The FCCPC has set a one-month deadline for traders to reduce the prices of goods throughout Nigeria.
The Federal Competition and Consumer Protection Commission (FCCPC) has announced a one-month grace period for traders and market participants engaged in price exploitation, encouraging them to lower their prices on goods.
Mr. Tunji Bello, the newly appointed Executive Vice Chairman of the FCCPC, shared this information during a one-day stakeholders’ engagement focused on exploitative pricing, which took place on Thursday in Abuja.
Bello indicated that the Commission plans to initiate enforcement actions as soon as the moratorium period concludes.
He said, ”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.
”However, our approach today is not punitive. I, therefore, call on all stakeholders to embrace the spirit of patriotism and cooperation.
”It is in this spirit that we are giving a moratorium of one month before the Commission will start firm enforcement,”
“We have heard and you have genuine issues and the government has the responsibility to address the problems but generally, let us talk to ourselves too.
”There are also gang-ups to exploit consumers by traders,”