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Nigerian Govt Mandates Price Cuts, Traders Face Jail Time If Non-Compliant

Published

3 months ago

Aug 29, 2024.

The Federal Competition and Consumer Protection Commission (FCCPC) has directed traders across the country to reduce the prices of goods.

Tunji Bello, the Executive Vice Chairman of the FCCPC, issued the directive on Thursday, granting traders a one-month grace period to comply.

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EKO HOT BLOG reports that Bello stated that the commission had identified coordinated efforts by some traders to exploit consumers through inflated prices.

He made this announcement during a one-day stakeholders’ engagement on exploitative pricing held in Abuja.

Bello also warned that the FCCPC would initiate enforcement actions after the grace period, with violators facing potential imprisonment and fines if convicted in court.

He said, ”Under Section 155, violators whether individuals or corporate entities face severe penalties including substantial fines and imprisonment if found guilty by the court.

”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 before the Commission will start firm enforcement.”

FCCPC Price traders

“We have heard and you have genuine issues and the government has the responsibility to address the problems but generally, let us talk to ourselves too.