• Thursday, May 30, 2024
businessday logo


Nigeria launches offensive against hoarding as FCCPC closes Sahad Store

whatsapp-image-2024-02-16-at-11.01.26-am-1 (1)

In a swift response to President Bola Tinubu’s recent initiatives aimed at addressing the nation’s food crisis, the Federal Competition and Consumer Protection Commission (FCCPC) took action by sealing Sahad Store, a well-known supermarket located in the Garki area of Abuja.

The move came just twenty-four hours after President Tinubu’s announcement, signaling a proactive stance against factors contributing to the ongoing food crisis. The FCCPC, led by Acting Executive Vice Chairman Adamu Ahmed Abdullahi, cited allegations of customer exploitation, specifically accusing the supermarket of charging prices different from those displayed on shelves.

Abdullahi, briefing reporters on the sidelines of the enforcement operation, revealed that initial investigations supported claims of deceptive pricing practices by the supermarket management. As per Section 115 (3) of the law, consumers are entitled to pay the price indicated for goods or services on display, and any deviation from this constitutes a violation.

The sealed status of the store will persist pending further investigation, with Abdullahi emphasizing compliance with legal provisions as a prerequisite for its reopening.

Moreover, this development follows a recent government-led initiative to combat food hoarding, as disclosed by Minister of Information and National Orientation, Mohammed Idris. Following a meeting convened by President Tinubu with governors, security agency heads, and ministers, a collaborative effort was announced to address the issue of hoarding, which contributes to food scarcity.

Idris outlined the formation of a committee to delve deeper into the discussions held during the meeting, with a focus on coordinating security agencies and state governors to counter the hoarding of essential commodities. The directive aims to ensure food availability at reasonable prices, mitigating the impact of hoarding on Nigerian consumers.

As the nation grapples with food insecurity, these proactive measures underscore the government’s commitment to addressing underlying challenges and safeguarding public welfare.”