By Suleiman Mustapha
The Federal Competition and Consumer Protection Commission (FCCPC), Thursday, gave exploitative traders a one-month moratorium to crash prices of goods and commodities.
This directive was given by the newly appointed Executive Vice Chairman of FCCPC, Mr Tunji Bello at a one-day stakeholder’s engagement on exploitative pricing held in Abuja.
According to Bello, the commission will begin enforcement after the moratorium.
He said the directive is to control unreasonable pricing of consumer goods and services and the unpleasant practice of market associations.
Bello frowned at the commission’s discovery of a fruit blender sold at a popular supermarket in Texas, USA, for 89 dollars (N140,000.00) while the same product is displayed for sale at the rate of N944,999.00 in a supermarket in Victoria Island, Lagos.
He said the ugly act of price fixing is 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.
“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.
Bello said the government was aware of most of the problems raised by the market stakeholders.
”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.
“There are also gang-ups to exploit consumers by traders,” he said.
Speaking, 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 while appealing to the Commission to set up a task force and involve the association in its enforcement.
Some of the market stakeholders who spoke at the meeting mentioned that the high cost of transportation, insecurity, and multiple taxation among others were reasons for the continuous increase in prices of goods and services.
Ikenna Ubaka, who spoke on behalf of supermarket owners, alleged that banks’ interest rates to them were over 30 per cent, rent increments and hikes in prices by distribution/ supply chains were reasons for the high cost of goods.
Ubaka also alleged that electricity distribution companies were charging supermarkets exorbitantly.
