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HomeCommunity JournalismFCCPC Issues One-Month Moratorium on Price Exploiters, Warns of Tough Enforcement

FCCPC Issues One-Month Moratorium on Price Exploiters, Warns of Tough Enforcement

By Joke Kujenya

THE FEDERAL Competition and Consumer Protection Commission (FCCPC) has issued a stern warning to traders and market stakeholders involved in price exploitation.

On Thursday, the Commission announced a one-month moratorium, urging a reduction in the inflated prices of goods.

This directive was given during a stakeholder engagement on exploitative pricing held in Abuja.

FCCPC’s Executive Vice Chairman, Mr. Tunji Bello, emphasized that enforcement would begin immediately after the moratorium ends in September.

The meeting further addressed the alarming trend of unreasonable pricing in consumer goods and services and the manipulative practices by market associations.

Bello highlighted the findings of the Commission, citing the example of a fruit blender known as Ninja, which sells for $89 (N140,000) at a Texas supermarket but is priced at an exorbitant N944,999 in Victoria Island, Lagos.

Furthermore, he expressed disbelief at the arbitrary price hike, noting that such practices threaten the economy.

“Under Section 155, violators, whether individuals or corporate entities, face severe penalties, including fines and imprisonment,” Bello warned.

However, Bello also called for cooperation and patriotism from market stakeholders, offering the one-month moratorium as a period for self-correction before strict enforcement begins.

Also during the engagement, stakeholders voiced concerns over the rising costs of transportation, insecurity, and multiple taxation, which they claim contribute to the increase in goods and services prices.

Ifeanyi Okonkwo, Chairman of the National Association of Nigerian Traders, FCT Chapter, pointed to high charges on imported goods at the ports as another contributing factor.

Moreover, stakeholders, including representatives from the Kugbo Spare Parts market and Flour Mills, highlighted the burdens of increased transportation costs and the need for harmonized regulatory fines.

Supermarket owners, represented by Ikenna Ubaka, cited high bank interest rates, rent increases, and electricity charges as reasons for the elevated costs of goods.

The Master Bakers Association, through Solomon Ukeme, pointed to the rising cost of key ingredients like flour, sugar, and butter as driving the high price of bread and other confectioneries.

Ukeme also noted that multiple taxation remains a significant issue for their industry.

The FCCPC’s engagement was attended by several market associations, all of whom are now on notice to comply with the moratorium and adjust their pricing practices accordingly.

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