We Are Giving You One Month To Crash Prices – FG Sends Stern Warning To Traders, Vows To Take Action

The Federal Competition and Consumer Protection Commission (FCCPC) has given a one-month moratorium to traders and other market stakeholders exploiting consumers with high market prices.

Speaking in Abuja on Thursday during a one-day stakeholders engagement on exploitative pricing, the newly appointed Executive Vice Chairman of the FCCPC, Tunji Bello said the commission will begin enforcement after the moratorium.

He said that the meeting was to address the growing trend of unreasonable pricing of consumer goods and services and the unwholesome practice of market associations.

According to Bello, the Commission’s findings had revealed that a fruit blender known as Ninja was being sold at a popular supermarket in Texas for 89 dollars (₦140,000.00) but the same product was displayed for ₦944,999.00 in a supermarket in Victoria Island, Lagos.

Bello wondered about the basis for the arbitrary hike in the price of the blender compared to the Texas, United States of America.

He said the unwholesome practices including price fixing were threatening the stability of the economy.

“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 (September) before the commission will start firm enforcement, ” he said.

Bello said the government was aware of most of the problems raised by the market stakeholders.

”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.