Reduce Inflated Prices of Goods Within A Month Or Face Penalties, Imprisonment, FG Tells Traders
In a new policy reaction to the worsening economic realities and high costs of goods in the county, the Federal Government of Nigeria has announced an ultimatum for traders to reduce the prices of goods to avoid legal actions, penalties and possible Imprisonment over consumer exploitation and unjustifiable inflation of prices of goods.
By: Abdulwasiu Akintunde, Israel Adeleke
The Federal Government through its consumer protection agency, the Federal Competition and Consumer Protection Commission (FCCPC) has issued a one-month ultimatum for traders across Nigeria to lower the prices of goods or face dire consequences.
OPEN TELEVISION Naija (OTN) News reports that the Federal Competition and Consumer Protection Commission (FCCPC) has announced a one-month grace period, urging traders and market participants involved in the unjustifiable inflation of prices and exploitation of consumers to reduce their prices.
The newly appointed Executive Vice Chairman of the FCCPC, Mr. Tunji Bello, made this announcement during a one-day stakeholders’ engagement on exploitative pricing held on Thursday in Abuja.
In his words, "In view of the current situation in Nigeria, let me however be very unequivocal. Price gouging and price fixing are not only unethical, but patently illegal under the FCCPA. As such, the FCCPC has the will and the capacity to invoke the full weight of the law against those found culpable of exploiting consumers."
"However, our approach today is not punitive or adversarial… dialogue and collaboration are equally important tools in fostering a fair marketplace.” he added.
Mr Bello emphasized that the Commission will begin enforcement actions once the moratorium period ends.
The consumer protection executive further stated that “Under Section 155, violators, whether individuals or corporate entities face strict penalties, including hefty fines and imprisonment if convicted by the court. This measure is designed to discourage anyone involved in such unlawful activities."
“However, our focus today is not on punishment. I urge all stakeholders to act with patriotism and cooperation. With this in mind, we are granting a one-month grace period before the Commission begins strict enforcement.”
“We acknowledge that there are legitimate concerns, and it is the Government’s duty to address these issues, but we also need to have honest conversations among ourselves.There are cases where traders collude to exploit consumers,” Mr Bello concluded .
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