Executive Vice-Chairman/Chief Executive, Federal Competition and Consumer Protection Commission (FCCPC), Tunji Bello, yesterday read the riot act to traders, market leaders and other stakeholders over dubious market practices, marked by undue price inflation that defy explanation.
Speaking at the opening of a stakeholders’ meeting on the exploitative pricing hosted by the FCCPC in Abuja, Bello, bemoaned the growing trend of unreasonable pricing of consumer goods and services across the country on the one hand, and unwholesome practice of market associations engaged in price fixing on the other hand.
He said the practice had eroded consumer trust and threatened the stability of the economy. He said as a responsive organisation, the commission had carried out discreet market surveys extensively across the country in the past few weeks to get to the root of the matter.
Bello stressed that the law empowers the commission to impose heavy fine for breaches and also prosecute offenders which could lead to jail terms.
He said the new initiative by the FCCPC aligned with the Renewed Hope agenda of President Bola Tinubu, which prioritises the welfare of the Nigerians in all economic activities.
