FCCPC Issues Ultimatum To Market Stakeholders To Crash Prices Of Goods
The Federal Competition and Consumer Protection Commission (FCCPC) has warned market stakeholders involved in exploiting citizens by hiking prices of goods to seize or face the goverment’s wrath.
The newly appointed Executive Vice Chairman of the FCCPC, Mr Tunji Bello, issued this ultimatum on Thursday in Abuja.
Bello, while speaking at the one-day stakeholders engagement on exploitative pricing, warned that the traders had a one-month ultimatum to crash the prices of goods.
The Vice Chairman held that, enforcement will commence after the expiration of the ultimatum issued.
Bello said the Commission had noticed a wide disparity in the prices of goods imported into the country, as opposed to their true value abroad.
He noted that these price hikes were threatening the Nigerian 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.
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”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 stated.
In their reaction, the traders and stakeholders blamed factors such as, multiple taxation, high cost of transporting these goods, among others, as reasons for the price hike.
The Chairman, National Association of Nigerian Traders, FCT Chapter, Ifeanyi Okonkwo, backed this up by positing that the charges the government slams on imported goods at the Ports is also another reason for the price hikes.
