The Federal Competition and Consumer Protection Commission, FCCPC, has given a one-month ultimatum to traders and other market stakeholders involved in exploitative pricing to crash the prices of goods.
The Executive Vice Chairman of FCCPC, Mr Tunji Bello gave the ultimatum at a one-day stakeholders engagement on exploitative pricing in Abuja, on Thursday.
Bello said the commission will begin enforcement after the moratorium.
He said the meeting was to address the growing trend of unreasonable pricing of consumer goods and services and the unwholesome practice of market associations.
Bello described the commission’s finding that a fruit blender known as Ninja was being sold at a popular supermarket in Texas for $89 dollars (N140,000.00), but the same product was displayed for N944,999.00 in a supermarket in Victoria Island, Lagos.
Bello wondered the basis for the arbitrary hike in the price of the blender compared to the one in 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.
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”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.
The FCCPC boss said government was aware of most of the problems raised by the market stakeholders.
”We have heard and you have genuine issues. 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 added.
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 for the continuous increase in prices of goods and services.
The Chairman, National Association of Nigerian Traders, FCT Chapter, Ifeanyi Okonkwo said that charges on imported goods at the ports also contributed to the hike in prices.
Okonkwo appealed to the commission to set up a task force and involve the association in its enforcement.
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