The Federal Competition and Consumer Protection Commission (FCCPC) has issued a one month ultimatum to traders across the country to crash market prices of goods. Executive Vice Chairman of The Commission Tunji Bello, provided details of this ultimatum while speaking at a one day stakeholders engagement on exploitative pricing which held on Thursday 29th August 2024 in Abuja. He also firmly spoke against the arbitrary fixing of high prices on goods available in the country as offenders risk severe penalties like heavy fines or even prison sentences.
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Issuing the warning which has now circulated across the country, Tunji Bello stated: "In view of the current situation in Nigeria, let me however be very unequivocal. Price gouging and price fixing are not only unethical, but patently illegal under the FCCPA. As such, the FCCPC has the will and the capacity to invoke the full weight of the law against those found culpable of exploiting consumers. However, our approach today is not punitive or adversarial… dialogue and collaboration are equally important tools in fostering a fair marketplace.”
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