The Federal Government, through the Federal Competition and Consumer Protection Commission (FCCPC), has threatened to penalize all Fast-Moving Consumer Goods (FMCGs) outlets across the country over alarming price increase at economic hardship.
The Federal government vows to close down such outlets found culpable of inflicting punishment on people in economic dwindling.
Acting Executive Vice Chairman of FCCPC, Adamu Abdullahi, issued this warning over the weekend. Abdullahi disclosed that the Agency found out in its investigation that FMCGs outlets had been engaging in deceptive pricing amidst increasing economic hardship. He emphasised that businesses must provide clear and transparent pricing information to enable consumers make informed purchasing decisions. According to him, the FCCPC reaffirmed its commitment to combating exploitative practices, highlighting penalties outlined in the FCCPA for violations.
The commission encouraged businesses to adhere to fair pricing practices to ensure consumer protection and a healthy market environment. The statement reads: “The Commission is aware that similar practices may occur at other FCMG outlets nationwide. These outlets are advised to cease such practices immediately to avoid consequences. “Businesses are expected to display transparent pricing information to empower consumers to make informed purchasing decisions, especially during challenging economic times. “The FCCPC remains committed to combating all forms of exploitative or misleading practices that undermine consumer rights.
The FCCPA protects consumer rights and prohibits deceptive business practices. Section 115 outlines potential penalties for violations, including fines for organisations and imprisonment for directors. “The FCCPC encourages all businesses to adhere to fair and transparent pricing practices to ensure consumer protection and a healthy market environment.”
The Commission had earlier on Friday, stormed Sahad Stores Limited, a well-known establishment situated in Area 11, Garki, Abuja, and sealed the building due to various allegations, including stockpiling, extortion, lack of transparency, and misleading pricing practices.