Executive Vice Chairman, FCCPC, Tunji Bello,
By Tony Folarin
The Executive Vice Chairman, Federal Competition and Consumer Protection Commission (FCCPC), Tunji Bello, Wednesday debunked claims of issuing ultimatum of one month to crash prices. He said contrary to report making the news space, in the past few days, the Commission never issued any ultimatum to traders to crash prices.
He made the clarification at a One-Day Stakeholders’ Engagement on Exploitative Pricing, held in Lagos on Wednesday; the FCCPC boss stated that, rather, the Commission’s present pre-occupation is to fight price gouging, price fixing and unwholesome practices in the nation’s markets.
He stated that rather than take a task that is not part of its mandate, the commission’s focus is to look at some sharp market practices, causing incessant hike in the prices of goods and commodities, with the aim of tackling them.
Bello said the decision to organize the stakeholders’ engagement with market women, traders and others, was part of the agency’s attempt at finding a lasting solution to the issue of exorbitant prices in the market.
“We discovered that some traders form cartels in the markets and put barriers in form of ridiculous membership fees intended to ensure price fixing in the market. Without joining them, they won’t allow anyone to sell goods in the market or provide services. Such practices are against the law and constitute some of the offenses the Commission is against.
“The purpose of the town-hall meeting initiative is to engage you the stakeholders in the production and retail segment of the market as well as service providers, to hear your own stories, with a view to achieving a consensus for the benefit of all of us,” he stated.
