#High Prices of Goods: Tinubu Administration Gives One Month Notice To Enforce Action Against Exploiters ~ Broom Nigeria

#High Prices of Goods: Tinubu Administration Gives One Month Notice To Enforce Action Against Exploiters – Brooom

Abuja, Nigeria – The Federal Competition and Consumer Protection Commission (FCCPC) has issued a one-month moratorium to traders and market stakeholders to crash prices of goods. This was made by the Executive Vice Chairman, Mr. Tunji Bello, during a stakeholders’ engagement on exploitative pricing on Thursday in Abuja.

According to FCCPC Boss whose event was closely monitored by the Chief Brooom Nigeria, Prince Babatunde Kolawole, Mr Bello warned that the Commission will begin enforcement action after the moratorium, targeting unreasonable pricing of consumer goods and services. The meeting aimed to address growing concerns over market associations’ unwholesome practices.

Hon Bello cited a striking example of price disparity, revealing that a Ninja fruit blender sold for $89 (N140,000) in Texas, but was displayed for N944,999 in a Victoria Island, Lagos supermarket. He described this as a “shocking and unacceptable” practice.

The FCCPC described the exploitative pricing as a violation of consumers’ rights, and has vowed to take action to protect citizens from unfair business practices. Traders and market stakeholders are urged to comply with the directive to avoid future consequences.

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