The Federal Competition and Consumer Protection Commission (FCCPC) has vowed to prosecute business enterprises engaged in anti-competitive practices such price-gouging, price-fixing, and cartel formation.
The announcement was made in response to several concerns from customers regarding concerning pricing rises from different states.
Acting Executive Vice Chairman and CEO of FCCP, Adamu Abdullahi, stressed the agency’s commitment to resolving the matter in a statement disclosed to Golden Page Magazine on Wednesday, April 17.
The commission has given its investigating team instructions to find enterprises manipulating prices in both official and unofficial marketplaces.
The commission voiced worry about recent price spikes and reaffirmed its commitment to protecting consumers from exploitation, notwithstanding the Naira’s strengthening versus the dollar.
In order to address the problem, the FCCPC intends to work with government agencies, farmer organisations, trade organisations, and other relevant parties to identify price-fixing and break up cartels.
RELATED POST
- IMF Warns of Steep Depreciation in Naira, Projects Inflation Surge to 44%
- INTERVIEW: ‘We’re Dying’, Women at Rumuowha Gate Market Tell Tinubu
- Ngelale Commends Tinubu’s Approach on Naira Resurgence
The FCCPC seeks to inform consumers about their rights and how to identify and report unfair trade practices, such as price gouging, through lobbying and public awareness initiatives.
Customers are urged to report unfair practices and price increases by emailing contact@fccpc.gov.ng or using the website that is given.
The commission’s actions are in line with its purpose to enable consumers to make wise decisions by upholding a competitive, fair, and stable marketplace for all Nigerians.
