FCCPC Reverses Stance on Price Controls, Focuses on Fair Competition

In a shift from its earlier stance, the Federal Competition and Consumer Protection Commission (FCCPC) has announced it will not impose price controls on commodities. This decision follows a period of controversy sparked by threats from FCCPC Executive Vice Chairman, Mr. Tunji Bello, who had warned traders of potential price regulations unless they addressed “exploitative pricing.”

Contrary to last week’s statements suggesting imminent price interventions, the FCCPC has clarified its role will remain centered on enforcing fair competition laws rather than directly regulating market prices. The Commission is committed to addressing price fixing and other practices that undermine competitive markets.

In a statement issued by Ondaje Ijagwu, Director of Special Duties & Strategic Communication, the FCCPC emphasized, “While fostering competition is crucial for economic vitality, it is equally important to enforce laws that prevent unfair practices. Our goal is to support a balanced market that upholds fairness and transparency, without stifling private enterprise.”

The FCCPC plans to take a collaborative approach with businesses, consumer groups, and other governmental bodies to address exploitative pricing while allowing a one-month period for businesses to adjust their practices in line with consumer protection laws.

“We remain dedicated to enforcing the Federal Competition and Consumer Protection Act (FCCPA) 2018,” the statement continued. “Our focus is on monitoring and acting against any practices that violate the law, ensuring a competitive and fair market environment.”

The Commission affirmed that it has never considered, and does not intend to consider, price controls, as such measures fall outside its remit. Instead, it will concentrate on curbing anti-competitive behaviors and protecting consumers.