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.