The Federal Competition and Consumer Protection Commission (FCCPC) is cracking down on businesses engaging in price fixing and arbitrary price hikes in Nigeria. In a recent statement, the FCCPC emphasized the negative impact of these practices on consumers’ well-being and economic stability, urging Nigerians to report any unfair trade practices they encounter.
The commission highlighted the importance of fair market practices and stated that while they cannot directly control prices, they are committed to safeguarding consumers’ interests. Any businesses found guilty of price gouging or conspiring to manipulate supply will face consequences under Section 17(s) of the Federal Competition and Consumer Protection Act (FCCPA) 2018.
Nigerians are encouraged to report any instances of unfair pricing or trade practices to the FCCPC. By providing details such as the conduct, location of perpetrators, and other relevant information, consumers can help the commission investigate and take action against violators. Reports can be sent to [email protected]
In a bid to promote fair competition, protect consumers, and ensure a regulated marketplace, the FCCPC is relying on citizens’ vigilance and active participation in reporting violations. This proactive approach has already led to the sealing of a supermarket in Abuja for lack of transparency in pricing and serves as a warning to other businesses engaging in similar practices.
Additionally, the FCCPC is urging electricity consumers to report any distribution companies that fail to comply with the capping of estimated bills for unmetered customers. By working together with consumers, the FCCPC aims to create a fair and transparent market environment that benefits all Nigerians.
