FCCPC Takes Action Against Price Exploitation Amid Naira Appreciation | #NwokeukwuMascot

 News 

 File Image 

The Federal Competition and Consumer Protection Commission (FCCPC) has expressed concern over the continuous increase in prices of goods and services despite the strengthening of the naira against the dollar. The Commission’s acting Executive Vice Chairman/ Chief Executive Officer, Adamu Abdullahi, stated that the situation was deemed unacceptable, and the FCCPC was dedicated to safeguarding consumers from exploitation. Mr Abdullahi emphasized that this action was prompted by consumer complaints and aligned with relevant sections of the Federal Competition and Consumer Protection Act (FCCPA) 2018.

“The Commission remains committed to educating consumers about their rights and empowering them to make informed choices.

“We will engage in advocacy and public awareness campaigns to raise awareness about price gouging and other unfair trade practices and provide guidance on identifying and reporting such practices,” Mr Abdullahi said.

While the FCCPC does not have the authority to directly control prices, it will leverage its legal framework to enforce fair competition and consumer protection regulations. This involves monitoring and investigating abnormal price increases, addressing consumer grievances, and taking action against businesses involved in anti-competitive behaviors like price-fixing and cartel formation.


The Commission has instructed its operatives to increase surveillance in both formal and informal markets where businesses may be capitalizing on market conditions to unjustly raise prices. Mr Abdullahi mentioned that the FCCPC will collaborate with trade associations, farmer groups, and other stakeholders to eliminate unnecessary barriers to entry in various sectors, combat price-fixing, and dismantle cartels. This collaborative effort aims to promote increased competition, ultimately resulting in lower consumer prices.


He disclosed that the Commission will collaborate with relevant regulatory bodies to develop a comprehensive and coordinated response to the sharp practices.


“The FCCPC is committed to ensuring a fair and competitive marketplace for all Nigerians. We encourage consumers to continue reporting suspected price gouging and other unfair trade practices through contact@fccpc.gov.ng.Together, we can work towards a more stable, fair, and competitive marketplace for all Nigerians,” Mr Abdullahi added.



Additionally, the FCCPC remains committed to educating consumers about their rights and empowering them to make informed decisions through advocacy and public awareness campaigns.


The recent appreciation of the naira in both official and unofficial markets comes as a result of ongoing government initiatives to stabilize the currency and address inflationary pressures following a significant drop in its value. Financial experts attribute the recent naira gains to government reforms after the currency experienced unprecedented lows in the first quarter of the year. The Central Bank of Nigeria (CBN) has taken steps such as selling foreign exchange to Bureau De Change operators at lower rates to enhance liquidity and mitigate price distortions in the forex markets.

Comments

Post a Comment

Popular posts from this blog

Otti Adds More Names on Transition Committee List, Following Social Media Outcry on Plans To Disfranchise Ukwa-Ngwa People | #NwokeukwuMascot

Image
Dr Alex Chioma Otti More Names Emerge, As Igwe, Eziuche, Ahia, Umeh Kalu, Etiaba, Nwokocha, Ubani, Others Makes Otti’s Transition Council List The Abia Governor-Elect, Dr. Alex Otti OFR, has unveiled a Crack Team of his Transition Committee Members ahead of his inauguration as the Governor of Abia state on May 29, 2023. The Transition Committee list which contains many eminent Nigerians from different backgrounds, has Mr. Victor Onyenkpa, Partner and COO, KPMG, as Chairman, and cochaired by Mrs. Ifueko Omogui Okauru, former Executive Chairman of the Federal Inland Revenue Service (FIRS). Ms. Arunma Oteh, former Director General of Nigeria’s Securities and Exchange Commission (SEC); former Treasurer and Vice President of the World Bank and currently a Director at FSD Africa, and resident scholar at Oxford University’s Said Business School, is also on the Council; Professor Ndubuisi Ekekwe, a Nigerian-born inventor who helped Apple design a semiconductor for the iPhone; Mr Uche Orji, the
Read more

VIDEO: Mixed reactions as controversial, crossdresser, James Brown s3x tape leaks.

Image
James Brown who is believed to be gay,  In a video all over the Internet was seen having unprotected s3x with a female whose face was not shown. In the video, Brown’s face was boldly seen. Many have now reacted on twitter, wondering what Brown is doing with a woman. Some even mocked him for having long nails on during the not so pleasant intercourse, scroll down for video. Below are some reactions of twitter users; ”Seeing James Brown having s3x is yet another proof that the real gay people don’t make noise on social media, the ones making noise are just hustling. ”James Brown still fix nails dey bang woman, Princess of Africow o purrrr. ”That James Brown video has to be the most traumatizing thing I’ve seen this year. ”Thought James brown was g@y? See as the werey burst sperrm full that girl body. ”I’m not surprised James Brown is having s3x with a female but unprotected sex?? 1f633.svg Not trying to be a stereotype but has he forgotten he has retroviral disease?? ”James brown S3x Tap
Read more

How Abia Acting DNS and Staff of Min of Health was reportedly detained for a day, granted bail of N400k with the strict condition | #NwokeukwuMascot

Image
   News     File Image  Following numerous allegations against Mrs. Nwankego Onyeukwu, the Acting Director of Nursing Services at the Ministry of Health, Abia State, regarding her alleged extortion of prospective and current nursing students. The complain of Concerned parent Forum (for School of Nursing and Midwifery in Abia) which was directed to Gov. Alex Otti and copied to security agencies across the state, prompted the investigation which was stalled by Mrs. Nwankego's non-appearance leading to her arrest and detention. Recall that Dr Alex Otti had earlier suspended the former DNS, Mrs Dorothy Njedika Nwosu, and Principals of all the schools of nursing and midwifery in Abia State, subsequently appointing Mrs Nwankego Onyeukwu and others on acting positions. Contained in the complaint of concerned parents forum captioned: "LET THE TRUTH BE TOLD IN-MINISTRY OF HEALTH ABIA STATE" fingered Mr Nkemjika Nnadozie a.k.a DONTOUCH who they alleged was being used by Mrs Nwankeg
Read more