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
Carrying arms will solve nation’s security problem – Ned Nwoko
By Francesca Hangeior
The lawmaker representing Delta North Senatorial District, Senator Ned Nwoko, has defended his proposed bill that will allow Nigerians to bear arms for self-defence stating that it could serve as a deterrent against criminal activities, particularly kidnappings.
When asked if Nigerians carrying arms will solve the nation’s security problem, Nwoko, in an interview with Channels TV on Wednesday, said, “Oh, it will. It will.”
Nwoko then shared a personal story of loss, recounting how his Senior Legislative Aide (SLA) was killed in a kidnapping incident last November.
“The estate was attacked by kidnappers going from house to house. When they got to their door, my SLA told his wife to hide with the children. He opened the door to talk to them, and he was taken away. We never saw him alive again,” he said.
Reflecting on the tragedy, Nwoko argued that armed citizens could discourage criminals from operating so freely.
“If he had a gun, or if others in the community had guns, would the kidnappers have had the audacity to go door to door? That wouldn’t happen,” he said.
However, Nwoko clarified that his proposal includes strict regulations.
“For you to have the license to have a gun, you must go through a training school, a shooting school, which is a training school. You must get confirmation from two doctors that you have a sound mind.
“You must get reports from the DSS and from the police. You must also be confirmed by your local traditional ruler that you are who you are,” he said, adding that only qualified individuals would be allowed to carry arms under his plan.
News
10 killed, seven injured as building collapses in Ibadan
By Francesca Hangeior
At least 10 people have been reportedly killed while seven others were injured in a building collapse in Ibadan, the Oyo State capital, on Thursday morning.
A statement from the Oyo State Fire Services Agency disclosed that the incident happened at 2 am at Jegeda Oluloyo area in Ibadan in Ona Ara Local Government Area of the state.
The statement added that while 10 persons were recovered from the debris, seven persons were rescued alive, adding that rescue efforts are reported to be ongoing as of the time of filing this report.
The statement read, “The Oyo State Fire Services Agency received a distressed call at around 2 am this morning at Jegede Olunloyo area, Ibadan, of which 10 persons have been recovered from the debris of the collapsed building, while seven persons were rescued alive. Rescue operation is still going on.”
When PUNCH Online contacted the General Manager of the state Fire Services, Yemi Akinyinka, he said, “We received a distress call from the people in the neighbourhood at 2 am.
“When we got there, ten people died outrightly. Three people had been recovered before we got to the place, and our men recovered four. They are still working.”
News
Oil marketers adjust petrol prices nationwide, plan to lift from Dangote refinery
By Francesca Hangeior
Major oil marketers across Nigeria have raised the prices of Premium Motor Spirit (PMS), commonly known as petrol, from N1,010 to N1,050 per litre, marking a 4% increase in Lagos and surrounding areas.
Meanwhile, independent oil marketers have adjusted their prices to between N1, 100 and N1,200 per litre, up from about N1,060 per litre, with variations depending on location.
Reports have it that due to the deregulated market, petrol prices are not fixed, resulting in slight price differences among filling stations, although some stations maintain similar pricing.
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