The Federal Competition and Consumer Protection Commission has warned business owners across the country engaging in unethical price hikes of goods and services to cease such actions or face the wrath of the law.
It said that from now on, any person, group of persons, or organisation that engages in price fixing or gouging will be arrested and prosecuted by the commission.
The Executive Vice Chairman of FCCPC, Tunji Bello, warned in his keynote address to a one-day stakeholders’ engagement on exploitative pricing held in Abuja.
The stakeholders’ engagement drew participants from Nigerian customs, market women, big-time men’s organisations, and extensive manufacturing companies.
Bello emphasised that, given the current situation in Nigeria, price gouging and fixing are not only unethical but also patently illegal under the FCCPA.
“Section 17 of the Act empowers the commission to eliminate anti-competitive practices, misleading, unfair, deceptive or unconscionable marketing, trading and business practices,” he said
“As such, the FCCPC has the will and the capacity to invoke the full weight of the law against those found culpable of exploiting consumers for undue profit; under Section 155, violators- whether individuals or corporate entities will face severe penalties, including substantial fines and imprisonment if caught by the courts, this is intended to deter all parties involved in such l illicit activities.”
He said the stakeholders’ engagement approach was born out of the commission’s conviction that dialogue and collaboration are equally important tools in fostering a fair marketplace.
“One purpose of the meeting is to engage with all invited stakeholders such as the markets, leaders, and key players in the supply and distribution chains to chart a path forward that balances the need for business profitability with the imperative of consumer protection,” he said.
He assured that the commission believes that through constructive engagements, all concerned can establish a framework for reasonable pricing that benefits all, particularly the consumers who are the backbone of the nation.
In his remarks, the Chairman of the National Association of Nigerian Traders, Abuja branch, Chief Ifeanyi Okonkwo, appealed to the government to take bold steps in addressing the issues surrounding the high cost of fuel, the increase in tariffs, and the floating of the naira, all of which, he noted, are responsible for fixing prices.
