News
FCCPC uncovers cartel responsible for price inflation
The Federal Competition and Consumer Protection Commission has sounded the alarm on a ‘cartel’ manipulating market prices nationwide, inflating costs for goods and services despite government stabilisation efforts.
Addressing stakeholders during a one-day engagement on exploitative pricing in Uyo, Akwa Ibom State, FCCPC Chief Executive Officer, Mr. Tunji Bello, revealed that the commission’s investigations in major cities have uncovered troubling practices.
In the poultry sector, Bello highlighted how influential players are dictating prices, severely impacting smaller producers. “Small poultry owners previously sold a day-old chick for between N480 and N590 and still made a profit. However, the entry of two major market players changed that,” he stated, choosing to withhold their names for now.
He explained that these entities injected substantial capital into the market, ultimately controlling 80 to 90 percent of the poultry sector.
“These big players used their financial clout to hijack the local poultry farmers’ association, mandating that day-old chicks be sold at N1,350, which contradicts the economic principle that greater production typically lowers prices,” he added.
Bello emphasised that this manipulation is why prices remain high despite various governmental support for the poultry industry. Over the past year, the Federal Ministry of Agriculture and Food Security has assisted poultry farmers with broilers, vitamins, feeds, and cash through numerous interventions across Nigeria’s six geopolitical zones.
He also pointed to exploitative pricing in the packaging sector, citing a cartel of five dominant players responsible for importing and supplying packaging materials.
“They operate in a mafia-like manner. If you attempt to negotiate with one, they tip off the others, ensuring uniform pricing,” Bello lamented.
Regarding the lack of sanctions against these sharp practices, Bello explained that the FCCPC initially opts for dialogue in the spirit of democracy rather than enforcing the act, which carries severe penalties, including hefty fines and jail time.
He urged the business community in Akwa Ibom to collaborate with the FCCPC to tackle exploitative pricing and promote market integrity.
To alleviate the economic burden on consumers, Bello noted that President Bola Tinubu has introduced several relief measures, including the removal of tariffs on food imports, VAT on pharmaceuticals and medical devices, tax waivers for businesses and public transport, and facilitating easy credit for converting vehicles from petrol to CNG.
“It is only fair that our businessmen and traders share the benefits of these measures with consumers through reduced prices,” Bello stated.
Several speakers at the event expressed concern about the high cost of doing business in Nigeria, particularly citing rising interest rates, multiple taxation, and increased electricity tariffs as significant challenges.
Earlier, Executive Commissioner for Operations at the FCCPC, Dr. Abdullahi Adamu, called on stakeholders to provide suggestions to address cartel activities and improve the market situation in the country.
News
Nigerian Man Nabbed For Stabbing Fellow National To Death In France
A 27-year-old Nigerian man, identified only as Popori, has been arrested in Grenoble, France, for allegedly stabbing a fellow citizen, Monday, to death.
It was gathered that the incident occurred on the evening of Friday, November 22, when a fight broke out between two men during an altercation in a grocery store in Grenoble, Isère, France.
DayFR reports that, according to Grenoble Prosecutor Eric Vaillant, who confirmed information from Dauphiné Libéré, the incident occurred around 8:30pm.
The two men were inside an exotic grocery store when an argument broke out, quickly escalating into a violent altercation.
One of the individuals suddenly stabbed the other in the chest, for reasons still unclear.
Emergency services arrived on the scene but were unable to revive the victim.
On Saturday, the Grenoble public prosecutor announced that a 27-year-old Nigerian man had been taken into police custody at 12:30pm as part of an investigation initiated by the local judicial police service.
News
Longest serving monarch dies at 111
Alhaji Muhammadu Inuwa, the longest serving traditional ruler in Bauchi State, is dead.
Inuwa, the village Head of Beli (Sarkin Beli) in Shira Local Government Area of Bauchi, passed away at the Federal Medical Center Azare, Katagum Local Government Area of the state.
The monarch who was 111-year-old spent 91 years on the throne.
Chief Imam of Beli, Liman Musa Abubakar, confirmed the death of monarch which he described as a great loss to the entire people of Northern Nigeria.
During one of the interviews with Daily Trust in his lifetime, the late monarch had said, “Their grandfather was appointed as village head of Beli. He spent 12 years on the throne. He died and our father was appointed the village head. He spent 17 years. After that, I was appointed to the throne when I was 19 years old. This means that by my calculation, I was born around 19 12 or 1913. I was appointed to the throne around 1933 by the Emir of Katagum, AbdulQadir.”
The monarch lived and worked with four different first class Emirs of Katagum.
“We lived with the Emir of Katagum Abdulqadir who appointed me for 12 years before he left the throne and died six months later. Emir Umaru Faruqu was appointed. We spent 35 years with him.
When he died, his son, Muhammadu Kabiru was appointed. We spent 38 years with Emir Kabiru before he died, Again, after Muhammadu Kabiru, the present Emir of Katagum, Umaru Faruq II, was appointed. We lived with him for Six years.
Late Inuwa had said, “I am almost 91 years old on the throne. Alhamdulillahi, we live in peace with the people. And I gave birth to 11 people. Some of them died, but there are seven of them alive – four men and three women.
Many people interviewed said he was a peaceful ruler who [had] listening ears and worked for the peace of the land.”
News
Katsina gov presents N682bn 2025 budget to State Assembly
Governor Dikko Radda of Katsina State on Monday presented the State’s 2025 Budget Proposal to the state House of Assembly.
This is the second full year budget the governor is presenting to the House, which is in the sum of N682,244,449,513.87, covering Recurrent Revenue and Expenditure.
The Budget’s Recurrent Expenditure stands at the sum of N157,967,755,024.36 representing 23.15% while, Capital Expenditure stands at N524,274,694,489.51 representing 76.85%.
The Governor in his speech, announced that, the total of this budget when compared with that of the 2024, has an increase of N200,535,619,501.61, representing 40% increase.
The Governor, at the beginning of his speech, assured the House that his administration has achieved many of its goals and is on course to meet and exceed its targets.
He insisted that his administration has successfully reversed the tide of insecurity which severely threatened the peaceful co-existence of people in the State.
“Many of our local governments have been restored to normalcy while pushing the bandits to the fringes of the forests and, Insha-Allah, to the end of their existence.
“We have expended a lot of resources in fighting insecurity, and we shall continue to do all we can to protect lives and livelihoods in our dear state. I thank the Honourable Members for your support and dedication to ultimate victory,” he said.
The Governor while ranking MDAs by allocations, revealed that the Economic Sector got N302,246,140,569.76 representing 44.3%, followed by the Education Sector with 95,995,873,044.70 representing 14%.
In the same vein, the Ministry of Agriculture and Livestock Development got 81,840,275,739.70 representing 12% while the Ministry of Rural and Social Development got 58,728,146,293.72 representing 9%.
Other sectors such as the Ministry of Water Resources, 53,832,219,322.46 representing 8%, Ministry of Environment, 49,835,521,799.25 representing 7%, Ministry of Health, 43,881,752,172.75 representing 6%, Ministry of Internal Security and Home Affairs 18,938,508,746.95 representing 3%, Ministry of Works, Housing and Transport 9,684,806,758.56 representing 10%.
Other sectors he said are in the sum of 230,759,902,908.71 representing 31% of the total proposed budget
-
Metro16 hours ago
Farmer allegedly beats suspected thief to death in Ondo
-
Sports16 hours ago
Lukaku keeps Napoli top of Serie A with Roma winner
-
Foreign16 hours ago
Hezbollah launches largest attack on Israel, hits Ashdod naval base, Tel Aviv
-
Metro15 hours ago
Army destroys 34 illegal refineries in Niger Delta
-
News15 hours ago
Many Pastors Are Not Enjoying Their Marriages Due To Wives’ Behaviours – Bamiloye
-
News15 hours ago
Abia bans unauthorised free medical outreaches
-
Sports16 hours ago
Mbappe on target as Real Madrid cruise to Leganes win
-
News9 hours ago
Just in: NYSC Releases Batch ‘C’ Corps Members Call Up Letters