On Thursday, the Federal Competition and Consumer Protection Commission (FCCPC) gave traders and other market stakeholders a one-month deadline to reduce the prices of goods in the market.
News About Nigeria reports that the ultimatum was given by Tunji Bello, the newly appointed Executive Vice Chairman of the FCCPC, during a one-day stakeholders’ engagement on exploitative pricing held on Thursday in Abuja.
According to Bello, the commission would begin to enforce actions against traders and market stakeholders who default once the moratorium period ends.
Speaking during the meeting, Bello explained that it was convened to address the increasing trend of unreasonable pricing of consumer goods and services, as well as the unethical practices by market associations.
Giving details, he revealed that a notable such a hike is a fruit blender known as Ninja, which is sold at $89 (N140,000) in a popular supermarket in Texas, was being sold for N944,999 in a supermarket located in Victoria Island, Lagos.
Bello wondered the basis for the arbitrary hike in the price of the blender compared to Texas, United States of America.
He also added that such hikes in prices are part of what is threatening the stability of the economy.
He said, ”Under Section 155, violators, whether individuals or corporate entities, face severe penalties, including substantial fines and imprisonment if found guilty by the court. This is intended to deter all parties involved in such illicit activities. However, our approach today is not punitive. I, therefore, call on all stakeholders to embrace the spirit of patriotism and cooperation. It is in this spirit that we are giving a moratorium of one month before the Commission will start firm enforcement.”
