The Federal Competition and Consumer Protection Commission, FCCPC, has declared it will not control market prices following the controversy over its threat to step in and intervene in the markets in response to rising commodity prices.
This runs counter to a remark made last week, attributed to Mr. Tunji Bello, the Executive Vice Chairman of the FCCPC, warning traders and other market participants engaging in what he called “exploitative pricing” to stop or face action from the Commission.
Bello threatened to crash traders’ prices.
The commission asserted that prices in a competitive marketplace are determined solely by the forces of supply and demand, adding, that it did not, therefore, contemplate price control, having considered it outside the scope of its responsibilities.
The FCCPC however explained that it would uphold the law against actions that impede free and fair competition and that it would defend Nigerian consumers by combating price-fixing and other forms of market manipulation in all regions of the nation.
The Commission, in a statement issued by Ondaje Ijagwu, Director, Special Duties (& Strategic Communication) in Abuja, yesterday said, “While promoting competition is essential for economic health, as evidenced in sectors like telecommunications, it is equally important to enforce laws against practices that undermine fair competition.
“The FCCPC remains committed to a balanced approach that respects the dynamics of a free market while ensuring that consumers are protected from harmful practices.
“We encourage all businesses to engage in ethical and lawful practices that contribute to a fair and competitive marketplace. The FCCPC does not seek to suppress private enterprise; our role is to ensure that the market operates on principles of fairness, transparency, and accountability. When businesses, as illustrated by the cement sector case, engage in practices that harm consumers, the FCCPC will take decisive action.”
The FCCPC pledged to work collaboratively with all stakeholders; businesses, consumer groups, and other government agencies, to address both the immediate and remote causes of exploitative pricing, adding, “Our approach combines enforcement with cooperation, aiming to protect consumers and maintain a healthy competitive environment.”
According to the organisation, it has given a one-month moratorium before enforcement begins, providing businesses with the necessary time to adjust their practices and ensure full compliance with laws aimed at protecting consumers and fostering fair competition.
It added “The FCCPC stands firm in its commitment to enforcing the Federal Competition and Consumer Protection Act (FCCPA) 2018. We will continue to monitor the marketplace and take action against any business practices that violate the law.”
“Consumers and businesses alike can trust that we will remain vigilant in upholding the principles of fair competition and consumer protection.”
