2 months ago
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Chief Executive Officer/Executive Vice-Chairman, FCCPC, Tunji Bello
The Federal Competition and Consumers Protection Commission has made an appeal to stakeholders in the production and distribution value chain of the economy to join the campaign to curb consumer exploitation.
The call was made by the Chief Executive Officer of the FCCPC, Tunji Bello, in Lagos on Wednesday while addressing captains of large/small-scale industries, leaders of market associations, transport operators and service providers at a town hall meeting hosted by the commission.
According to him, the meeting was necessitated following discoveries made by the commission during a survey conducted nationwide.
“We discovered that some traders form cartels in the markets and put barriers in the form of ridiculous membership fees intended to ensure price fixing in the market. Without joining them, they won’t allow anyone to sell goods in the market or provide services.
“Such practices are against the law and constitute some of the offences the commission is against,” Bello said.
He stressed that the purpose of the town-hall meeting was “to enngage you the stakeholders in the production and retail segment of the market as well as service providers, to hear your own stories, with a view to achieving a consensus for the benefit of all of us.”
The FCCPC initiative is coming at a time when Nigerians are experiencing sharp increases in the prices of food items and transportation costs across the country.
While acknowledging that the exchange rate and the increase in petrol price make the old prices unsustainable, Bello, however, frowned on disproportionate increases in the prices of food items which he said were often perpetrated by “cartels” to exploit consumers.
Even though sections of the law empower the commission to deal decisively with offenders, Bello said the FCCPC chose to first explore the option of dialogue with a view to arriving at a consensus to deal with the growing trend.
Section 17 of the FCCP Act empowers the commission to eliminate anti-competitive practices, misleading, unfair, deceptive or unconscionable marketing, trading, and business practices. It prescribes sanctions, including a fine of up to N10m and a jail term of three years, for anyone found guilty by the court.
To facilitate a better engagement, Bello disclosed that the FCCPC had upgraded its portal through which aggrieved consumers could lodge a complaint and their grievances would be addressed promptly.
On the economic outlook, Bello stated that the removal of taxes on imported food items, pharmaceutical products and transportation was part of measures being taken by the President Bola Tinubu administration to cushion the effects of the reforms introduced to reposition the Nigerian economy.
He sought the cooperation of the traders to ensure that the consumers get the benefits through reduced prices.
“Such laudable measures by President Tinubu would however be in vain if the benefits are not passed down to the consumers,” Bello added.
