The Federal Competition and Consumer Protection Commission, FCCPC, has given a one-month moratorium to Nigerian traders and market stakeholders involved in pricing to crash the prices of goods.
Mr Tunji Bello, the newly appointed Executive Vice Chairman of the FCCPC, shared the information during a one-day stakeholders engagement focused on exploitative pricing, which took place on Thursday in Abuja.
According Bello, the Commission’s investigation showed that a fruit blender known as ‘Ninja’ was sold at a popular supermarket in Texas for 89 dollars (N140,000.00) but the product was displayed for N944,999.00 in a Super market in Victoria Island, Lagos.
Bello wondered about the arbitrary hike in the price of blender compared to Texas, United States of America.
He indicated that 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 punitive. I, therefore, call on 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”, he said.
Some of the market stakeholders who spoke at the engagement said that the high cost of transportation, insecurity, and multiple taxation among others were reasons y the continuous increase in prices of goods and services.
-9News Nigeria.
