Amidst the controversies sparked by its warnings regarding rising commodity prices, the Federal Competition and Consumer Protection Commission (FCCPC) has clarified that it will not intervene to regulate market prices.
In contrast to recent remarks attributed to FCCPC Executive Vice Chairman Mr. Tunji Bello, who issued a month-long warning to traders and market stakeholders against “exploitative pricing” with threats to reduce prices or enforce action, the Federal Competition and Consumer Protection Commission has clarified its stance.
While the FCCPC emphasized its commitment to enforcing laws against practices that hinder fair competition, it reiterated that it will not regulate market prices directly. The Commission, through a statement by Ondaje Ijagwu, Director of Special Duties (& Strategic Communication), stressed the importance of promoting competition for economic stability, citing examples such as the telecommunications sector.
The FCCPC assured that it will protect consumers by addressing issues like price fixing and other exploitative market practices. However, it also highlighted its balanced approach, which supports free market dynamics while ensuring that businesses operate under principles of fairness, transparency, and accountability. The Commission noted that it does not aim to suppress private enterprise but will take decisive action against harmful practices, as seen in past cases like that of the cement sector.
The FCCPC has committed to working closely with all relevant parties—businesses, consumer advocacy groups, and other government bodies—to tackle the underlying and immediate factors contributing to exploitative pricing. The Commission emphasized that its strategy will blend enforcement with collaboration, aiming to protect consumers while fostering a competitive market environment.
Additionally, the FCCPC announced a one-month grace period before enforcement begins. This moratorium allows businesses sufficient time to review and adjust their pricing practices to align with consumer protection laws and promote fair competition.
“Consumers and businesses can be assured that the FCCPC remains committed to upholding the principles of fair competition and consumer protection,” the Commission stated.
The FCCPC clarified that in a competitive marketplace, prices are determined solely by supply and demand dynamics. It emphasized that the idea of controlling prices is outside its mandate and has never been considered.
“We have never, nor will we ever, intervene in the market to regulate prices,” the Commission asserted. “Any suggestions otherwise are unfounded. Our recent directives are not about controlling prices, but about curbing exploitative practices and anti-competitive behaviors that distort the marketplace and harm consumers.
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