The Federal Competition and Consumer Protection Commission FCCPC says it will crack down on retailers caught in price fixing and price gouging.
The Executive Vice Chairman, FCCPC Mr Tunji Bello disclosed this during a one day Stakeholders Engagement on Exploitative Pricing organised by the commission in Abuja, Nigeria’s capital.
He stated that price gouging and price fixing are not only unethical, but patently illegal under the FCCPA.
According to him, ‘Price fixing refers to an unholy agreement between competing businesses to set prices at a certain level, price gouging on the other hand occurs when sellers significantly increase the price of goods or services duting a crisis or a period of economic challenge.’
Mr Bello who revealed that the Commission carried out discreet market surveys across the country noted that that due to its findings the margin in pricing of goods and services are rather unreasonable.
‘We have observed, for instance, that the margin in the prices of imported goods are very disp
roportionate in many cases; and in the case of locally produced goods, excessively inflated.
‘Section 17 of the Act empowers the Commission to eliminate anti-competitive practices, misleading, unfair, deceptive, or unconscionable marketing, trading, and business practices.
‘As such, the FCCPC has the will and the capacity to invoke the full weight of the law against those found culpable of exploiting consumers for undue profit.
‘Under Section ‘155, violators whether individuals or corporate entities face severe penalties, including substantial fines and imprisonment if found guilty by the court, this is intended to deter all parties involved in such illicit activities,’ he explained.
Mr Bello added that the stakeholders engagement underscores the gravity of the situation and the need for stakeholders to work together tocreate a marketplace that is not only competitive but also fair and just.
President of the National Association of Nigerian Traders, Ifeanyi okonkwo at the stakeholders meeting called on t
he government to begin its regulation on goods it should start from the point of entry in to the country.
‘If the government want to regulate they should start from the point of entry and also set up monotoring team, the association is there to help from the federal to the local level but you cannot fully checkmate because prices of purchase differ.’
Source: Voice of Nigeria