Federal Competition and Consumer Protection Commission (FCCPC) has set a one-month ultimatum to traders and market stakeholders to slash prices of goods and services nationwide, SAVANNAH NEWSNOW REPORTS.
This was announced by the Executive Vive Chairman of the Commission, Tunji Bello during a stakeholders meeting in Abuja.
The commission warned that enforcement actions will follow after the moratorium.
Mr Bello cited examples of exorbitant pricing, including a fruit blender priced at $89 in the US but sold for N944,999 in Lagos.
In his statement:”Under Section 155, violators whether individuals or corporate entities face severe penalties including substantial fines and imprisonment if found guilty by the court.
”This is intended to deter all parties involved in such illicit activities.
”However, our approach today is not punitive. I, therefore, call on all stakeholders to embrace the spirit of patriotism and cooperation.
”It is in this spirit that we are giving a moratorium of one month before the Commission will start firm enforcement,” he said.
