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FCCPC warns businesses, threatens penalties for price manipulation

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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

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I’m alive, Obasanjo reacts to death rumour 

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I’m alive, Obasanjo reacts to death rumour 

 

Former President, Olusegun Obasanjo, has said he is alive, hale and hearty.

He stated this in reaction to rumours of his death being reportedly spread on some social media platforms.

He spoke in Osogbo, Osun State, during the inauguration of the Old-Garage/Oke-Fia Road reconstructed by Governor Ademola Adeleke.

Obasanjo said those who wanted him dead were spreading the rumour of his death on the social media.

He said, “I heard the rumour that I was dead. I saw it on the social media. I quickly told my children and my relations that it was not true and that I’m alive.

“Those that want me dead, that is their wish, but God still keeps me alive.”

Obasanjo praised Adeleke for his performance in Osun and charged the governor to keep up the work.

Governor Adeleke assured the people of the state that his administration would complete all the ongoing projects.

“My dear people of Osun State, our administration has constructed over 120 kilometres of roads across the state.

“Two major flyovers are also progressing to completion at Osogbo while work is progressing at the Ile Ife Flyover and Ilesa dualisation.”

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Tinubu jets out to France on three-day visit

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Tinubu jets out to France on three-day visit

 

President Bola Tinubu will travel to France today (Wednesday) for a three-day state visit at the instance of the French president.

A statement issued by the President’s Special Adviser on Information and Strategy, Bayo Onanuga, confirmed this.

It said, “The Nigerian leader’s three-day visit, which will focus on strengthening political, economic, and cultural relations and establishing more opportunities for partnership, particularly in agriculture, security, education, health, youth engagement and employment, innovation, and energy transition, promises significant benefits for Nigeria.”

Onanuga said Tinubu and Macron would harmonise positions on stimulating more interest in exchange programmes that focus on skill development for youths and improving their competencies in automation, entrepreneurship, innovation, and leadership.

“Both leaders will participate in political and diplomatic meetings highlighting shared values on finance, solid minerals, trade and investments, and communication,” he added.

“They will also witness a session by the France-Nigeria Business Council, which oversees private sector participation in economic development.”

The presidential adviser stated that the Nigerian first lady and her French counterpart would discuss solutions for empowering women, children, and the most vulnerable through the Renewed Hope initiative.

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Yahaya Bello reports to EFCC office with lawyers

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Yahaya Bello reports to EFCC office with lawyers

 

A former Governor of Kogi State, Yahaya Bello, on Tuesday visited the Economic and Financial Crimes Commission (EFCC) to honour another invitation extended to him over alleged misappropriation of funds.

Bello went to the anti-graft office with his lawyers in the morning.

The ex-Kogi governor reportedly drove himself to the EFCC’s office in a black Toyota Hilux van with some lawyers.

He was said to have been taken by some operatives of the agency and are currently being grilled.

This is  coming after the Supreme Court judgment which dismissed a suit brought by some state governments challenging the constitutionality of the agency.

The EFCC at the last hearing on November 14, sought the adjournment till November 27 in the fresh case it instituted against Bello.

It stated that the 30-day window was still running for the summons earlier issued.

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