.Says has no power to control prices
The Federal Competition and Consumer Protection Commission (FCCPC) is seeking partnerships and rallying the troops to end consumer exploitation in Nigeria.
While addressing captains of large-/small-scale industries, leaders of market associations, transport operators and service providers at a town-hall meeting hosted by the commission on Wednesday in Lagos, Tunji Bello, executive vice chairman/chief executive officer, FCCPC, said some traders form cartels in the markets and erect barriers in the form of ridiculous membership fees intended to ensure price fixing.
“Without joining them, they won’t allow anyone to sell goods in the market or provide services,” Bello said.
“Such practices are against the law and constitute some of the offenses the Commission is against,” he said.
Bello disclosed that the purpose of the town-hall meeting initiative was to engage the stakeholders in the production and retail segment of the market as well as service providers to hear their own stories, with a view to achieving a consensus for the benefit of all of us.
The FCCPC initiative is coming at a time Nigerians are experiencing sharp increases in the prices of food items and transportation costs across the country.
While acknowledging that the exchange rate and the increase in petrol price make the old prices unsustainable, Bello, however, frowned at disproportionate increases in the prices of food items which he said are often perpetrated by ‘cartels’ to exploit consumers.
“We are on a mission of critical national importance which affects everyone. It is the growing trend of unreasonable pricing of consumer goods and services across the country on one hand and the unwholesome practice of market associations engaged in price fixing on the other hand,” he further said.
“We are not here to talk about price control; we don’t have the power for price control. We are here to talk about fair pricing in the market,” he noted.
Bello made clarifications following media reports that misconstrued the position of the FCCPC after the stakeholders’ meeting which took place in Abuja two weeks ago.
He appealed to traders to partner with the commission to curb the exploitation of consumers. He stated that the meeting was prompted by alarming findings uncovered by the commission during a nationwide survey.
Bello also announced that the FCCPC has upgraded its portal to enable aggrieved consumers to lodge complaints, ensuring their grievances are addressed promptly.
Even though sections of the law empower the commission to deal decisively with offenders, Bello said FCCPC chose to first explore the option of dialogue with a view to arriving at a consensus to deal with the growing trend.
Section 17 of the FCCP Act empowers the Commission to eliminate anti-competitive practices, misleading, unfair, deceptive or unconscionable marketing, trading, and business practices. It prescribes sanctions including a fine of up to N10 million and a jail term of three years for anyone found guilty by the court.
To facilitate a better engagement, Bello disclosed that the FCCPC has upgraded its portal through which aggrieved consumers could lodge a complaint and their grievances would be addressed promptly.
On the economic outlook, he stated that the removal of taxes on imported food items, pharmaceutical products and transportation was part of measures being taken by the Tinubu administration to cushion the effects of the reforms introduced to reposition the Nigerian economy.
He sought the cooperation of the traders to ensure that the consumers get the benefits through reduced prices.
“Such laudable measures by President Tinubu would however be in vain if the benefits are not passed down to the consumers,” said Bello.
—
