FCCPC seals Abuja supermarket over unfair practices, moves against price fixing

Date:

April 18, 2024.

Thank you for reading this post, don't forget to subscribe!

Azonuchechi Chukwu.

The Federal Competition and Consumer Protection Commission (FCCPC) has sealed 4U Supermarket formally known as Amigo Supermarket in Abuja over unethical conduct.

According to reports the supermarket was sealed on Thursday over unfair practices by its management during an enforcement exercise by officials of FCCPC in parts of the Federal Capital Territory (FCT).

Officials of FCCPC were at several supermarkets in Abuja to initiate a campaign to enforce proper display of prices and adherence to quantity regulations.

The action by the commission is a direct response to concerns raised by consumers about the rising costs of goods which go against the recent strengthening of the naira against major currencies.

The Commission said price discrepancies remain a significant issue.

Meanwhile, the FCCPC had earlier announced its intention to address the rising prices and protect consumers by enforcing fair competition and consumer protection provisions.

The acting Chief Executive Officer of the commission, Adamu Abdullahi, in a statement, said the continuous rise in prices of goods and services despite the appreciation of the naira is unacceptable, noting that the FCCPC is committed to protecting consumers from exploitation.

He said the management of the commission has directed its operatives to intensify monitoring of both formal and informal markets, where businesses may be taking advantage of market conditions to unfairly inflate prices, and ramp up enforcement activities.

Abdullahi in the statement said:

‘’Pursuant to Sections 17 (a), (e), (g), (l), (s); 72(2)(a); 108(1)(b); 124; & 127(1)(a)(b) of the Federal Competition and Consumer Protection Act (FCCPA) 2018.

‘’The Federal Competition and Consumer Protection Commission (FCCPC) is aware of the concerns expressed by Nigerians regarding the continued rise in prices of goods and services. Despite the recent appreciation of the Naira against the dollar, consumers continue to face escalating costs without a corresponding decrease in prices. This situation is unacceptable, and the FCCPC is committed to protecting consumers from exploitation.

‘’The FCCPC understands the significant financial strain these rising prices are placing on Nigerian households. As a result, the Commission is taking proactive steps to address this issue.

‘’While the FCCPC cannot directly regulate prices, the Commission will utilise its existing legal framework to enforce fair competition and consumer protection provisions. This includes monitoring and investigating unusual price hikes, addressing complaints filed by consumers, and taking action against any businesses found to be engaging in anti-competitive practices such as price-fixing, price gouging or cartel formation.

‘’The Commission has directed its operatives to intensify monitoring of both formal and informal markets, where businesses may be taking advantage of market conditions to unfairly inflate prices, and ramp up enforcement activities.’’ (www.naija247news.com).


Discover more from Naija247news

Subscribe to get the latest posts to your email.

Azonuchechi Chukwu
Azonuchechi Chukwuhttps://gravatar.com/azonuchechivchukwu
Azonuchechi Chukwu - Business Journalist at Naija247news.com Azonuchechi Chukwu is a seasoned business journalist contributing to the insightful coverage of economic and financial news at Naija247news.com. With a passion for unraveling the complexities of the business world, Azonuchechi brings a wealth of expertise and dedication to his role. As a Business Journalist, Azonuchechi specializes in providing comprehensive analyses of market trends, corporate developments, and economic indicators. His in-depth reports offer Naija247news.com readers a nuanced understanding of the forces shaping the Nigerian and global business landscapes. Azonuchechi Chukwu's commitment to journalistic excellence is evident in his ability to translate complex financial information into accessible and engaging narratives. Whether exploring stock market fluctuations, corporate strategies, or economic policies, he strives to deliver content that empowers readers with valuable insights. With an educational background in business and a keen interest in the intersection of finance and technology, Azonuchechi stays at the forefront of industry dynamics. His coverage extends beyond traditional financial reporting, encompassing the dynamic realms of fintech, entrepreneurship, and sustainable business practices. Azonuchechi Chukwu's work goes beyond the surface, aiming to foster financial literacy and awareness among Naija247news.com's audience. By demystifying economic complexities and shedding light on emerging opportunities, he plays a pivotal role in keeping readers well-informed in the fast-paced world of business. As Naija247news.com's Business Journalist, Azonuchechi Chukwu continues to make meaningful contributions to the platform's mission of delivering timely, accurate, and relevant business news to its diverse audience. His dedication to journalistic integrity and his ability to navigate the intricacies of the business realm make him an invaluable asset to the Naija247news.com team.

Share post:

Subscribe

Popular

More like this
Related

Biden and Ruto Announce $250 Million in Green Energy Investments and Debt Relief for Kenya

May 23 (Reuters) - U.S. President Joe Biden and...

NASCON grows turnover by 37%, assures Shareholders of Continuous Growth, Value Creation

May 23, 2024. Azonuchechi Chukwu. NASCON Allied Industries Plc has assured...

Mahamat Idriss Deby Sworn in as Chad’s President, Succeeding Late Father

N'DJAMENA, May 23 (Reuters) - Mahamat Idriss Deby was...

Discover more from Naija247news

Subscribe now to keep reading and get access to the full archive.

Continue reading