Business

BREAKING: FCCPC reacts to Price Control criticisms by private sector

Published

2 years ago

September 3, 2024

401 Views

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.”

Related Topics:FCCPC Featured price control

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President Tinubu Tasks Judicial Officers To Remain Abreast of Evolving Global Maritime Laws

President Tinubu made the call in Abuja during the 18th International Maritime Seminar for Judges, organised by the Nigerian Shippers’ Council (NSC), under the auspices of the Federal Ministry of Marine and Blue Economy, in collaboration with the National Judicial Institute (NJI).

Published

6 hours ago

July 22, 2026

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President Bola Tinubu on Wednesday urged judges to continually update their knowledge on autonomous vessels, digital shipping, artificial intelligence-driven maritime operations, maritime security and evolving international environmental regulations.

Represented by the Minister of Marine and Blue Economy, Adegboyega Oyetola, President Tinubu lauded the Nigerian Shippers’ Council for initiating and sustaining the international seminar for judges.

He described it as one of Nigeria’s foremost platforms for strengthening maritime jurisprudence, enhancing judicial capacity and promoting excellence in maritime justice.

According to Oyetola , rapid technological advancement is creating unprecedented legal questions relating to liability, navigational responsibility, insurance, collision regulations and allocation of responsibility when autonomous vessels malfunction.

He emphasised that the courts will increasingly adjudicate disputes involving decarbonisation, environmental compliance, blockchain-enabled cargo documentation, electronic bills of lading and other evolving international maritime legal frameworks.

“The emergence of autonomous vessels demands a judiciary equipped to resolve complex legal questions involving liability, insurance, navigation and technological accountability.

“Judicial officers must remain abreast of evolving international maritime law to ensure justice keeps pace with technological innovation,” he said.

Business

Naira Exchange Rates Wednesday, July 22

Published

13 hours ago

July 22, 2026

OCHEFA

24 Views

BLACK MARKET RATES

US DOLLAR (USD) Buy ₦1,408 Sell ₦1,413

GREAT BRITISH POUND (GBP) Buy ₦1,885 Sell: ₦1,905

EURO (EUR) Buy ₦1,585Sell ₦1,600

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

Official CBN Exchange Rates

US DOLLAR (USD) ₦1,375. 31

GREAT BRITISH POUND (GBP) ₦1,841. 13

EURO (EUR) ₦1,569.78.

SWISS FRANC (CHF) ₦1,694.98

JAPANESE YEN (JPN) ₦8.45

CHINESE YUAN (CNY) ₦203. 25

WEST AFRICAN CFA (XOF) ₦2.40

WEST AFRICAN UNIT ACCOUNT (WAUA) ₦1,874. 32

SAUDI RIYAL (SAR) ₦366.36 SOUTH AFRICAN RAND (ZAR) ₦83.50

Business

Cardoso Urges Banks To Lend Out Idle Funds With CBN * Retains MPR at 26.5%

Cardoso made the call on Tuesday after the 306th Monetary Policy Committee (MPC) meeting held in Abuja from July 20 to July 21.

Published

1 day ago

July 21, 2026

OCHEFA

33 Views

The Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso , urged banks from keeping idle funds with the apex bank and encouraging increased lending into the economy.

Cardoso made the call on Tuesday after the 306th Monetary Policy Committee (MPC) meeting held in Abuja from July 20 to July 21.

The apex bank retained the Monetary Policy Rate (MPR), also known as benchmark interest rate, at 26. 5 percent.

This decision marks the second consecutive retention of the MPR at 26.5 per cent, following a 50-basis-point reduction in February from 27 per cent.

“The committee’s decision to maintain the current policy stand follows a thorough assessment of the balance of risk,” said Cardoso.

He emphasised that although headline inflation moderated marginally in June 2026, global uncertainties have heightened due mainly to the renewed hostilities in the Middle East.

The MPC also adjusted the asymmetric facilities corridor around the MPR to +50/-450 basis points—a move aimed at discouraging banks from keeping idle fund with CBN.

Furthermore, the committee maintained the Cash Reserve Ratio (CRR) for commercial banks at 45 per cent, retained the rate for merchant banks at 16 per cent, and kept the CRR on non-TSA public-sector deposits at 75 per cent for liquidity management considerations.

Cardoso said despite the global uncertainties, the Nigerian economy has “remained largely resilient to the external shocks”.