The Federal Competition and Consumer Protection Commission (FCCPC) clarified its role in market regulation, responding to concerns raised by the Organised Private Sector and other stakeholders regarding its recent directives against practices like price gouging and price fixing. The FCCPC emphasized that it does not control prices but instead ensures fair market operations. The commission reiterated that its mandate is to prevent exploitative behaviors and promote a competitive environment, where prices are determined by supply and demand.
In a statement issued by its Director of Special Duties and Strategic Communication, Ondaje Ijagwu, the FCCPC explained that external factors like foreign exchange fluctuations and the removal of fuel subsidies may influence pricing strategies, but they do not justify exploitative practices. The FCCPC highlighted a specific case in the cement sector, where BUA Cement’s chairman, Abdul Samad Rabiu, noted that despite the company’s efforts to sell cement at a fair price, dealers inflated prices significantly, illustrating the kind of behavior the FCCPC seeks to address.
The commission reassured the business community that its actions are not aimed at suppressing private enterprise but at protecting consumers from harmful practices and maintaining market fairness. To give businesses time to adjust, the FCCPC has granted a one-month moratorium before enforcement begins. The commission remains committed to monitoring the marketplace and enforcing the Federal Competition and Consumer Protection Act 2018 to ensure fair competition and consumer protection
