FCCPC Calls for Stakeholders’ Support in Fight Against Price Fixing and Unethical Practices

The Federal Competition and Consumers’ Protection Commission (FCCPC) has urged stakeholders in Nigeria’s production and distribution sectors to join efforts in curbing price fixing and other unethical business practices. The appeal came from the Vice Chairman and Chief Executive Officer of the FCCPC, Mr. Tunji Bello, during a town-hall meeting in Lagos with industry leaders, market associations, and service providers.

Bello explained that a recent nationwide survey conducted by the FCCPC revealed troubling trends in various markets. “We discovered that some traders form cartels in the markets and put barriers in the form of ridiculous membership fees intended to ensure price fixing. Without joining them, they won’t allow anyone to sell goods or provide services,” Bello said, emphasizing that such activities are illegal and among the offenses the commission seeks to address.

The town-hall meeting, according to Bello, was designed to engage stakeholders directly, listen to their experiences, and reach a consensus to address these concerns. The timing is critical, as Nigerians continue to face skyrocketing prices for essential goods and services, worsened by the high cost of transportation and food items.

While acknowledging that factors such as the exchange rate and rising petrol prices have impacted market prices, Bello expressed concern over the exploitation of consumers by “cartels” artificially inflating prices. He noted that although the FCCPC has the legal authority to penalize offenders under Section 17 of the FCCP Act, which prescribes fines up to ₦10 million and a jail term of three years for violators, the commission is initially opting for dialogue.

Additionally, Bello announced improvements to the FCCPC’s online portal to facilitate more efficient handling of consumer complaints, ensuring that grievances are addressed promptly.

On the broader economic landscape, Bello pointed to the removal of taxes on imported food items, pharmaceuticals, and transportation as part of the Tinubu administration’s measures to ease the impact of recent economic reforms.

Speaking at the event, Lagos Iyaloja, Mrs. Folashade Tinubu-Ojo, proposed a symposium to bring together all key players, including traders, transport operators, and security agencies, to discuss solutions to the logistical challenges driving up prices. “We must all work together to ensure that prices are fair for everyone, especially in these challenging times,” she urged.

Dr. Abdullahi Adamu, Executive Commissioner of Operations at FCCPC, also emphasized the agency’s commitment to fighting illegal practices like price gouging and collusion. “We are not a price regulatory agency, but price gouging and collusion among traders to fix prices is illegal, and we will continue to address these practices head-on,” Adamu said.