News
FG identifies popular supermarket that inflates prices by 500% amid hardship
A popular Nigerian super market that inflates the prices of imported goods has been identified by the Federal Competition and Consumer Protection Commission (FCCPC).
According to reports, the Vice Chairman of FCCPC, Tunji Bello, revealed this during a stakeholders’ meeting on exploitative pricing in Abuja.
Bello revealed that a fruit blender known as Ninja, which is sold in Texas, USA, for $89 (approximately N140,000), was being sold for N944,999 at a supermarket on Victoria Island, Lagos.
This marks a staggering price increase of over 500%.
However, the FCCPC expressed concerns about this practice, noting that both imported and locally produced goods are being excessively overpriced, especially in retail markets.
The Commission has observed patterns of price manipulation, including price fixing by market associations and other anti-consumer practices.
Additionally, Bello disclosed that a recent visit to the same Lagos supermarket found the same blender priced at N750,000 just two weeks earlier, raising questions about the rationale behind such arbitrary price hikes, noting that similar exploitative practices were discovered in various supermarkets across Abuja, Kano, Port Harcourt, and Lagos, with prices being unjustifiably increased.
The FCCPC has resolved to implement stricter measures to address these practices and ensure that businesses adhere to fair pricing standards.
Bello also issued a one month ultimatum to traders to immediately crash price of goods.
He said:
“Under Section 155, violators whether individuals or corporate entities face severe penalties including substantial fines and imprisonment if found guilty by the court.
”This is intended to deter all parties involved in such illicit activities. However, our approach today is not punitive. I, therefore, call on all stakeholders to embrace the spirit of patriotism and cooperation.
”It is in this spirit that we are giving a moratorium of one month (September) before the commission will start firm enforcement, ” he said.
Bello said the government was aware of most of the problems raised by the market stakeholders.
”We have heard and you have genuine issues and the government has the responsibility to address the problems but generally, let us talk to ourselves too. There are also gang-ups to exploit consumers by traders,” he said.
By Gloria Ikibah
As part of the annual 16 Days of Activism Against Gender-Based Violence, the House of Representatives is set to lead a historic march on Monday, November 25, 2024, in a bold effort to tackle gender-based violence (GBV) in the country.
The march, which begins at 8:00 AM, will see over 1,000 participants, including lawmakers and members of the public walk from the National Assembly to the Nigeria Police Force Headquarters in Abuja. The event will culminate in the submission of a petition to the Inspector General of Police, demanding decisive action against GBV and greater protection for vulnerable groups.
Speaking about the initiative, the Speaker of the House of Representatives, Rt. Hon. Abbas Tajudeen, PhD., GCON, said, “This march and the activities that follow are not mere gestures but a reflection of our determination to confront gender-based violence head-on. We are committed to building a society where justice, equality, and safety prevail for all Nigerians.”
In a statement by the House Spokesperson, Rep. Akin Rotimi on Saturday in Abuja, he said, “The 10th House of Representatives has reaffirmed its commitment to systemic reforms, collaboration, and accountability in the fight against gender-based violence.
“In addition to the march, the House has outlined key activities in alignment with its Legislative Agenda (2023–2027) to sustain awareness and action throughout the campaign period.
“Sash Demonstration Ceremony – Tuesday, November 26, 2024
“Convergence of State Assembly Speakers – Monday, December 9, 2024. A strategic meeting at the Transcorp Hilton, Abuja, will bring together Speakers of State Houses of Assembly to discuss legislative measures for combating GBV nationwide.
“National Citizens’ Summit and GBV Conference 2024 – Tuesday, December 10, 2024. The summit will focus on constitutional reforms and securing endorsements for gender equality initiatives led by the House of Representatives”.
Naijablitznews.com reports that this year’s 16 Days of Activism aims to galvanise nationwide efforts and inspire collective action to protect human rights, ensure justice, and create a safer, more equitable Nigeria.
President Bola Tinubu has departed Galeao Air force Basa (SBGL) Airport, Rio de Janeiro, Brazil, on Saturday, for Abuja after attending the 19th G20 Leaders Summit in Rio de Janeiro, Brazil.
The President is due to arrive at the Presidential Wing of Nnamdi Azikiwe International Airport, Abuja, at 10.00 p.m. (Nigerian time).
President Tinubu had attended the G20 Leaders summit where he endorsed the global alliance against hunger and poverty, which he said was pivotal.
The President also held bilateral talks with Kristalina Georgieva, the Managing Director of the International Monetary Fund (IMF), who commended his administration’s economic reforms and their positive indicators.
He also presided over the signing of a 2.5 billion dollar Letter of Intent between the Nigerian government and the JBS S.A., a Brazilian company and one of the top three largest meat processing companies in the World.
The president was accompanied in the trip by senior government officials including the minister of foreign affairs yusuf Tuggar, the national security adviser, Nuhu RIBADU and many others.
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