Amid the controversy stirred by its recent warnings about rising commodity prices, the Federal Competition and Consumer Protection Commission (FCCPC) has clarified that it has no intention of regulating market prices.
This follows a statement attributed to FCCPC Executive Vice Chairman, Mr. Tunji Bello, which suggested that the Commission might take action against traders engaged in what he termed “exploitative pricing.”
Contrary to this earlier statement, the FCCPC, in a recent communication, emphasized that while it remains committed to protecting Nigerian consumers, it will not interfere with market-determined prices. Instead, the Commission will focus on enforcing laws against practices that undermine fair competition and harm consumers.
Ondaje Ijagwu, Director of Special Duties (& Strategic Communication) at the FCCPC, issued a statement in Abuja, saying, “The FCCPC remains committed to a balanced approach that respects the dynamics of a free market while ensuring that consumers are protected from harmful practices. We encourage all businesses to engage in ethical and lawful practices that contribute to a fair and competitive marketplace.”
The Commission reiterated that its role is not to suppress private enterprise but to ensure that the market operates on principles of fairness, transparency, and accountability.
“When businesses, as illustrated by the cement sector case, engage in practices that harm consumers, the FCCPC will take decisive action,” the statement added.
In response to concerns over rising prices, the FCCPC stated that it would focus on curbing exploitative practices and anti-competitive behaviors rather than controlling prices.
“We have never considered, nor will we ever consider, intervening in the market to regulate prices. Any claims to the contrary are baseless,” the Commission clarified.
The FCCPC also announced a one-month moratorium before enforcement begins, allowing businesses time to adjust their practices and ensure compliance with the Federal Competition and Consumer Protection Act (FCCPA) 2018. The Commission assured the public that it would continue to monitor the marketplace and take action against any business practices that violate the law.
“The FCCPC stands firm in its commitment to enforcing the Federal Competition and Consumer Protection Act. Consumers and businesses alike can trust that we will remain vigilant in upholding the principles of fair competition and consumer protection,” the statement concluded.
The FCCPC’s clarification underscores its focus on fostering a competitive market environment while safeguarding consumers from unfair practices, without stepping into the realm of price control.