Lagos: The Federal Competition and Consumer Protection Commission (FCCPC) has issued a stern warning to businesses regarding compliance with consumer protection regulations related to price display, product labelling, and refund policies. The agency emphasized that non-compliance could result in significant sanctions, including the potential sealing of business premises.
According to News Agency of Nigeria, the announcement was made during a stakeholder engagement organized by the FCCPC in collaboration with the Lagos State Consumer Protection Agency (LASCOPA). The event took place at the Lagos Chamber of Commerce and Industry in Alausa, Ikeja, and was themed ‘Price Tagging, Minimum Labelling Requirements and Return/Refund: The Implications of Non-Regulatory Compliance.’
The Executive Vice Chairman/Chief Executive Officer of FCCPC, Mr. Tunji Bello, represented by the South-West Zonal Coordinator of FCCPC, Dr. Olubunmi Otti, stressed the necessity of strengthening compliance to build trust in Nigeria’s marketplace. Bello highlighted the critical role of Lagos as the commercial hub of Nigeria, where trust in transactions is paramount.
Bello further emphasized that price tagging is a mandatory legal requirement, not merely a business practice. He noted that transparent pricing fosters trust and reduces disputes, urging businesses to display prices clearly in Nigerian currency to prevent consumer confusion. Proper product labelling was also underscored as essential, ensuring consumers have adequate information about the products they purchase.
The FCCPC chief criticized the widespread use of ‘no refund’ policies, clarifying that the law entitles consumers to repair, replacement, or refund in specific circumstances. Bello warned that failure to comply with these legal obligations could lead to enforcement actions, including administrative penalties and the sealing of business premises.
Bello highlighted the reputational risks associated with non-compliance, noting that negative consumer experiences can rapidly disseminate through digital platforms, potentially damaging a business’s reputation. He called for businesses to view compliance as a strategic investment rather than a burden and advised them to reinforce internal systems and staff training.
Mr. Afolabi Solebo, the General Manager/Chief Executive Officer of LASCOPA, described the engagement as timely and noted that enforcement against unfair trade practices had been intensified nationwide. He reiterated that compliance with pricing, labelling, and refund obligations is a legal requirement and not discretionary.
Solebo warned that inadequate labelling and poor refund practices could lead to product recalls and reputational damage. He urged businesses to implement robust compliance systems and conduct regular audits and training to secure customer loyalty and support long-term business viability.
The partnership between FCCPC and LASCOPA, backed by a Memorandum of Understanding, aims to enhance enforcement, consumer education, and market surveillance. Solebo called on stakeholders to embrace compliance and collaborate to build a transparent and accountable marketplace, emphasizing that a thriving economy relies on trust built through clear pricing, accurate labelling, and fair return policies.
The meeting was attended by various stakeholders, including manufacturers, importers, distributors, retailers, service providers, and consumer groups.