliminate anti-competitive practices, misleading, unfair, deceptive, or unconscionable marketing, trading, and business practices, with prescribed sanctions including fines and imprisonment.
The FCCPC seeks to explore dialogue and consensus-building before resorting to enforcement measures.
Peoplesmind
