The Federal Competition and Consumer Protection Commission (FCCPC) has announced plans to initiate advocacy efforts aimed at market associations across Nigeria’s six geo-political zones.
This initiative seeks to discourage cartels, price-fixing, and other anti-competitive practices.
Acting Executive Vice Chairman of the FCCPC, Dr. Adamu Abdullahi, revealed this in an interview with journalist in Abuja on Sunday. He stated that the advocacy campaign will educate market association executives and members about the FCCPC Act’s stance on joint price-fixing and the legal repercussions of such actions.
The FCCPC has identified two supermarkets and two open markets in each zone for the advocacy exercise. The campaign will take place in Osogbo, Awka, Port Harcourt, Katsina, Minna, and Bauchi. Dr. Abdullahi mentioned that some market executives in Masaka market, Nasarawa State, had already been engaged and had shown ignorance of certain aspects of the FCCPC Act.
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“We have notified our officials in the zones and selected at least two supermarkets for the formal sector and two open markets for the informal sector. We want to understand the dynamics in these markets, report back, and start advocacy with the market associations,” Abdullahi said.
He emphasized that the public should be aware of the Commission’s vigilance over market practices. “This initial phase will be advocacy, but subsequent visits will involve enforcement. Bad behaviors have consequences, and we will impose sanctions,” he added.
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Dr. Abdullahi urged the public to report any anti-competitive practices to the FCCPC. “If there are expired products in supermarkets or open markets, inform us so we can take action. Our penalties are substantial—up to 10 percent of a supermarket’s annual turnover, and every director can be fined N10 million for violations,” he explained.