Report Firms, Individuals Involved In Exploitative Food Prices, FCCPC Tells Nigerians

The Acting Executive Vice Chairman of the Federal Competition and Consumer Protection Commission (FCCPC), Adamu Abdullahi, has urged Nigerians to report individuals and firms exploiting the prices of goods in the country.

This is as the FCCPC noted that the Federal High Court order mandating the federal government to fix the prices of certain food commodities, “is an unusual practice in a free market”.

In a statement signed by Abdullahi on Friday, he disclosed that the commission was not a party to the suit and is taking all steps to obtain the judgement of the court and make appropriate responses.

“For clarity, it is imperative to underscore that the Commission is not mandated to regulate prices. However, in rare situations and under Part XI, and Section 88 of the Federal Competition and Consumer Protection Act (FCCPA), the Commission may advise the President to fix the prices of certain goods and services, based on empirical evidence.

“The Commission firmly believes that empirical data about the cause of unfair prices in the food sector must be the basis for any enforcement exercise.

“The Commission’s surveillance efforts suggest participants in the food chain and distribution sector including at the retail level are engaging in conspiracy, price gouging, hoarding and other unfair tactics/ strategies to restrict the supply of food, manipulate and inflate the price of food in an indiscriminate manner

“This conduct violates both moral and legal codes. Taking advantage of consumer anxiety and vulnerability to inflate prices, and restrict or distort competition, is obnoxious, unscrupulous, exploitative and illegal.

“The Commission is by this release encouraging the public or anyone with useful information in the food chain industry, concerning unlocking possible illegal, exclusionary or restrictive practices that contribute to unfair food prices to report same to the Commission, through its designated portal,” he said.

He also warned the use of undue influence, imbalance in negotiating power, unfair tact and similar conduct in the marketing and supply of goods and services, adding that this is contrary to Sections 17 and 124 of the FCCPC Act and is punishable under law.

In his words, “Any business participating in activities contributing to price gouging in the food chain sector is hereby warned to desist forthwith or face the full force of the law.

“The Commission will not tolerate actions compromising the integrity of the food chain sector, and legal consequences will be swift and severe”.

Abdullahi said the commission is working with the Federal Ministry of Industry, Trade and Investment, other government agencies, consultants, and Civil Society Organisations (CSOs) to come up with measures to curb the excessive prices of commodities in the markets.