The Federal Competition and Consumer Protection Commission (FCCPC) has called on stakeholders in the production and distribution value chain to join efforts to prevent price fixing and other unethical practices. FCCPC’s CEO, Tunji Bello, made the appeal at a town-hall meeting in Lagos, citing discoveries of cartels and price fixing during a nationwide survey.
Bello emphasized the need for consensus to address sharp price increases, acknowledging the impact of exchange rates and petrol price hikes. He introduced an interactive portal for consumers to lodge complaints, promising prompt action.
The FCCPC Act empowers the commission to eliminate anti-competitive practices, with sanctions including fines and jail terms. The commission chose dialogue as a first step, seeking cooperation from stakeholders to address the growing trend of consumer exploitation.
