The Federal Competition and Consumers’ Protection Commission is asking traders and others involved in production and distribution to help fight against price fixing and unfair practices.
The Vice Chairman and CEO of FCCPC, Mr. Tunji Bello, made this appeal during a town hall meeting in Lagos with industry leaders, market associations, transport operators, and service providers.
“We discovered that some traders form cartels in the markets and put barriers in form of ridiculous membership fees intended to ensure price fixing in the market. Without joining them, they won’t allow anyone to sell goods in the market or provide services,” Bello said. “Such practices are against the law and constitute some of the offenses the commission is against.”
Bello explained that the town hall meeting was organized to engage with stakeholders in the market to discuss and find solutions. He stressed the importance of working together to benefit everyone, especially as Nigerians are currently facing high prices for food and transportation.
While acknowledging that the rising exchange rate and petrol prices make old prices unsustainable, Bello criticized the excessive price increases, which he attributed to market “cartels” exploiting consumers. He said, “The FCCPC initiative is coming at a time Nigerians are experiencing sharp increases in the prices of food items and transportation costs across the country.”
Even though the FCCPC has the power under Section 17 of the FCCP Act to take strong actions against offenders, including fines of up to N10 million and jail terms of up to three years, Bello said the commission is first trying dialogue to find a consensus solution. He also announced that the FCCPC has upgraded its complaint portal, making it easier for consumers to report issues.
Mrs. Folashade Tinubu-Ojo, the Iyaloja of Lagos, suggested holding a symposium with market leaders, traders, transport agencies, and security personnel to tackle the ongoing issues with logistics that are driving prices up. She said, “We must all work together to ensure that prices are fair for everyone, especially in these challenging times. Even if we have made higher profits in the past, now is the time for traders to make reasonable profits and show empathy for the economic situation facing many Nigerians.”
Dr. Abdullahi Adamu, Executive Commissioner of Operations at FCCPC, also spoke about the illegal practices, saying, “We are not a price regulatory agency, but price gouging and collusion among traders to fix prices is illegal, and we will continue to address these practices head-on.”
