The Federal Competition and Consumer Protection Commission has sealed 4U Supermarket formally known as Amigo Supermarket in Abuja over unscrupulous conduct.
In the report, during the enforcement exercise by FCCPC officials in the Federal Capital Territory on Thursday, the supermarket was shut down because of unfair practices allegedly committed by its management, nairametric.
FCCPC officials visited several supermarkets in Abuja, to launch a campaign aimed at ensuring that prices are displayed clearly in compliance with the quantity regulation.
The Commission’s action responds directly to consumers’ concerns about rising prices of goods, which are contrary to the recent strengthening of the naira against major currencies.
The Commission said price discrepancies remain a significant issue.
The FCCPC has already announced its intention, through the enforcement of fair competition and consumer protection rules, to deal with price increases and safeguard consumers.
The acting Chief Executive Officer of the commission, Adamu Abdullahi, in a statement, said the continuous rise in prices of goods and services despite the appreciation of the naira is unacceptable, stressing that the FCCPC is committed to protecting consumers from exploitation.
He said that the Commission’s management has instructed its operatives to step up monitoring of both formal and informal markets, where businesses can take advantage of market conditions to artificially inflate prices.
Abdullahi in the statement said, “Pursuant to Sections 17 (a), (e), (g), (l), (s); 72(2)(a); 108(1)(b); 124; & 127(1)(a)(b) of the Federal Competition and Consumer Protection Act (FCCPA) 2018.
“The Federal Competition and Consumer Protection Commission (FCCPC) is aware of the concerns expressed by Nigerians regarding the continued rise in prices of goods and services. Despite the recent appreciation of the Naira against the dollar, consumers continue to face escalating costs without a corresponding decrease in prices. This situation is unacceptable, and the FCCPC is committed to protecting consumers from exploitation.
“The FCCPC understands the significant financial strain these rising prices are placing on Nigerian households. As a result, the Commission is taking proactive steps to address this issue.
“While the FCCPC cannot directly regulate prices, the Commission will utilise its existing legal framework to enforce fair competition and consumer protection provisions. This includes monitoring and investigating unusual price hikes, addressing complaints filed by consumers, and taking action against any businesses found to be engaging in anti-competitive practices such as price-fixing, price gouging, or cartel formation.
“The Commission has directed its operatives to intensify monitoring of both formal and informal markets, where businesses may be taking advantage of market conditions to unfairly inflate prices, and ramp up enforcement activities.”
