Federal Competition and Consumer Protection Commission (FCCPC) has ordered traders and other market stakeholders to stop exploiting the prices of goods.
Gatekeepers News reports that the commission gave them a one-month moratorium to reduce the prices of goods.
Newly appointed Executive Vice Chairman of FCCPC, Tunji Bello announced this during a one-day stakeholders’ engagement on exploitative pricing held on Thursday in Abuja.
The VC noted that the Commission would begin enforcement actions once the moratorium period ends.
He said that the meeting was necessitated to address the increasing trend of unreasonable pricing of consumer goods and services, as well as the unethical practices by market associations.
Bello referenced a finding by the Commission of which a fruit blender known as Ninja, priced at $89 (N140,000) in a popular supermarket in Texas, was being sold for N944,999 in a supermarket located in Victoria Island, Lagos.
The VC expressed dismay about the basis for the arbitrary hike in the price of blenders compared to Texas, United States of America.
He noted the unwholesome practices including price fixing were threatening the stability of the economy.
Bello 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.”
