The Federal Competition and Consumer Protection Commission (FCCPC) has stated that it will not hesitate to take action against enterprises that engage in price fixing.
The FCCPC announced this in a statement published on its official X handle on Sunday, April 14.
The statement read: “The FCCPC acknowledges that the rising cost of essential goods impacts consumers’ well-being and economic stability. While we recognise that the commission cannot directly control prices, we are committed to safeguarding consumers’ interests and ensuring fair market practices, necessitating fair pricing. Arbitrary price increases stemming from untoward practices like price gouging and conspiracy to manipulate supply violate existing laws.
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“The commission will not hesitate to invoke Section 17(s) of the Federal Competition and Consumer Protection Act (FCCPA) 2018 against any perpetrator of such acts. This section prohibits obnoxious trade practices and unscrupulous exploitation of consumers.”
The agency asked Nigerians to remain watchful and report any unfair trade practices they witnessed.
“We encourage consumers to remain vigilant and report unfair trade practices to the FCCPC. Consumers can provide details, including the conduct, location of perpetrators, and other relevant information for investigation, through contact@fccpc.gov.ng.
“The FCCPC remains committed to promoting fair competition, protecting consumers, and fostering a regulated marketplace. We appreciate citizens’ vigilance and encourage active participation in reporting any violations,” the statement further read.
A Gentle Reminder: Every obstacle is a stepping stone, every morning; a chance to go again, and those little steps take you closer to your dream.
Nnamdi Okoli