The Federal Competition and Consumer Protection Commission (FCCPC) has issued a stern warning to businesses involved in price fixing, stating that it will not hesitate to take action against such practices.
In a statement posted on its official X handle on Sunday, April 14, the FCCPC emphasized its commitment to safeguarding consumers' interests and ensuring fair market practices. The commission acknowledged the impact of rising prices of essential goods on consumers' well-being and economic stability, noting that arbitrary price increases resulting from practices like price gouging and conspiracy to manipulate supply violate existing laws.
The FCCPC stated its readiness to invoke Section 17(s) of the Federal Competition and Consumer Protection Act (FCCPA) 2018 against any perpetrators of such acts. This section prohibits obnoxious trade practices and unscrupulous exploitation of consumers.
The agency urged Nigerians to remain vigilant and report any unfair trade practices they encounter. Consumers were encouraged to provide details, including the conduct, location of perpetrators, and other relevant information for investigation, through contact@fccpc.gov.ng.
The statement emphasized the FCCPC's commitment to promoting fair competition, protecting consumers, and fostering a regulated marketplace. The commission expressed appreciation for citizens' vigilance and encouraged active participation in reporting any violations.
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