The Federal Competition and Consumer Protection Commission (FCCPC) has announced its plans to Enforce Laws against Trade Associations involved in Price Fixing and Cartel-like Practices throughout the Country.
The Initiative will begin with the PoS Agents Group, which recently declared an Increase in Transaction Charges.
Mr. Babatunde Irukera, the Executive Vice Chairman and Chief Executive Officer of FCCPC, revealed this during a Workshop on Fair Food Prices in Nigeria, jointly Organized by Consumers International (CI) and FCCPC, held in Lagos.
While acknowledging the Significance of Trade Associations for Businesses and Societal well-being, Irukera Emphasized that there are Legal limits to their Operations.
Many of these Associations have Transformed into Illegal Cartels that exert control over Various Aspects, Including Prices, whether at the input level (e.g., fertilizer supply) or among Market Traders’ Associations.
He stressed that this Behavior not only Violates the Law but is Fundamentally wrong.
Trade Associations play a critical role in bringing Professionals together, setting Standards, and discussing Beneficial Strategies for their Businesses.
However, they should not engage in Price Discussions, Supply Restrictions, or collude to Manipulate the Market.
Irukera assured that FCCPC will continue advocating for Associations to focus on Promoting Commerce rather than disrupting Markets.
Nevertheless, they are determined to Deploy Enforcement Strategies and take action when necessary, even if it involves Regulating Smaller entities.
In summary, the FCCPC is Poised to crack down on Trade Associations involved in Illegal Practices and will actively Promote fair Competition and Consumer Protection.
