The Federal Competition and Consumer Protection Commission (FCCPC), led by Executive Vice Chairman, Tunji Bello, has firmly denied claims that it issued a one-month ultimatum to traders to reduce prices. Speaking at a One-Day Stakeholders' Engagement on Exploitative Pricing held in Lagos, Bello set the record straight, emphasizing that the Commission's current focus is combating price gouging, price fixing, and other unethical practices prevalent in the nation’s markets.
Contrary to taking drastic measures that fall outside its mandate, the FCCPC is keen on addressing sharp market practices contributing to the relentless increase in prices of goods and commodities. The Commission's primary concern is identifying and curbing these practices, especially where traders form cartels that manipulate market prices.
Bello highlighted that certain traders form exclusive groups, or cartels, charging exorbitant membership fees to restrict access to markets. These fees prevent non-members from selling goods or providing services, a practice that is illegal under Nigerian law. Such practices are against the law and constitute some of the offenses the Commission is against, Bello stated. He underscored that the Commission is determined to address these unfair barriers and ensure that traders do not exploit consumers.
The purpose of the town-hall meeting, he explained, is to engage with key stakeholders, including market women, traders, and service providers, in a bid to find a lasting solution to exorbitant pricing. By listening to their stories and grievances, the FCCPC hopes to create a consensus that benefits both traders and consumers alike.
The Lagos meeting follows a similar engagement held in Abuja two weeks prior and comes at a critical time when Nigerians are grappling with rising food and transportation costs. While acknowledging that factors such as the exchange rate and the increase in petrol prices have made it difficult to maintain old price levels, Bello expressed concern over disproportionate price hikes on food items. He suggested that these hikes are often orchestrated by cartels seeking to exploit the average Nigerian consumer.
Although the FCCPC has the legal authority to deal decisively with offenders, Bello made it clear that the Commission is first exploring the option of dialogue. The aim is to reach a consensus with traders and stakeholders to address these exploitative practices without resorting to heavy-handed measures. The FCCPC remains committed to finding solutions that protect both the interests of consumers and the integrity of Nigeria's markets.
By encouraging open dialogue and taking a firm stance against unethical market behavior, the FCCPC hopes to restore fairness and stability to Nigeria’s markets, ensuring that consumers can purchase goods at reasonable prices without fear of exploitation.