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Exploitative price hikes on commodities illegal – FCCPC warns
The Federal Competition and Consumer Protection Commission, FCCPC, has declared that ‘exploitative’ hikes in the prices of commodities are illegal in Nigeria, reiterating its commitment to protecting consumer rights and maintaining fair market practices.
This is as the Commission also launched an investigation into the recent hikes in the prices of commodities in Bauch State with a view to identify and address unfair practices affecting consumers.
Speaking at a market survey at the Muda Lawal Market, the Vice Chairman of the Commission, Dr Adamu Abdullahi, said a survey carried out in market places showed that the food chain and distribution sector, including wholesalers and retailers, are allegedly engaged in conspiracy, price gouging, hoarding and other unfair tactics.
He condemned the acts, adding that the development has contributed to a rise in the cost of living.
“We are engaging market associations, traders and customers so we can know the factors affecting the prices of goods. At the end, we will address uncompetitive and make recommendations to the Federal Government,” he said.
Abdullahi, who was represented by the FCCPC coordinator for North East Zone, Dauda Waja Ahmadu, added that “FCCPC’s surveillance efforts suggest participants in the food chain and distribution sector including wholesalers and retailers are allegedly engaged in conspiracy, price gouging, hoarding and other unfair tactics to restrict or distort competition in the market, restrict the supply of food, manipulate and inflate the price of food in an indiscriminate manner. These obnoxious, unscrupulous, exploitative practices are illegal under the FCCPA.”
According to him, FCCPC has been engaging in fact-finding interactions with traders’ associations and marketers to ascertain factors responsible for the continuous hike in food prices.
He stated further that the fact-finding inquiry is an investigative mission to gather information directly from the sources and stakeholders in major markets, particularly executives, market unions, sellers and consumers.
“The Commission’s priority remains to unlock the markets and address key consumer protection and competition issues affecting the prices of commodities in the food sector,” he said.
He said after the market survey, the Commission would develop “a concise report of its inquiry and make recommendations to the government in accordance with Section 17(b) of the FCCPA and initiate broad based policies and review economic activities in Nigeria to identify and address anti-competitive, anti-consumer protection and restrictive practices to make markets more competitive while also ensuring fair pricing for consumers.”
Meanwhile, traders at the Muda Lawal Market have attributed the recent hike in commodity prices to their suppliers, pointing to increased wholesale costs as the primary cause.
CREDIT: DAILY POST
Dangote Refinery has announced that it will need to export 95-97 percent of its Premium Motor Spirit (petrol) due to low interest from Nigerian marketers. The refinery, which processes 650,000 barrels per day, revealed that only 3 to 5 percent of petrol marketers are purchasing its fuel.
Devakumar Edwin, Vice President of Oil and Gas at Dangote Industries Limited, shared these details during an X Space session hosted by Nairametrics on Wednesday. He highlighted the challenges facing both the Dangote Refinery and Nigeria’s oil and gas sector.
Edwin explained, “I’m selling 2 to 3 percent to small traders who are willing to buy, while the remaining 95 to 97 percent has to be exported,” referring to the local sales of the refinery’s products.
This situation arises as the NNPCL’s deadline for adjusting the Dangote Refinery’s fuel distribution approaches without a clear plan in sight. It is worth noting that while Aliko Dangote, President of Dangote Group, has announced the refinery’s initial petrol rollout, its distribution to marketers is contingent upon NNPCL’s decisions.
The final sixteen teams for the 2024 FIFA U-20 Women’s World Cup in Colombia have been determined following the conclusion of the group stage.
In recent matches, Ghana triumphed over New Zealand with a score of 3-1, and Japan secured a 2-0 victory against Austria.
As a result, Japan has advanced to the Round of 16, joining the other 15 teams in this knockout stage.
The Round of 16 matches are scheduled for Wednesday, Thursday, and Friday.
The full lineup for the Round of 16 is as follows:
- Spain vs Canada
- Brazil vs Cameroon
- Colombia vs South Korea
- Mexico vs USA
- North Korea vs Austria
- Germany vs Argentina
- Netherlands vs France
- Japan vs Nigeria
The Nigerian Army has refuted claims of widespread resignations among its soldiers due to issues like corruption and low morale.
In a statement, Major General Onyema Nwachukwu, Director of Army Public Relations, dismissed these reports as unfounded.
A news outlet had alleged that numerous Nigerian soldiers were resigning because of corruption and low morale. However, the statement condemned these allegations as misleading and a deliberate attempt to create discontent and undermine the Nigerian Army’s reputation and the dedication of its personnel.
Major General Nwachukwu clarified that, similar to other military organizations worldwide, service in the Nigerian Army is voluntary rather than mandatory. This means that personnel have the freedom to resign following established procedures.
He explained that the resignation process allows personnel to prepare and manage their entitlements, including pensions and gratuities, as outlined in the Harmonized Terms and Conditions of Service (Officers/Soldiers).
Contrary to the report’s implications, the statement emphasized that Nigerian Army personnel are highly motivated, and their welfare is a priority under the leadership of Chief of Army Staff, Lieutenant General Taoreed Lagbaja.
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