Business
BREAKING: FCCPC reacts to Price Control criticisms by private sector
The Federal Competition and Consumer Protection Commission (FCCPC), on Tuesday, reacted to the negative criticism by the Organised Private Sector and other interested parties regarding its recent directive to businesses to cease price gouging, price fixing, and other exploitative practices.
In a statement on its X handle, the Commission, said at the FCCPC, our mandate is to safeguard consumers from unfair and deceptive practices and to ensure robust competition across all sectors.
We categorically assert that prices in a competitive marketplace are determined solely by the forces of supply and demand. Price control is entirely outside the scope of our responsibilities.
We have never considered, nor will we ever consider, intervening in the market to regulate prices. Any claims to the contrary are baseless and unfounded.
Our recent directives are not about controlling prices but are focused on curbing exploitative practices and anti-competitive behaviours that distort the marketplace and harm consumers.
We recognise the complexities of the current economic environment, including challenges such as foreign exchange fluctuations and fuel subsidy removal.
These factors certainly impact pricing, but they do not excuse or justify exploitative practices that are anti-consumer.
The Commission’s proposed actions in the retail sector are targeted and evidence-based, responding to specific instances where consumers are vulnerable to such exploitation.
The Commission further stated : ” Discoveries made during our market surveillance and a recent disclosure by Abdul Samad Rabiu,Chairman of BUA Cement, underscore the critical need for our oversight.
Mr. Rabiu revealed that despite BUA Cement’s effort to sell cement at a fair price of N3,500 per bag, their plan was undermined by dealers who inflated prices to as much as N7,000 to N8,000 per bag.
This situation exemplifies the kind of exploitative conduct that the FCCPC is committed to addressing. Such practices make it difficult for ethical businesses to thrive.
While promoting competition is essential for economic health, as evidenced in sectors like telecommunications, it is equally important to enforce laws against practices that undermine fair competition.
The FCCPC remains committed to a balanced approach that respects the dynamics of a free market while ensuring that consumers are protected from harmful practices.
We encourage all businesses to engage in ethical and lawful practices that contribute to a fair and competitive marketplace.
The FCCPC does not seek to suppress private enterprise; our role is to ensure that the market operates on principles of fairness, transparency, and accountability.
When businesses, as illustrated by the cement sector case, engage in practices that harm consumers, the FCCPC will take decisive action.
We will continue to work collaboratively with all stakeholders; businesses, consumer groups, and other government agencies, to address both the immediate and remote causes of exploitative pricing.
Our approach combines enforcement with cooperation, aiming to protect consumers and maintain a healthy competitive environment.
We have granted a one-month moratorium before enforcement begins, providing businesses with the necessary time to adjust their practices and ensure full compliance with laws aimed at protecting consumers and fostering fair competition.”
Business
ALTON Confirms Banks cleared N300bn USSD debts
The debt problem that had lingered for over four years was resolved through the intervention of the NCC under the leadership of its Executive Vice Chairman, Dr. Aminu Maida.
The Association of Licensed Telecommunications Operators of Nigeria (ALTON) has confirmed that Deposits Money Banks (DMBs) have paid the estimated N300 billion debts they owed telecom operators for Unstructured Supplementary Service Data (USSD) services.
ALTON Chairman, Engr. Gbenga Adebayo disclosed this yesterday during the group’s official visit to the Board Chairman of the Nigerian Communications Commission (NCC), Idris Olorunnimbe in Lagos.
According to Adebayo, paying off the debt brought to a close years of accusations and counter-accusations between the banks and telecom operators.
Adebayo said that the debt problem that had lingered for over four years was resolved through the intervention of the NCC under the leadership of its Executive Vice Chairman, Dr. Aminu Maida.
While commending the leadership of the NCC for their recent interventions including the approval of 50 percent end user tariff adjustment last year, Adebayo said the Commission has steered the ship of the sector through one of its most delicate periods.
“When Dr. Maida assumed office, he inherited significant industry challenges. One of the most difficult was the USSD debt crisis — a debt burden that grew over four years to nearly N300 billion. It had become a systemic risk to our sector and the digital financial ecosystem.
“Through firm leadership, structured engagement, and decisive coordination, Dr. Maida and his team resolved this issue.
“Today, there is no outstanding USSD debt. The ecosystem has fully migrated to end-user billing. What was once a looming crisis has been converted into a sustainable framework,” Adebayo stated.
Business
FAAN stops cash collection at airports nationwide
Beyond compliance with government policy, the MD/CE highlighted the enormous benefits of a cashless system to the aviation ecosystem, including reduction in leakages, improved transaction traceability, faster service delivery, and enhanced public confidence in airport operations.
•FAAN MD, Mrs Olubunmi Kuku
Federal Airports Authority of Nigeria (FAAN) will stop collecting cash across all airport payment points nationwide, effective February 28, 2026.
FAAN Managing Director, Mrs. Olubunmi Kuku, stated this during a visit by executives and members of the National Union of Air Transport Employees (NUATE), who sought clarification on the decision to discontinue cash transactions at airports.
In her address, the MD/CE emphasised that the transition to a cashless system is not only in line with global best practices in aviation management but also consistent with Federal Government’s directives aimed at enhancing transparency, accountability, and operational efficiency.
She referenced a Treasury Circular dated November 24, 2025, issued by the Office of the Accountant General of the Federation and signed by the Accountant-General, Shamseldeen Ogunjimi, mandating the cessation of cash transactions in all government dealings.
The directive followed approval by the Federal Executive Council for Ministries, Departments and Agencies (MDAs) to discontinue physical cash collections and payments as part of broader public finance reforms
“There is no going back on this decision,” she said, stressing that the cashless initiative aligns FAAN with national financial management reforms while positioning Nigeria’s airports for greater operational integrity, improved service delivery, and stronger revenue assurance.
Beyond compliance with government policy, the MD/CE highlighted the enormous benefits of a cashless system to the aviation ecosystem, including reduction in leakages, improved transaction traceability, faster service delivery, and enhanced public confidence in airport operations.
Business
CBN’s Cardoso Advocates cross-border payments reform at G-24 meeting
“With global remittance corridors costing over 6.0 percent, settlement lags of several days, and compliance burdens that exclude MSMEs, millions remain disconnected from global opportunity.”
Olayemi Cardoso, governor, Central Bank of Nigeria (CBN) has called for reforming cross-border payments system , asserting that its too inefficient to support inclusive growth in developing economies.
Cardoso made the call on Thursday during the G-24 Technical Group Meetings in Abuja, warning that high costs and settlement delays are shutting millions out of global trade and finance.
” It is not merely a technical upgrade but a macroeconomic priority, as the channels through which capital, remittances and trade flow increasingly shape financial stability”,said Cardoso.
He emphasised that payment systems now sit at the heart of global economic integration and financial stability, but remain structurally biased against emerging and developing markets.
“Today, cross-border payments remain too slow, too costly, and too fragmented, especially for developing economies,” Cardoso said.
“With global remittance corridors costing over 6.0 percent, settlement lags of several days, and compliance burdens that exclude MSMEs, millions remain disconnected from global opportunity.”
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