The Nigerian Government has warned that it will shut down Fast-Moving Consumer Goods (FMCG) outlets across the country due to deceptive pricing practices amid growing economic difficulties.
Adamu Abdullahi, the Acting Executive Vice Chairman of the Federal Competition and Consumer Protection Commission (FCCPC), issued this caution in a statement on Saturday, citing the escalating cost of food.
Abdullahi emphasized the importance of businesses providing clear pricing information to enable consumers to make well-informed purchasing decisions.
He stressed the need for businesses to refrain from using misleading pricing strategies and to adhere to fair and transparent pricing standards to safeguard consumers and maintain a healthy market environment.
“The Commission is aware that similar practices may be happening at other FMCG outlets nationwide. These outlets are urged to stop such practices immediately to avoid repercussions.
“Businesses should ensure they provide transparent pricing information to empower consumers, especially in challenging economic times.
“The FCCPC is committed to combatting all forms of exploitative or deceptive practices that undermine consumer rights. The FCCPA (Federal Competition and Consumer Protection Act) safeguards consumer rights and prohibits deceptive business practices. Section 115 outlines potential penalties for violations, including fines for organizations and imprisonment for directors.
“The FCCPC encourages all businesses to adopt fair and transparent pricing practices to uphold consumer protection and promote a healthy market environment,” the statement concludes.
ATLANTIC REPORTERS recalls that the Commission closed down Sahad Stores in Abuja on Friday due to misleading pricing and high prices.