The Federal Competition and Consumer Protection Commission (FCCPC) has directed traders across Nigeria to reduce the prices of goods, warning that they have one month to comply.
Tunji Bello, the Executive Vice Chairman of the FCCPC, issued this directive on Thursday, highlighting the commission’s concern over what it perceives as coordinated efforts by some traders to exploit consumers.
This announcement was made during a one-day stakeholders’ engagement focused on the issue of exploitative pricing, held in Abuja.
Bello emphasized that the FCCPC is closely monitoring these activities and intends to take enforcement actions against violators once the grace period ends.
He warned that individuals and businesses found guilty of such practices could face significant fines and imprisonment under Section 155 of the relevant legislation.
“Violators, whether individuals or corporate entities, will face severe penalties, including substantial fines and imprisonment if found guilty by the court,” Bello stated.
He added that while the current approach is not punitive, it is aimed at encouraging stakeholders to act in the spirit of patriotism and cooperation.
The FCCPC boss reiterated the government’s responsibility to address broader issues affecting the economy but called on traders to self-regulate and avoid taking advantage of consumers.
“We understand that there are genuine challenges, and the government is working to address these issues. However, there are also coordinated efforts by traders to exploit consumers, and this must stop,” Bello said.
The one-month moratorium is intended to give traders time to adjust their pricing practices before the FCCPC begins enforcing the directive with stricter measures.
