By Jemimah Wellington, JKNewsMedia Reporter
THE FEDERAL Competition and Consumers Protection Commission (FCCPC) has urged stakeholders in the production and distribution sectors to help combat price fixing and other unethical practices.
FCCPC head, Mr. Tunji Bello, made this appeal during a town-hall meeting in Lagos, attended by leaders from various industries, market associations, and service providers.
Bello revealed that the meeting was prompted by findings from a nationwide survey conducted by the FCCPC, which uncovered cartels forming in markets.
He explained that some traders enforce exorbitant membership fees to control prices, preventing others from selling goods or offering services unless they join these groups.
Such practices violate the law and are part of the issues the FCCPC seeks to address.
He emphasized that the purpose of the town-hall meeting was to engage stakeholders directly to hear their perspectives and work toward a solution.
This Lagos event followed a similar meeting held in Abuja two weeks ago.
Bello expressed concern over the rising cost of food and transportation across Nigeria, attributing it partly to the actions of cartels exploiting consumers.
Although the commission has the authority to take legal action, Bello said they prefer to first explore dialogue to find a consensus.
Under Section 17 of the FCCPC Act, the commission is empowered to eliminate anti-competitive and deceptive practices, with penalties that include fines of up to N10 million and a possible three-year jail term.
Bello also noted that the FCCPC had upgraded its complaint portal to better serve consumers seeking redress.
Addressing the broader economic situation, Bello pointed to measures taken by the Tinubu administration, including the removal of taxes on imported food, pharmaceuticals, and transportation, aimed at easing the impact of recent reforms.
He called on traders to cooperate in ensuring that these benefits are passed on to consumers, warning that the reforms would be ineffective if prices remain high.
