From Our Correspondent
The Federal Competition and Consumer Protection Commission (FCCPC) has given traders and market participants across Nigeria a one-month grace period to reduce inflated prices of goods.
This announcement was made by Mr. Tunji Bello, the newly appointed Executive Vice Chairman of the FCCPC, during a stakeholders' engagement on exploitative pricing held on Thursday in Abuja.
Bello emphasized that the Commission would begin enforcement actions once the moratorium expires.
He warned that violators could face severe penalties under Section 155 of the law, including hefty fines and imprisonment if convicted.
However, he urged stakeholders to act out of patriotism and cooperation, rather than fear of punishment.
The engagement also addressed concerns from traders, with Bello acknowledging their challenges but urging them to avoid collusive practices aimed at exploiting consumers.
