News
FCCPC warns businesses, threatens penalties for price manipulation
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.
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“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
Nigeria Customs Service begins 2025 recruitment [How to apply]
Nigeria Customs Service begins 2025 recruitment [How to apply]
The Nigeria Customs Service (NCS) has announced the commencement of its recruitment exercise, assuring Nigerians that the process is entirely free and fair.
The agency has cautioned the public to be vigilant against scammers who may attempt to exploit unsuspecting applicants during the recruitment period.
Applications are invited for positions in the Superintendent, Inspector, and Customs Assistant cadres as part of the Service’s plan to recruit 3,927 officers in 2025.
This initiative is aimed at enhancing trade facilitation and supporting Nigeria’s economic recovery efforts.
“Our recruitment is entirely free and fair. At no stage do we charge fees. Anyone requesting payment is a scammer,” the agency emphasized, urging applicants to be wary of fraudulent schemes.
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The NCS outlined eligibility criteria, stating that applicants must be Nigerian citizens by birth, possess a valid National Identification Number (NIN), and have no criminal record or ongoing investigations.
Academic qualifications for the three cadres are as follows:
Superintendent Cadre: A university degree or Higher National Diploma (HND) along with an NYSC discharge or exemption certificate.
Inspectorate Cadre: A National Diploma (ND) or Nigeria Certificate in Education (NCE) from an accredited institution.
Customs Assistant Cadre: At least an O’Level certificate (WAEC or NECO).
In addition to these qualifications, the NCS stressed that all applicants must be physically and mentally fit, providing evidence of medical fitness from a recognized government hospital.
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News
Tinubu to critics: I won’t reduce my cabinet size
Tinubu to critics: I won’t reduce my cabinet size
President Bola Tinubu on Monday unequivocally responded to critics who described his cabinet as “bloated” by saying he is unprepared to reduce the size of his 48-man cabinet.
“I am not ready to shrink” the size of my cabinet, Tinubu said during a media chat at his Bourdillon residence in the highbrow Ikoyi area of Lagos State.
“I am not prepared to bring down the size of my cabinet,” the former Lagos governor said, arguing that “efficiency” has been at the core of his selection of ministers.
The president also said he has no regret removing the petrol subsidy in May 2023, saying Nigeria cannot continue to be Father Christmas to neighbouring countries.
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“I don’t have any regrets whatsoever in removing petrol subsidy. We are spending our future, we were just deceiving ourselves, that reform was necessary,” he told reporters.
Tinubu appointed 48 ministers in August 2023, three months after his inauguration. The Senate immediately screened and confirmed the ministers. One of the ministers, Betta Edu, was suspended in January while another, Simon Lalong, moved to the Senate.
There were calls for the President to reshuffle his cabinet as many Nigerians have not been impressed by the performance of some of the ministers, especially in the face of unprecedented inflation, excruciating economic situation and rising insecurity.
In October 2024, Tinubu re-assigned 10 ministers to new ministerial portfolios and appointed seven new ministers for Senate confirmation. He also sacked five of his ministers but critics insist that the President’s cabinet remains large, especially with the creation of a Livestock Ministry with a minister.
Tinubu to critics: I won’t reduce my cabinet size
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Tinubu: Food stampede incidents, grave error
Tinubu: Food stampede incidents, grave error
..Don’t publicise gifts distribution if you don’t have enough
President Bola Tinubu has described the recent three stampede incidents during distribution of relief materials to children and others as a grave error.
He told people to be more organised and stay away from giving palliative or publicity of the giving if they had insufficient materials.
He stated this during his first presidential media chat on Monday.
The President said he had been sharing palliatives in his Lagos residence for 25 years without any incident and blamed the recent food stampedes in the country on poor organisation.
A total of 35 children died on December 18 during a stampede that happened at a funfair event in Ibadan, Oyo State.
10 people, including children, also died on December 21 in another stampede at the Holy Trinity Catholic Church in the Maitama district of Abuja during the distribution of palliatives.
Another 22 people were reported dead during a rice distribution event at Amaranta Stadium in Ojika, Ihiala LGA, on the same day.
“It’s unfortunate and very sad, but we will continue to learn from our mistakes. I see this as a grave error on the part of the organisers,” he said.
But the President insisted that the incidents should not dampen the “happiness of the season”.
“It is very sad that people are not well organised. We just have to be more disciplined in our society. Condolences to those who lost members, but it is good to give,” Tinubu said.
“I’ve been giving out foodstuff and commodities, including envelopes in Bourdillon, for the last 25 years, and I’ve never experienced this kind of incident because we are organised and disciplined.
“If you know you won’t have enough to give, don’t attempt to give or publicise it.”
The President compared the situation to food banks in countries such as the United States of America (USA) and Britain, noting their structured approach.
“Every society, even in America, has food banks. They have hungry people. In Britain, they have food banks and warehouses, and they are organised. They take turns m lining up and collect,” he added.
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