FCCPC Warns Traders To Cut Prices Within A Month To Prevent Exploitation Of Consumers

FCCPC Warns Traders To Cut Prices Within A Month To Prevent Exploitation Of Consumers

The Federal Competition and Consumer Protection Commission (FCCPC) has mandated traders across Nigeria to reduce their prices. The directive, issued by FCCPC Executive Vice Chairman Tunji Bello, provides a one-month grace period for compliance……CONTINUE READING 

Bello stated that the commission had detected collusion among some traders aimed at exploiting consumers. This announcement was made during a one-day stakeholder engagement on exploitative pricing held in Abuja.

The FCCPC plans to enforce compliance after the grace period, with potential penalties including imprisonment and fines for those found guilty. Bello emphasized that, according to Section 155, violators—whether individuals or corporate entities—could face significant legal consequences.

While the FCCPC’s approach is currently non-punitive, Bello urged stakeholders to act with patriotism and cooperation. He reiterated the commission’s commitment to addressing genuine issues and emphasized that the one-month moratorium is intended to foster voluntary compliance before enforcement actions are taken.