FG Gives Traders One Month Deadline to Crash Prices of Goods Nationwide
BREAKING: FG Gives Traders One Month Deadline to Crash Prices of Goods NationwideFederal Government through the Federal Competition and Consumer Protection Commission (FCCPC) has issued a one-month ultimatum to traders and market stakeholders to slash prices of goods and services nationwide.Executive Vice Chairman of the commission, Tunji Bello, made the announcement at a stakeholders’ engagement in Abuja, warning that enforcement actions will follow after the moratorium. Bello cited examples of exorbitant pricing, including a fruit blender priced at $89 in the US but sold for N944,999 in Lagos. He said that such practices threaten the economy and urged stakeholders to cooperate, noting that violators face severe penalties, including fines and imprisonment. ”Under Section 155, violators whether individuals or corporate entities face severe penalties including substantial fines and imprisonment if found guilty by the court. ”This is intended to deter all parties involved in ...