Nigeria’s Federal Competition and Consumer Protection Commission (FCCPC) has issued a stern warning to Fast-Moving Consumer Goods (FMCG) outlets across the country, threatening to take drastic measures if deceptive pricing practices persist amidst the country’s economic challenges.
In a statement released on Saturday, Adamu Abdullahi, the Acting Executive Vice Chairman of the FCCPC, expressed deep concern over the rising cost of food and emphasized the need for businesses to provide clear and transparent pricing information to consumers.
Abdullahi underscored the commission’s commitment to stamping out exploitative practices, citing the penalties outlined in the Federal Competition and Consumer Protection Act (FCCPA) for violations.
“The Commission is aware of similar practices occurring at other FMCG outlets nationwide. These outlets are advised to cease such practices immediately to avoid consequences,” Abdullahi stated.
Businesses were urged to display transparent pricing information to empower consumers, especially during difficult economic times.
The FCCPC’s recent actions have highlighted its determination to enforce fair trade practices. Just the day before issuing the warning, the commission had taken action against Sahad Stores Limited, a prominent establishment in Abuja, sealing off the premises due to allegations of stockpiling, extortion, lack of transparency, and misleading pricing practices.
The FCCPC emphasized that the FCCPA provides comprehensive protection for consumer rights and prohibits deceptive business practices. It warned that violators face fines for organizations and potential imprisonment for directors under Section 115 of the Act.
The commission reiterated its call for all businesses to adhere to fair and transparent pricing practices to safeguard consumer interests and maintain a healthy market environment.
