Lagos: The Federal Competition and Consumer Protection Commission (FCCPC) has warned traders at the Lagos Trade Fair Complex against exploitative market practices, particularly price fixing and the illegal ‘no return, no refund’ policy. FCCPC issued this warning during a sensitisation visit to the Balogun Business Association (BBA) market at the Trade Fair Complex on Thursday.
According to News Agency of Nigeria, officials sought the collaboration of market leaders to promote fair business practices and strengthen consumer protection. During the visit, Mrs. Olubunmi Dorcas-Otti, FCCPC Zonal Coordinator for the South-West Office, stated that the engagement aimed to educate traders on the provisions of the Federal Competition and Consumer Protection Act and the commission’s regulatory mandate. She emphasized that the commission’s regulations are designed to support business growth while safeguarding consumers from harmful products and unfair market practices. Otti encouraged importers and manufacturers to prioritize quality in their products and services and to avoid selling harmful and substandard goods.
Mrs. Olubunmi Dorcas-Otti highlighted that practices like price fixing and refusal to refund defective goods are prohibited under the law. She remarked that ‘product price fixing is anti-growth and prohibited by law’ and that the ‘no return, no refund’ policy is a tradition lacking a human face, which the commission does not condone. Although the commission has the legal authority to enforce compliance, she expressed a preference for working cooperatively with market leaders to ensure seamless regulation.
Mr. Ukason Henry-Kissinger, Head of Corporate Affairs at the commission, indicated that the FCCPC remains the country’s leading regulatory body for consumer protection and fair competition. He explained that the visit aimed to enlighten traders on the ‘do’s and don’ts’ of doing business in line with the commission’s Act, emphasizing collaboration to address regulatory issues civilly and avoid unnecessary disruptions in the market.
Mr. Peter Nwaebonyi, the commission’s Head of Legal, mentioned that the law empowers the FCCPC to prosecute individuals or groups found violating consumer protection regulations. He urged market leadership to support the commission in identifying traders dealing in substandard and harmful products, appealing for cooperation to maintain a safe market environment.
In response, Mr. Akidi Okey, Assistant General Secretary of the Balogun Business Association, assured the commission of the association’s support in promoting responsible business practices and mentioned that the market leadership consistently advises members against trading in substandard goods. He requested that the commission avoid bringing security operatives during enforcement activities, as such approaches often create fear among traders. The market leadership commended the FCCPC team for its civil approach and invited the commission to attend the association’s enlarged Executive Council meeting scheduled for April to further educate traders on consumer protection laws.