*seals supermarket in Abuja over unfair practices
By Onu Okorie
Barely forty – eight hours after the Federal Competition and Consumer Protection Commission FCCPC warned against unfair practice against consumers, the Commission has sealed uo Supermarket in Abuja yesterday over unfair practices.
FCCPC officials took the action during an enforcement exercise in parts of the nation’s capital.
Officials of FCCPC were at several supermarkets in Abuja to initiate a campaign to enforce price display and quantity compliance.
The move is a direct response to concerns raised by consumers about the rising costs of goods which go against the recent strengthening of the naira against major currencies. The Commission said price discrepancies remain a significant issue.
The Commission had directed its operatives to intensify monitoring of both formal and informal markets where business may be taking advantage of market conditions to unfairly inflate prices and ramp up enforcement activities in a statement.
“The situation is unacceptable and the FCCPC is committed to protecting consumers from exploitation. The federal competition and consumer protection commission fccpc is aware of the concerns expressed by Nigerians regarding the continued rise in price of goods and services.
“Despite the recent appreciation of the Naira against the dollar, consumers continue to face escalating cost without corresponding decreasing in prices. “
“The FCCPC understands significant financial strain these rising prices are placing on Nigerian households. As a result, the Commission will utilise its existing legal framework to enforce fair competition and consumer protection provisions. “
“This includes monitoring and investigating unusual price hikes addressing complaints filed by consumers and taking action against any business found to be engaging in anti-competitive practices such as price fixing, price gouging or cartel formation.”
“The operatives will be working collaboratively with traders associations, farmers groups and other stakeholders to identify and remove unnecessary barriers to entry in various sectors combat price fixing and dismantle cartels.
“This will encourage increased completion, ultimately leading to lower prices for consumers. The Commission remains committed to educating consumers about their rights and empowering them to make informed choices. We will engage in advocacy and public.”
