• Friday, July 12, 2024
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FCCPC investigates three steel makers over anti-competition activities

Tunji Bello poised to bring his exceptional skills to FCCPC

The Federal Competition and Consumer Protection Commission (FCCPC) has visited three Ogun State-based steel companies to investigate the veracity or otherwise of allegations bordering on the production of substandard iron rods and anti-competition activities.

The companies visited were: African Foundries Limited (AFL), Ogijo, Ogun State; the Monarch Steel Mill Limited, Sagamu, Ogun State, and the Kam Steel Integrated Company, Sagamu, Ogun State.

Adamu Abdullahi, acting executive vice chairman of FCCPC, who addressed journalists on Friday at the premises of AFL, said: “Essentially, we got intelligence and surveillance reports that these companies in question are allegedly involved in some anti-competitive behaviour. That is the reason we decided to come to these three companies.

“We want to take samples of their products and see what it is that they do by going through the records they gave to us.”

He said the agency would investigate if “there are false, misleading and deceptive as well as unfair market practices,” stating that some manufacturers have been deceiving the public by producing 10mm iron rods but labeling them as 12mm iron rods.

“We are talking here about the issue of safety of Nigerians, which is the core essence of consumer protection. We have to ensure the safety of our population. What is happening in the building space so far is worrisome to the government and all well-meaning citizens of this country,” the FCCPC boss said.

Abdullahi said the FCCPC will look at the firms’ processes to find out if they are cutting corners.

“If they are doing so, we will apply the full wrath of the law. That is why we are here,” he assured.

Abdullahi said that all the three companies were very cooperative to the commission during the fact-finding mission.

“That is why we had no issues. Naturally, we would expect that their lawyers would have advised them and our laws allow that.”

He stressed that the FCCPC is on a fact-finding mission and is yet to find any of the companies guilty or liable.

“We are still at the information-gathering stage after which we have to go back to our office and allow forensic experts to look at the information that we returned with.

“What they will take out from all the materials we have gathered will then guide our findings,” Abdullahi noted.