FCCPC warns businesses, threatens penalties for price manipulation - Newstrends
Connect with us

News

FCCPC warns businesses, threatens penalties for price manipulation

Published

on

Federal Competition and Consumer Protection Commission (FCCPC)

FCCPC warns businesses, threatens penalties for price manipulation

The Federal Competition and Consumer Protection Commission (FCCPC) has issued a stern warning on Friday, urging businesses in the food chain sector to cease any practices that manipulate or inflate food prices.

Acting CEO Adamu Abdullahi announced that the commission was actively monitoring the sector and will not hesitate to take legal action against violators.

Reasons for the Warning:

Abdullahi stated that the FCCPC’s surveillance efforts have uncovered concerning activities within the food chain, including:

Conspiracy and price gouging: Participants were accused of colluding to artificially inflate prices, taking advantage of consumer anxiety and vulnerability.

Hoarding: Businesses were allegedly restricting the supply of food to further manipulate prices.

Unfair tactics: The commission identified other strategies used to distort competition and exploit consumers.

The statement reads, “The Commission’s priority remains to address key consumer protection and competition issues in the Food chain sector.

“The Commission’s surveillance efforts suggest participants in the food chain and distribution sector including at the retail level are engaging in conspiracy, price gouging, hoarding and other unfair tactics/ strategies to restrict the supply of food, manipulate and inflate the price of food in an indiscriminate manner; this conduct violates both moral and legal codes.

READ ALSO:

“Taking advantage of consumer anxiety and vulnerability to inflate prices, and restrict or distort competition, is obnoxious, unscrupulous, exploitative and illegal.

“Furthermore, the use of undue influence, imbalance in negotiating power, unfair tact and similar conduct in the marketing and supply of goods and services is contrary to Sections 17 and 124 of the FCCPA., and will be penalised under law.

“Any business participating in activities contributing to price gouging in the food chain sector is hereby warned to desist forthwith or face the full force of the law. The Commission will not tolerate actions compromising the integrity of the food chain sector, and legal consequences will be swift and severe.”

Legal Implications:

These activities, according to Abdullahi, violate both moral and legal codes. He explicitly mentioned Sections 17 and 124 of the Federal Competition and Consumer Protection Act (FCCPA), which address unfair market practices and abuse of dominant positions. Businesses engaging in such activities face:

Penalties: The FCCPC has the authority to impose fines for violations of the FCCPA.

Legal consequences: Abdullahi warned that legal action, including prosecution, could be taken against violators.

FCCPC’s Commitment:

The FCCPC emphasized its commitment to protecting consumers and ensuring fair competition within the food chain sector.

Abdullahi reiterated that the commission will not tolerate actions that compromise the integrity of the sector and urged businesses to comply with the law.

FCCPC warns businesses, threatens penalties for price manipulation

News

Amnesty Int’l Condemns Canada for Abstaining from UN Slavery Reparations Vote

Published

on

Amnesty International

Amnesty Int’l Condemns Canada for Abstaining from UN Slavery Reparations Vote

Human rights organisation Amnesty International Canada has strongly criticized Canada for abstaining from a landmark United Nations vote on reparations for the harms caused by the transatlantic slave trade, describing the decision as a missed opportunity to uphold justice and defend the rights of people of African descent.

The UN General Assembly resolution, adopted on March 25, formally recognised the transatlantic trafficking and enslavement of African people over more than four centuries as the gravest crime against humanity. Spearheaded by Ghana, the resolution received 123 votes in favour, with three countries voting against—Argentina, Israel, and the United States—and 52 countries, including Canada, abstaining.

Amnesty International Canada and the Black Canadians Civil Society Coalition (BCCSC) welcomed the resolution as a long-overdue acknowledgment of historical truth and a necessary step toward reparatory justice. However, both organisations expressed disappointment that Canada chose not to support the resolution.

READ ALSO:

Racial justice campaigner Melak Gebresilassie of Amnesty International Canada said, “Canada’s abstention is deeply discouraging. This was not a neutral act. It was a choice to step back from a moment of accountability, prioritising political comfort over moral clarity.” He stressed that the Canadian government must acknowledge historical wrongs, commit to reparatory justice, and stand in meaningful solidarity with Black communities to promote dignity, healing, and justice.

Hodan Ahmed, co-founder of the BCCSC, added that the resolution is “a powerful, necessary, and long-overdue acknowledgment of truth—one that survivors, descendants, scholars, and activists have demanded for centuries.” She emphasised that such recognition should serve as the foundation for concrete actions addressing the legacies of slavery, including systemic inequalities and discrimination that persist today.

The UN resolution also encourages participating states to explore reparations measures, including apologies, restitution, compensation, rehabilitation, and initiatives to tackle systemic racial inequalities. While non-binding, the resolution represents a critical step toward global acknowledgment of historical injustices and the promotion of international human rights.

Amnesty International Canada and its partners are urging the Canadian government to reconsider its abstention, actively support reparatory initiatives through the UN framework, and work domestically to address persistent anti-Black racism rooted in slavery and colonialism.

International observers have noted that Canada’s abstention risks undermining its moral authority on human rights issues and may signal hesitation to fully engage in the ongoing global dialogue on reparations and accountability.

Amnesty Int’l Condemns Canada for Abstaining from UN Slavery Reparations Vote

Continue Reading

News

EFCC Arrests Abuja House Agent Over ₦288 Million Property Fraud

Published

on

Economic and Financial Crimes Commission (EFCC)

EFCC Arrests Abuja House Agent Over ₦288 Million Property Fraud

The Economic and Financial Crimes Commission (EFCC) has arrested an Abuja-based real estate agent, Hajia Adama Ahmed Adamu, in connection with an alleged ₦288 million property fraud, the agency confirmed on Wednesday.

According to the EFCC, operatives of its Ilorin Zonal Directorate apprehended Adamu following a petition from a complainant, Alhaji Tanko Yawale, who alleged that the agent collected the funds under the pretext of facilitating the purchase of a property at House 31, Haile Selassie Street, Asokoro, Abuja.

READ ALSO:

“Following the payment, Hajia Adamu allegedly failed to provide valid property documents and became evasive, raising suspicion and prompting a formal petition to the EFCC,” the commission stated on its official X handle.

Property-related fraud continues to be a recurring concern in Nigeria’s real estate sector, particularly in major cities like Abuja, where unsuspecting buyers often fall victim to agents posing as legitimate intermediaries. In response, the EFCC has intensified enforcement against land and housing scams, urging Nigerians to verify ownership and documentation before making payments.

The suspect is currently in EFCC custody as investigations continue. The commission also reiterated a warning to the public to remain vigilant against fraudulent property schemes and to report any suspected cases promptly.

EFCC Arrests Abuja House Agent Over ₦288 Million Property Fraud

Continue Reading

News

Alkali resigns as Transport minister to chase Gombe governor’s seat

Published

on

Alkali resigns as Transport minister to chase Gombe governor’s seat

 

The race for Gombe State’s Government House has officially claimed its latest heavyweight contender. Saidu Ahmed Alkali has stepped down from his role as the Minister of Transportation to focus entirely on his 2027 governorship bid.

Alkali’s exit follows a high-profile meeting with President Bola Tinubu at the Presidential Villa on Tuesday.

His departure was formalized via a circular from the Office of the Secretary to the Government of the Federation (SGF), Senator George Akume.

The move is not just about personal timing; it’s about legal compliance. Alkali is adhering to:

* Section 88(1) of the Electoral Act, 2026: Which mandates officials to vacate office before seeking elective posts.

* The INEC Timetable: With party primaries for the 2027 elections looming, the window for transition is closing.

* Presidential Directive: President Tinubu has been firm that any cabinet member eyeing an elective seat must resign before the primary process begins.

Alkali, a veteran politician and former Senator for Gombe North, is now the third member of the Federal Executive Council (FEC) to trade their ministerial portfolio for a campaign trail.

His resignation leaves a vacancy in the Ministry of Transportation at a critical time for the nation’s infrastructure projects, but signals a tightening of the political battlefield in Gombe.

The circular confirming the development was issued by the Permanent Secretary, General Services Office, Ibrahim Kana.

The circular stated that the directive “followed the provisions of Section 88(1) of the Electoral Act, 2026, as well as the timetable released by the Independent National Electoral Commission (INEC) for party primaries ahead of the 2027 election.”

Continue Reading
HostArmada Affordable Cloud SSD Shared Hosting
HostArmada - Affordable Cloud SSD Web Hosting

Trending