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FCCPC vows to protect consumers from Soaring price of goods

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By Francesca Hangeior.

 

The Federal Competition and Consumer Protection Commission (FCCPC) has vowed to protect Nigerian consumers by tackling price fixing and other exploitative practices in markets across the country.

Price gouging is an unfair practice that takes advantage of crises or economic hardships to inflate prices arbitrarily, while price fixing occurs when competitors or market associations, without their own products, collude to set prices.

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The Commission, in a statement issued by Ondaje Ijagwu, Director, Special Duties (& Strategic Communication) in Abuja, this afternoon, insisted, “While promoting competition is essential for economic health, as evidenced in sectors like telecommunications, it is equally important to enforce laws against practices that undermine fair competition.

“The FCCPC remains committed to a balanced approach that respects the dynamics of a free market while ensuring that consumers are protected from harmful practices.

“We encourage all businesses to engage in ethical and lawful practices that contribute to a fair and competitive marketplace. The FCCPC does not seek to suppress private enterprise; our role is to ensure that the market operates on principles of fairness, transparency, and accountability. When businesses, as illustrated by the cement sector case, engage in practices that harm consumers, the FCCPC will take decisive action.”

The FCCPC pledged to work collaboratively with all stakeholders; businesses, consumer groups, and other government agencies, to address both the immediate and remote causes of exploitative pricing, adding, “Our approach combines enforcement with cooperation, aiming to protect consumers and maintain a healthy competitive environment.”

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According to the organisation, it has given a one-month moratorium before enforcement begins, providing businesses with the necessary time to adjust their practices and ensure full compliance with laws aimed at protecting consumers and fostering fair competition.

It added “The FCCPC stands firm in its commitment to enforcing the Federal Competition and Consumer Protection Act (FCCPA) 2018. We will continue to monitor the marketplace and take action against any business practices that violate the law.

“Consumers and businesses alike can trust that we will remain vigilant in upholding the principles of fair competition and consumer protection.”

The commission asserted that prices in a competitive marketplace are determined solely by the forces of supply and demand, adding, it did not, therefore, contemplate price control, having considered it outside the scope of its responsibilities.

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“We have never considered, nor will we ever consider, intervening in the market to regulate prices. Any claims to the contrary are baseless and unfounded. Our recent directives are not about controlling prices but are focused on curbing exploitative practices and anti-competitive behaviours that distort the marketplace and harm consumers.

“We recognise the complexities of the current economic environment, including challenges such as foreign exchange fluctuations and fuel subsidy removal. These factors certainly impact pricing, but they do not excuse or justify exploitative practices that are anti-consumer. The Commission’s proposed actions in the retail sector are targeted and evidence-based, responding to specific instances where consumers are vulnerable to such exploitation,” the commission.

The FCCPC said that the disclosure by Abdul Samad Rabiu, Chairman of BUA Cement, on how BUA Cement’s effort to sell cement at a fair price of N3,500 per bag, was undermined by dealers who inflated prices to as much as N7,000 to N8,000 per bag, exemplified the kind of exploitative conduct that it was committed to addressing.
According to the organization, such practices make it difficult for ethical businesses to thrive and should not be condoned in the country.

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SEE List of 14 Nigerians Wanted By INTERPOL

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The International Police (INTERPOL) has released a wanted list comprising 14 Nigerians implicated in various offences, including human trafficking, narcotics, robbery, deception, and fraud.

According to Red Notices posted on INTERPOL’s official website on Tuesday, the individuals are sought by authorities in different countries for crimes allegedly committed within their jurisdictions.

According to the postings, Felix Omoregie, Jessica Edosomwan, Jude Uzoma, Uche Egbue, Chinedu Ezeunara, Benedict Okoro, Ikechukwu Obidiozor, and Alachi Stanley were among the people who were sought.

“Mary Eze, Timloh Nkem, Austine Costa, Okromi Festus, Akachi Vitus, and Bouhari Salif are among the others.

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Omoregie is wanted by Belgian authorities for allegedly being the head of a criminal organisation that uses children as prostitutes,” according to the notice.

According to the information provided by the requesting entity, the charges were: “Human trafficking for prostitution or other forms of sexual exploitation; sexual exploitation or exploitation of prostitution of another person/Leader of a criminal organisation; Family name: Omoregie, Forename: Felix, Gender: male, date of birth: 22/10/1977 (47 years old), nationality: Nigeria.”

The French authorities are seeking Edosomwan for “multiple victims trafficking in human beings, committed against several persons,” according to the notice on her organised competition amongst gangs to hide or convert the money obtained from an offence.

According to the report, the Venezuelan government is seeking Ezeunara for suspected drug trafficking, the Uruguayan government is seeking Ezeunara for suspected drug trafficking, the Nicaraguan government is seeking Okoro for suspected organised crime, and the Argentinean authorities are seeking Egbue for suspected drug trafficking.

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More checks on the INTERPOL website discovered that Obidiozor, Vitus, and Stanley are wanted by the Angolan government for suspected “kidnapping, robbery, and illegal possession of firearms.”

In other INTERPOL alerts, it was stated that Canada wanted Nkem for alleged “sexual assault and failure to comply with a condition of recognition,” China wanted Salif for alleged “drug smuggling,” and Denmark wanted Eze for claimed “traffic in human beings.”

According to the notices that were published, Costa is wanted by India for “criminal conspiracy; having possession of a document knowing it to be forged and intending to use it as genuine; forgery of valuable security, will, etc.; forgery for purpose of cheating,” and Okromi is wanted for “criminal conspiracy and cheating.”

However, INTERPOL pointed out that the notifications were intended to inform the public about potential dangers and to ask for assistance in finding a specific person.

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“A red notice is a request to law enforcement worldwide to locate and temporarily arrest an individual pending extradition, surrender, or similar legal action,” the statement read.

“A red notice is not a warrant for an international arrest. The international tribunal or the requesting member nation wants the individuals. Member nations use their legal frameworks when determining whether to make an arrest.

“If the public has any information about the wanted individuals, they are encouraged to report it to their local police authorities.”

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Court Remands Refinery MD In Kuje Correctional Centre Over Alleged $35m Scam

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The Economic and Financial Crimes Commission, on Monday, December 23, 2024, arraigned the Managing Director of Atlantic International Refinery and Petrochemical Limited, Akindele Akintoye at the Federal High Court, Abuja, over an alleged $35 million fraud.

He was arraigned before Justice Emeka Nwite on charges bordering on money laundering and contract fraud.

On October 31, 2024, Akintoye was arrested by the EFCC and detained at its holding facility in Abuja.

According to a tweet via the commission’s X handle on Wednesday, Akintoye allegedly collected $35m from the Nigeria Content Development and Monitoring Board to build a 2,000 barrel-per-day refinery, jetty, gas plant, among others, at the Brass Free Trade Zone, Okpoama community in Brass Local Government Area of Bayelsa State.

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He “allegedly mooted the idea of the project to the Board and the NCDMB embraced it with a counterpart funding to the tune of $35million. He allegedly received the funds through the bank account of Atlantic International Refinery and Petrochemical Limited and funneled the funds into four of his companies: Platform Capital Investment Partners, Duport Midstream Company Ltd., Puisance Afrique Dynamics Ltd., Adamantine Petrochemical & Refinery Ltd and Bureau de Change outlets,” the tweet stated.

At the court sitting on Monday, EFCC counsel, Ekele Iheanacho, told the court that the defendant faced a four counts filed on November 19, 2024, and requested that the charges be read to the defendant.

One of the counts read, “That you, Akindele Akintoye, and Platform Capital Investment Partners Limited, between December 2020 and February 2021, within the jurisdiction of this Honourable Court, indirectly retained the sum of $16,006,000 (Sixteen Million, Six Thousand United States Dollars), being part of the funds dishonestly converted from the money paid by the NCDMB to Atlantic International Refinery and Petrochemical Limited as investment, knowing the said sum constituted proceeds of unlawful activity, thereby committing an offence contrary to Section 15(2)(d) of the Money Laundering (Prohibition) Act, 2011 (as amended by Act No. 1 of 2012) and punishable under Section 15(3) of the same Act.”

The EFCC noted that Akintoye pleaded “not guilty” after the charges were read to him. Thereafter, the anti-graft agency’s counsel requested the court to remand Akintoye in a correctional centre, and then sought a trial date.

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However, the defendant’s counsel, Emmanuel Esadio applied for bail, stating that the application was filed and served on the prosecution.

In his response, Justice Nwite stressed the importance of allowing the prosecution to respond to the bail application, noting that the law requires a 48-hour period before a bail application can be considered.

“Justice is tripartite, to the accused, the defendant, and society. I cannot shut out the prosecution, they must be heard,” the Judge said.

“Esadio further requested that the defendant be remanded in EFCC custody, citing his client’s health issues and the need for easy access to legal counsel.

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“But Iheanacho opposed the request, arguing that the EFCC lacked adequate facilities and that Akintoye had demonstrated untrustworthiness, including allegedly retrieving his international passport after claiming it was in court custody,” the tweet read.

“The defendant cannot be trusted. He has shown tendencies that suggest he may commit another crime. Additionally, there is no medical evidence before the court to support claims of ill health,” Iheanacho submitted.

After considering the arguments, the judge ordered Akintoye’s remand at the Kuje Correctional Centre and adjourned the matter till December 31, 2024, for hearing on the bail application.

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Terrorists reportedly bomb Nigerian army base

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By Kayode Sanni-Arewa

Suspected Boko Haram terrorists have reportedly bombed a Nigerian military base in Wajiroko, located in the Damboa Local Government Area of Borno State.

The attack occurred on Christmas Eve December 24 2024, when multiple armed drones, carrying locally fabricated grenades, targeted the Forward Operating Base.

The strike injured no fewer than six soldiers, who were quickly given first aid at the scene and are awaiting further medical treatment.

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The assault began with gunfire from the terrorists, who launched a brief attack that was repelled by the soldiers.

However, shortly afterward, drones carrying explosives struck the base again.

According to military sources, up to four different armed drones were observed during the attack.

A report also revealed that a military gun truck was damaged during the strike.

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Boko Haram has been a persistent threat in Northeastern Nigeria for nearly two decades, causing loss of life and displacing millions.

The Nigerian military has repeatedly claimed success in combating the insurgents, though the group remains a formidable force, continuing to carry out attacks across the region.

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