Connect with us

News

FCCPC vows to protect consumers from Soaring price of goods

Published

on

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.

Advertisement

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.”

Advertisement

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.

Advertisement

“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.

Advertisement
Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

News

PHOTOS Of Prisoners Who Escaped Borno Prison And Those Recaptured

Published

on

By Mario Deepromoter

Nigerian Correctional Service on Sunday disclosed that about 281 inmates escaped from Maiduguri Medium Security Custodial Centre following severe flooding in the capital city.

NCoS spokesperson, Umar Abubakar, said the agency had alerted the Nigerian Immigration Service, and Nigeria Police Force among other security agencies to help recapture the fleeing inmates.

“Every security agency in the country has been notified and they are on alert to help track down the fleeing inmates wherever they may be. With their help, we will capture them and return them to our custodial centre,” Umar said.

Advertisement

In a statement on Sunday, he said of the 281 fleeing inmates, seven had already been recaptured and returned to the facility.

“The Nigerian Correctional Service has observed the flooding currently being experienced in Maiduguri, Borno State, and its environment.

The unfortunate incident has left scars, bringing down the walls of the correctional facilities, including the Medium Security Custodial Centre in Maiduguri as well as the staff quarters in the city.

“Upon the evacuation of inmates by officers of the service, with support from sister security agencies to a safe and secure facility, 281 inmates were observed to be missing.

Advertisement

Presently, a total of seven inmates have been recaptured and returned to custody, while efforts are on the ground to track down the rest and bring them back to safe custody,” the statement read in part.

Abubakar further stated that details of the fleeing inmates had been made available to the public while noting that efforts were underway to track them.

“However, it is important to note that the service is in the custody of their details, including their biometrics, which are being made available to the public. The service is working in synergy with other security agencies as both covert and overt deployments have been activated to locate them. While this effort is ongoing, the public is assured that the incident does not impede or affect public safety,” the statement added.

Recall that the flood affected many parts of Maiduguri, leading to the displacement of over 300,000 residents and the deaths of over 30 people, including children.

Advertisement

Meanwhile, Borno State Governor, Babagana Zulum, on Saturday said he was “seriously worried” that jailed Boko Haram terrorists might have escaped from the prison facility.

See Pictures Below;

Prisoners

Continue Reading

News

SEE new price of petrol across all 36 states

Published

on

By Mario Deepromoter

Despite the counter accusations by both Dangote Refinery and NNPCL over prices, the price list of petrol has emerged online.

According to reports, this is because NNPCL bought petrol at a higher price from Dangote Refinery on Sunday.

NNPCL also mentioned that Dangote Refinery sold the petrol in US Dollars, not naira, against the federal government’s directive.

Advertisement

However, Dangote Refinery will sell its petrol in naira starting in October.

According to a breakdown from NNPCL, Dangote Refinery sold petrol to NNPCL at N898.78 per litre.

NNPCL paid Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) fee of N8.99, inspection fee of N0.97, a distribution cost in Lagos of N15, margin N26.48.

NNPCL’s statement added that the estimated pump price in:
Lagos will be N950.22
Sokoto State N999.22
Kano State N999.22
Borno State N1,019.22
Kaduna N999.22
FCT N992.22
Oyo State N960.22
Lagos State N950.22
Rivers State N980.00
Imo State N980.22

Advertisement

An analysis of the chart showed that except from Lagos State, other states of the federation will be paying higher because of distribution costs.

The distance from Dangote Refinery and NNPCL‘s depot in Lagos State to other states of the country majorly would determine the price differences.

The report also showed that the six geo-political zones would be paying differently.

The North East states would be paying the highest per liter from N1,019.22, followed by North West states from N999.22, followed by North Central states from N992.22, followed by South East states from N980.22, South South states from N980.22 and South West states paying the least from N960.22, except Lagos State paying from N950.22.

Advertisement

At the time of filing this report, the presidency is yet to speak on the latest development.

Continue Reading

News

Rivers 2027: Ogoni powerful men snub Fubara, throw weight behind Wike

Published

on

By Mario Deepromoter

Political heavyweights from the Ogoni and Oyigbo zones have formally withdrawn their support for Rivers Governor Siminalayi Fubara ahead of the 2027 general elections.

The leaders have dumped Fubara and lace their boots with the action packed Minister of the Federal Capital Territory (FCT), Nyesom Wike.

The leaders gathered on Saturday in Nonwa, Tai Local Government Area, at an event tagged “Ogoni, Oyigbo People’s Assembly.”

Advertisement

The assembly, which focused on fostering unity between the two ethnic zones, was heavily attended by politicians loyal to Wike, who remains locked in a bitter political feud with Fubara, his estranged protégé.

Prominent personalities, including Senators Barinada Mpigi and Magnus Abe, Ambassador Desmond Akawor, and Chief Victor Giadom, attended the meeting.

The group emphasized that after years of marginalization, it was time for Ogoni and Oyigbo to produce the next governor of Rivers State.

Speaking on behalf of the assembly, Senator Mpigi declared, “The Ogoni and Oyigbo Peoples Assembly, a multi-political convergence of five Local Government Areas within the Rivers South-East Senatorial District, met today to reaffirm their support for the President Bola Tinubu-led administration and pledged total loyalty to the former Governor of Rivers State and current Minister of FCT, Chief Nyesom Wike.

Advertisement

“We also reiterate the obvious fact that the senatorial district’s upland is due for a governor and should produce the next governor of Rivers State come 2027.”

Tensions between Wike and Governor Fubara have been mounting, with Wike publicly withdrawing his support for his former ally.

Wike, who was instrumental in Fubara’s rise to power, has accused the governor of straying from their shared vision for the state.

Advertisement
Continue Reading

Trending

Copyright © 2024 Naija Blitz News