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CPPE Tells FCCPC Stop Intimidation of Traders

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▪︎Dr Muda Yusuf,  the CEO of CPPE

The Centre for the Promotion of Private Enterprises (CPPE) has charged at the Federal Competition and Consumer Protection Commission [FCCPC],  to refrain from further intimidation of the operators in the retail sector of the economy most of whom are micro and small businesses, with many in the informal sector.

Dr Muda Yusuf,  the CEO of CPPE,  made the call, while reacting to the last week’s threat by the FCCPC to traverse markets across the country with objective of forcing traders,  supermarkets owners,  market men and women to reduce the  prices of essential food items.


Dr Yusuf,  told journalists in Lagos, at the weekend : ” The FCCPC appears to be unwittingly transforming into a price control agency rather than a consumer protection commission.

The disproportionate focus of the commission on the retail segment of the economy and pricing issues underscores this assertion.

The core mandate of the commission is the creation of a robust competition framework across sectors and protection of consumer rights and interests. 

Consumer protection is not about directly seeking to control price at the retail end of the supply chain.

This is why the CPPE is concerned about the approach, methodology, targeting and the recent threats by the FCCPC to market leaders, traders and supermarket owners.”

The commission seem to be fighting the symptoms rather than dealing with the causes of the current inflationary pressure in the economy. 

Even then, the core mandate of the commission is not to fight inflation. 

The fiscal and monetary authorities are statutorily responsible for macroeconomic policy issues and are better placed to deal with the challenge of  high prices,” he said.

He urges the FCCPC,  to have a proper comprehension of the dynamics of pricing and the key drivers of inflation. 

” These factors include the naira exchange rate depreciation, high energy cost, high cost of logistics, seasonality of food production, high cost of funds, extortions on the highways, high post-harvest losses, high cargo clearing cost, impact of the insecurity on food production, climate change and global factors disrupting supply chains.

” Our view is that the proposal by the FCCPC  is unlikely to yield concrete outcomes.  This is not a sustainable strategy.  

What we need to fix are the fundamentals driving production, operating and distribution costs which resulted in spiraling inflation in the first place. 

 
The dynamics of pricing and prices in an economy are much more complex and fundamental and do not seem aligned with the comprehension of the FCCPC on the issue. The variables are numerous, multidimensional and dynamic. 

It is difficult to make pronouncements on issues profiteering in such circumstances without a rigorous analysis based on data.”

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BREAKING: Senate passes Rivers 2025 budget for second reading

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The Nigerian Senate, Wednesday passed the Rivers State 2025 budget for second reading.

The budget which stood at N1,480,662592,442 trillion was passed for second reading after it was read by the Senate Leader, Senator Michael Bamidele Opeyemi.

Opeyemi said the Senate has since assumed the powers of legislating for Rivers State having been under the State of Emergency.

In his contribution, Senator Solomon Adeola Olamilekan said, there was a need for the budget to be legislated immediately so that the people of Rivers could feel the presence of government.

He said, “Mr President, I don’t know under what topic this document is christened but I could see it is about a budget of the state of emergency.

I hereby support that the budget be passed for second reading so that the people of Rivers can feel the presence of government.

In absence of opposition to the bill, Senate President, Godswill Akpabio passed the budget through voice vote and referred it to the Ad-hoc Committee on overseeing Rivers State of Emergency.

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ECOWAS @50: Leaders Promises “Peace and Prosperity to All” by the year 2050

Held under the theme “Stronger Together for a Brighter Future,” the celebration reflects the bloc’s renewed commitment to deepening regional integration and development.

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The Economic Community of West African States (ECOWAS) has commenced its 50th anniversary celebration with a series of high-level commemorative events in Lagos, Nigeria.

Held under the theme “Stronger Together for a Brighter Future,” the celebration reflects the bloc’s renewed commitment to deepening regional integration and development.

As part of the milestone, the ECOWAS Commission unveiled its long-term vision to transform the organisation from an “ECOWAS of States” into an “ECOWAS of the People: Peace and Prosperity to All” by the year 2050.

The plan aims to empower the region’s estimated 300 million citizens to take ownership of the vision and play active roles in shaping the community’s future.ECOWAS was established on May 28, 1975.

The founding treaty was signed by 15 Heads of State and Government at the National Institute of International Affairs on Kofo Abayomi Street, Victoria Island, Lagos.

The Treaty of Lagos was signed by the 15 Heads of State and government of Benin, Burkina Faso, Côte d’Ivoire, The Gambia, Ghana, Guinea, Guinea Bissau, Liberia, Mali, Mauritania, Niger, Nigeria, Sierra Leone, Sénégal and Togo, with its stated mission to promote economic integration across the region.

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FG clears 200,000 passport backlogs, pays ₦28bn debts — Tunji-Ojo

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The Minister of Interior, Olubunmi Tunji-Ojo, says the Federal Government has cleared over 200,000 unprocessed passport applications since he assumed office.

Tunji-Ojo also revealed that ₦28 billion in old debts have been paid off, all without extra funding from the government.

He made these announcements during the Access Bank Guest Lecture Series held in Lagos on Monday. He spoke on the topic, “Dare to Dream, Dare to Innovate,” and called for bold leadership, system reform, and the smart use of technology.

“Leadership is not about reacting to problems, it is about foreseeing and solving them before they occur. And for that, you must always ask: What is your purpose? How will you execute it? And when is the right time to act?” he said.

He explained how his ministry used innovation, technology, and planning to clear passport backlogs and debts. New systems like e-visa platforms, contactless passport renewals for Nigerians abroad, and advanced passenger tracking have been launched.

Speaking about Nigeria’s prisons, Tunji-Ojo said the correctional system is in bad shape.

He pointed out that more than 4,000 inmates are behind bars simply because they can’t pay fines as low as ₦50,000.

“This is not a legal crisis, it is a moral one. A society that punishes poverty more harshly than crime has lost its moral compass,” he said.

He added that the ministry is working with private donors to help release many of these non-violent prisoners, noting that it’s also pushing for reforms that focus on rehabilitation, not just punishment.

These include digital case tracking, vocational training in prisons, and partnerships to improve prison conditions.

“A correctional facility must correct, not condemn. Justice without dignity is injustice in disguise,” he said.

Access Holdings Chairman, Aigboje Aig-Imoukhuede, praised Tunji-Ojo’s leadership.

“Innovation is not about big budgets, it is about big thinking,” he said, adding that the Minister’s work shows what real public service should look like.The event brought together business leaders, government officials, and experts from across the country.

It was part of Access Bank’s effort to spark national change through conversations about leadership and service.

In his final words, Tunji-Ojo urged everyone to live with purpose and pursue excellence.

“Let Access Bank not just be a financial institution, let it be a philosophy. Let Nigeria not just be a country of potential, let it be a nation of performance.

It is time to refine our genius, not just export it,” he said.

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