The Federal Competition and Consumer Protection Commission (FCCPC) has refuted claims that it plans to regulate market prices, following controversies sparked by a recent statement attributed to its Executive Vice Chairman, Mr. Tunji Bello.
The FCCPC clarified its stance in a statement issued on Tuesday, stressing that it does not intend to control market prices but will continue to enforce laws against practices that undermine fair competition.
Last week, Mr. Bello was quoted as issuing a month’s notice to traders and market stakeholders involved in what he termed “exploitative pricing,” warning that the Commission might intervene to crash their prices.
This statement led to widespread speculation that the FCCPC was moving toward price regulation—a notion the Commission has now firmly rejected.
In the statement released by Ondaje Ijagwu, the FCCPC’s Director of Special Duties & Strategic Communication, the Commission emphasized, “While promoting competition is essential for economic health, as evidenced in sectors like telecommunications, it is equally important to enforce laws against practices that undermine fair competition.
The FCCPC remains committed to a balanced approach that respects the dynamics of a free market while ensuring that consumers are protected from harmful practices.”
The FCCPC reiterated its role in ensuring that the market operates on principles of fairness, transparency, and accountability.
“We encourage all businesses to engage in ethical and lawful practices that contribute to a fair and competitive marketplace.
The FCCPC does not seek to suppress private enterprise; our role is to ensure that the market operates on principles of fairness,” the statement read.
The Commission further explained that its recent directives were not aimed at controlling prices but were focused on curbing exploitative practices and anti-competitive behaviours that distort the marketplace and harm consumers.
“We have never considered, nor will we ever consider, intervening in the market to regulate prices.
Any claims to the contrary are baseless. Our recent directives are focused on curbing exploitative practices and anti-competitive behaviours,” the FCCPC stated.
Highlighting its commitment to protecting consumers, the FCCPC noted that it would work collaboratively with all stakeholders, including businesses, consumer groups, and other government agencies, to address both the immediate and underlying causes of exploitative pricing.
The Commission has given a one-month moratorium before enforcement begins, allowing businesses time to adjust their practices and ensure full compliance with laws aimed at fostering fair competition and protecting consumers.
“The FCCPC stands firm in its commitment to enforcing the Federal Competition and Consumer Protection Act (FCCPA) 2018.
We will continue to monitor the marketplace and take action against any business practices that violate the law,” the Commission asserted.
