LIVE UPDATES
The Federal Competition and Consumer Protection Commission (FCCPC) has announced plans to initiate advocacy campaigns with market associations in all six geo-political zones of the country.
This initiative aims to discourage the formation of cartels, price-fixing, and other anti-competitive practices.
The acting executive vice chairman of the Commission, Dr Adamu Abdullahi, stated that this proactive approach is essential for promoting fair competition and protecting consumer rights.
Dr Adamu Abdullahi stated this during an interview with the Newsmen in Abuja on Sunday.
Abdullahi emphasized that the advocacy aims to educate market associations’ leaders and members about the provisions of the FCCPC Act regarding joint price fixing and its consequences.
He mentioned that the Commission has identified at least two supermarkets and two open markets where the advocacy will be conducted.
The acting executive vice chairman also mentioned that the exercise will be carried out in Osogbo, Awka, Port-Harcourt, Katsina, Minna, and Bauchi. Abdullahi noted that the Commission has already engaged some market executives in Masaka market, Nasarawa State, who claimed to be unaware of certain aspects of the FCCPC Act.
He further explained that the Commission has informed its officials in the respective zones and has selected at least two supermarkets in the formal sector and two open markets in the informal sector for the advocacy.
“The purpose is to gather information about the activities in those markets, which will then be reported back to the Commission. Subsequently, advocacy will be initiated with the market associations to raise awareness about the government agency overseeing their activities.
The initial approach will focus on promoting awareness, but upon our return, we will shift to enforcement. Undesirable behaviors will have repercussions, and we will implement penalties," he stated.
The acting executive vice chairman urged the public to report any instances of anti-competitive practices observed in the markets to the Commission for appropriate action.
"It is important for the public to be aware that if they come across expired products in supermarkets or open markets, they should inform us so that we can remove them. Our penalties are substantial; for supermarkets and formal markets, we can impose fines of up to 10% of their annual turnover.
Additionally, any director of a company found guilty of violating our Act will be subject to a fine of N10 million," he explained.
