We're Protecting Consumers, Ensuring Survival Of Businesses-FCCPC Boss

The Executive Vice Chairman of the Federal Competition and Consumer Protection Commission (FCCPC), Mr Babatunde Irukera said the mandate of the Commission is not only to protect consumers but also to ensure the survival of businesses.

At an interactive session with journalists in Abuja on Tuesday, he admitted that the current economic situation of the country is not a good time for consumers, but expressed optimism for an improved economy in the nearest future.

According to him, the FCCPC has carried out several interventions, especially with the recent hike in subscription prices by Multichoice as well as digital money lenders.

“We have been meeting with the digital money lenders and we are developing a business model for them which will soon be out but what I can assure you is that our interventions cuts across virtually every sector.

“We have intervened in pharmaceuticals and critical hygiene products, tobacco as well as the shipping sector. We have watched and looked to ensure that businesses thrive in a manner that is fair to consumers and recently we have opened investigations in shipping to ensure the prices of shipping is brought to the barest minimum,” he said.

The FCCPC Boss added that the outcome of the Commission’s Interventions has slowed down inappropriate behaviour by some businesses.

“Nigeria must regulate for business to survive and also for consumers to live. On the consumer protection side, the law was passed in 2019 and the FCCPC spent the better part of the year in sensitization for people to self regulate and familiarize themselves with the consequences of breaking the law”.

He, however, noted that the FCCPC will keep partnering with the media to ensure that nobody takes advantage of consumers and those businesses also survive.

Responding to a question on the exponential increase in the price of goods and services, he said the FCCPC is not a price regulator, “However, there are provisions in the FCCPA that regulates extortion but it doesn’t give their commission the exclusive right to regulate prices,” he added.