The FCCPC made this known while addressing growing concerns within the Organised Private Sector and among various stakeholders in the country.
In a Tuesday statement by its Director of Special Duties (Strategic Communication), Ondaje Ijagwu, the commission urged businesses to cease price gouging and price fixing practices, which have become increasingly prevalent in Nigeria’s challenging economic climate.
The FCCPC emphasised that its mandate is to protect consumers from unfair and deceptive practices while ensuring healthy competition across all sectors.
The commission categorically denied any intentions of regulating prices, stressing that price control falls outside its remit. Instead, it said the focus remains on safeguarding consumers against anti-competitive behaviours that distort the marketplace.
“Price gouging exploits crises or economic hardships to arbitrarily inflate prices, while price fixing involves collusion among competitors to set prices,” the FCCPC stated. “Such practices undermine the principles of supply and demand that should govern a competitive marketplace.”
The commission highlighted the complexities of the current economic environment, acknowledging factors such as foreign exchange volatility and the removal of fuel subsidies.
However, the FCCPC asserted that these challenges do not justify exploitative practices, adding that the commission’s recent actions, particularly within the retail sector, are rooted in evidence and targeted at instances where consumers are most vulnerable.
The statement drew attention to a case within the cement industry, where Abdul Samad Rabiu, Chairman of BUA Cement, revealed that despite the company’s efforts to sell cement at a fair price of N3,500 per bag, dealers inflated prices to between N7,000 and N8,000.
The FCCPC noted that this exemplifies the kind of unethical conduct it is determined to address, as it undermines both consumer welfare and ethical business practices.
In reaffirming its stance, the FCCPC encouraged businesses to engage in lawful and ethical practices that promote a fair and competitive market.
“Our role is not to suppress private enterprise but to ensure the market operates on principles of fairness, transparency, and accountability,” the commission said.
The FCCPC also announced a one-month moratorium before its directives are enforced, allowing businesses time to adjust their practices and ensure compliance with consumer protection laws.
The commission said it remains committed to upholding the Federal Competition and Consumer Protection Act (FCCPA) 2018 and will continue to monitor the marketplace and take action against any business practices that violate the law.
“Consumers and businesses alike can trust that we will remain vigilant in upholding the principles of fair competition and consumer protection,” it said.
