The Federal Competition and Consumers Protection Commission, FCCPC, has urged stakeholders in the production and distribution value chain of the economy to support it in curtailing price fixing and other unethical practices.
The Executive Vice Chairman, FCCPC, Mr Tunji Bello, made the appeal at a town hall meeting in Lagos tagged ‘Stakeholders Engagement on Exploitative Pricing’.
The event was attended by captains of industries, leaders of market associations, transport operators and service providers.
Bello said he called the meeting as a result of findings discovered by the Commission during a survey conducted nationwide.
“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 offences the commission is against,” Bello said.
According to him, the purpose of the town hall meeting initiative was to engage the stakeholders to hear their stories.
Bello added that the goal was to achieve a consensus for the benefit of all.
He explained that the Lagos stakeholders meeting was coming after the one held in Abuja, two weeks ago.
Bello noted that the FCCPC initiative was coming at a time Nigerians were experiencing sharp increases in the prices of food items and transportation costs across the country.
While acknowledging that the exchange rate and the increase in petrol price make the old prices unsustainable, Bello frowned at disproportionate increases in the prices of food items.
He attributed it to the handiwork of who he called “cartels” exploiting consumers.
He said that though sections of the law empower the commission to deal decisively with offenders, it chose to first explore the option of dialogue with a view to arriving at a consensus to deal with the growing trend.
Nigerian Govt seeks stakeholders’ support to curb price fixing, unethical practices
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