The Federal Competition and Consumers’ Protection Commission (FCCPC) has urged stakeholders across the production and distribution value chain to join efforts in addressing price fixing and other unethical practices.
Mr. Tunji Bello, Vice Chairman/Chief Executive Officer of FCCPC, made this appeal during a town-hall meeting with industry leaders, market association heads, transport operators, and service providers in Lagos. The meeting was convened in response to troubling findings from a nationwide survey conducted by the commission.
Bello highlighted that some traders have been forming cartels and imposing excessive membership fees to manipulate market prices. Such practices, which hinder fair competition and inflate prices, are illegal and against the FCCPC’s mandate.
“The purpose of this town-hall meeting is to engage with stakeholders in the production, retail, and service sectors to discuss these issues and work towards a collective solution,” Bello explained. He noted that the current economic challenges, including rising food and transportation costs, have exacerbated the impact of these unethical practices.
While acknowledging that exchange rate fluctuations and increased petrol prices have led to some price adjustments, Bello criticized the excessive price hikes driven by cartels, which exploit consumers.
Bello emphasized that the FCCPC initially seeks dialogue to address these issues but is also prepared to use its regulatory powers if necessary. The FCCPC Act, particularly Section 17, empowers the commission to combat anti-competitive practices and impose penalties, including fines of up to ₦10 million and imprisonment for violators.
To improve engagement, the FCCPC has enhanced its complaint portal to ensure that consumer grievances are addressed swiftly.
In her remarks, Mrs. Folashade Tinubu-Ojo, the Iyaloja of Lagos, advocated for a symposium with all relevant stakeholders to address logistical challenges contributing to high prices. She emphasized the need for fairness and empathy from traders during these difficult times.
Dr. Abdullahi Adamu, Executive Commissioner, Operations at FCCPC, underscored that while the agency does not regulate prices, it will actively combat illegal practices such as price gouging and cartel behavior.
“We will continue to tackle these issues head-on to ensure a fair marketplace,” Adamu stated.