The Federal Competition and Consumer Protection Commission (FCCPC) has ordered traders in the country to lower the prices of goods.
The Executive Vice Chairman of the FCCPC, Tunji Bello, who gave the directive on Thursday, announced a one-month grace period for traders to comply with the directive.
He said the commission had observed gang-ups by some traders to exploit consumers.
Bello made this known during a one-day stakeholders’ engagement focused on exploitative pricing, which took place in Abuja.
The FCCPC boss said the Commission plans to initiate enforcement actions as soon as the grace period ends, adding that violators could face imprisonment and fines if found guilty by the court.
He said, ”Under Section 155, violators whether individuals or corporate entities face severe penalties including substantial fines and imprisonment if found guilty by the court.
”This is intended to deter all parties involved in such illicit activities.
”However, our approach today is not punitive. I, therefore, call on all stakeholders to embrace the spirit of patriotism and cooperation.
”It is in this spirit that we are giving a moratorium of one month before the Commission will start firm enforcement,”
“We have heard and you have genuine issues and the government has the responsibility to address the problems but generally, let us talk to ourselves too.
”There are also gang-ups to exploit consumers by traders,”
