Price Hike: FG Threatens To Shut Down FMCG Outlets
The Nigerian Government has warned Fast-Moving Consumer Goods (FMCG) outlets nationwide, threatening to shut them down due to deceptive pricing practices amidst increasing economic hardship.
Naija News reports that the Acting Executive Vice Chairman of the Federal Competition and Consumer Protection Commission (FCCPC), Adamu Abdullahi, issued a statement on Saturday warning against the rising cost of food.
Abdullahi emphasized that businesses must provide clear and transparent pricing information to enable consumers to make informed purchasing decisions.
The FCCPC reaffirmed its commitment to combating exploitative practices, highlighting penalties outlined in the FCCPA for violations.
The commission encouraged businesses to adhere to fair pricing practices to ensure consumer protection and a healthy market environment.
The statement reads, “The Commission is aware that similar practices may occur at other FCMG outlets nationwide. These outlets are advised to cease such practices immediately to avoid consequences.
“Businesses are expected to display transparent pricing information to empower consumers to make informed purchasing decisions, especially during challenging economic times.
“The FCCPC remains committed to combating all forms of exploitative or misleading practices that undermine consumer rights. The FCCPA protects consumer rights and prohibits deceptive business practices. Section 115 outlines potential penalties for violations, including fines for organisations and imprisonment for directors.
“The FCCPC encourages all businesses to adhere to fair and transparent pricing practices to ensure consumer protection and a healthy market environment.”
Naija News recalls that the Commission had, on Friday, stormed Sahad Stores Limited, a well-known establishment situated in Area 11, Garki, Abuja, and sealed the building off due to various allegations, including stockpiling, extortion, lack of transparency, and misleading pricing practices.
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