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.”
BLACK MARKET RATES
US DOLLAR (USD) Buy ₦1,422 Sell ₦1,428
GREAT BRITISH POUND (GBP) Buy ₦1,885 Sell: ₦1,910
EURO (EUR) Buy ₦1,590 Sell ₦1,610
CANADIAN DOLLAR (CAD) Buy ₦1,020 Sell ₦1,080
SOUTH AFRICAN RAND (ZAR) Buy ₦75 Sell ₦90
UAE DIRHAM Buy ₦350 Sell ₦370 CHINESE YUAN Buy ₦190 Sell ₦205
GHANA CEDI (GHS) Buy ₦95 Sell ₦110
WEST AFRICAN CFA Buy ₦2, 300 Sell ₦2, 400
CENTRAL AFRICAN CFA Buy ₦2,150 Sell 2,250
AUSTRALIAN DOLLAR Buy ₦800 Sell ₦900
Commercial Bank Exchange Rates
Fidelity Bank
Currency Sell
USD / NGN ₦1370.00
GBP / NGN ₦1869.7
8EUR / NGN ₦1604.54
Sterling Bank
Currency Buy Sell
USD / NGN ₦1350.00 ₦1370.00
GBP / NGN ₦1803.95 ₦1871.77
EUR / NGN ₦1537.93 ₦1601.81
ZAR / NGN ₦82.28 ₦86.99
Official CBN Exchange Rates
US DOLLAR (USD) ₦1,364.90
GREAT BRITISH POUND (GBP) ₦1,842.61
EURO (EUR) ₦1,575..50
SWISS FRANC (CHF) ₦1,684.02
JAPANESE YEN (JPN) ₦8.57
CHINESE YUAN (CNY) ₦202.34
WEST AFRICAN CFA (XOF) ₦2. 40
WEST AFRICAN UNIT ACCOUNT (WAUA) ₦1,858.53SAUDI RIYAL (SAR) ₦363..60
SOUTH AFRICAN RAND (ZAR) ₦84.31
BLACK MARKET RATES
US Dollar (USD) Buy ₦1,423 Sell ₦1,428
Great British Pound (GBP) Buy ₦1,890 Sell: ₦1,910
EURO (EUR) Buy ₦1,600 Sell ₦1,620
Canadian Dollar (CAD) Buy ₦1,020 Sell ₦1,080
South African Rand (ZAR) Buy ₦75 Sell ₦90
UAE Dirham Buy ₦350 Sell ₦370
Chinese Yuan Buy ₦190 Sell ₦205
Ghana Cedi (GHS) Buy ₦95 Sell ₦110
West African CFA Buy ₦2, 300 Sell ₦2, 400
Central African CFA Buy ₦2,150 Sell 2,250
Australian Dollar Buy ₦800 Sell ₦900
Commercial Bank Exchange Rates
Fidelity Bank
Currency Sell
USD / NGN ₦1370.00
GBP / NGN ₦1869.78
EUR / NGN ₦1604.54
Sterling Bank
Currency Buy Sell
USD / NGN₦1350.00 ₦1370.00
GBP / NGN ₦1800.68 ₦1868.46
EUR / NGN ₦1539.16 ₦1603.07
ZAR / NGN ₦82.44 ₦87.16
Official CBN Exchange Rates
US Dollar (USD) ₦1,360. 14
Great British Pound (GBP) ₦1,838.50
EURO (EUR) ₦1,571. 10
Swiss Franc (CHF) ₦1,680.85
Japanese Yen (JPN) ₦8.56
Chinese Yuan (CNY) ₦201.61
West African CFA (XOF) ₦2. 40
West African Union Account (WAUA) ₦1,864.27
Saudi Riyal (SAR) ₦362.22
South African Rand (ZAR) ₦84.07
Business
NAICOM Revokes Nigeria Reinsurance’s Licence, Freezes Operations Over Capital Shortfall
Banire directed banks, financial institutions, policyholders and members of the public not to honour any instruction relating to the company except those issued by him or persons expressly authorised by him.
The National Insurance Commission (NAICOM) has revoked the operating licence of Nigeria Reinsurance Corporation for failing to meet the statutory Minimum Capital Requirement (MCR) and appointed Senior Advocate of Nigeria, Dr. Muiz Banire, SAN, as Receiver/Provisional Liquidator to wind up the company’s affairs.
The appointment took effect on August 3, 2026, following the cancellation of the company’s certificate of registration by the insurance regulator.
In a public notice dated August 4, 2026, Banire said NAICOM appointed him, in exercise of its statutory powers, to oversee the receivership and liquidation of Nigeria Reinsurance Corporation (RR-002).
In the notice, the company’s licence was revoked after it failed to comply with the prescribed Minimum Capital Requirement applicable to its category of licence within the stipulated compliance period, in accordance with the Nigerian Insurance Industry Reform Act (NIIRA) 2025 and other extant laws, regulations and guidelines.
Banire said his appointment authorises him to immediately trace, recover, secure and take possession of the company’s assets, collate and settle its liabilities in line with the NIIRA 2025, liaise with NAICOM on matters relating to the liquidation, and submit periodic reports to the Commission.
Banire directed banks, financial institutions, policyholders and members of the public not to honour any instruction relating to the company except those issued by him or persons expressly authorised by him.
Source: ThisDay
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