The Federal Competition and Consumer Protection Commission (FCCPC) has criticized cement dealers for inflating the price of BUA Cement to as much as N7,000 and N8,000 per bag, despite the company’s efforts to maintain a fair price of N3,500.
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The Commission made this statement on September 3, 2024, in response to feedback from the Organized Private Sector regarding its recent directive to curb exploitative pricing practices.
In a meeting held on Thursday in Abuja, the newly appointed Executive Vice Chairman of the FCCPC, Mr. Tunji Bello, cited an example of price gouging involving a Ninja blender sold for nearly 7 times its U.S. price in a Lagos supermarket. He emphasized that such practices, along with price fixing, threaten Nigeria’s economic stability.
The FCCPC clarified that its directive is not an attempt at price control but rather a focus on addressing unfair and deceptive practices that harm consumers and distort competition. The Commission referenced the BUA Cement case as an example of exploitative conduct that undermines ethical businesses.
While the FCCPC acknowledges the concerns raised by businesses regarding current economic challenges, it maintains that its role is to ensure market fairness, transparency, and accountability. The Commission has granted a one-month moratorium for businesses to adjust their practices before enforcement actions begin.
Under Section 155 of the FCCPC Act, violators face severe penalties, including substantial fines and imprisonment if found guilty by the court.
The FCCPC, empowered to provide speedy redress to consumer complaints, assures that decisive action will be taken against businesses engaging in practices that harm consumers.
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