The Federal Competition and Consumer Protection Commission (FCCPC) has announced that it will not intervene directly in market pricing despite earlier threats to regulate prices of commodities. This decision comes after significant controversy surrounding its recent statements on market interventions.
Last week, FCCPC Executive Vice Chairman Mr. Tunji Bello had warned traders and market stakeholders of potential actions against what he described as “exploitative pricing.” Bello had given a one-month notice to adjust prices or face consequences from the Commission.
This announcement led to confusion and concern among business owners and consumers alike.
However, the FCCPC has now clarified that it does not intend to regulate market prices directly. Instead, it will focus on enforcing laws against practices that undermine fair competition and exploit consumers.
“We have never considered, nor will we ever consider, intervening in the market to regulate prices,” Ondaje Ijagwu, Director of Special Duties & Strategic Communication at the FCCPC.
“Any claims to the contrary are baseless. Our recent directives are not about controlling prices but are focused on curbing exploitative practices and anti-competitive behaviors.”
“The FCCPC remains committed to a balanced approach that respects the dynamics of a free market while ensuring that consumers are protected from harmful practices,” he said.
Ijagwu emphasised that the Commission’s role is not to suppress private enterprise but to ensure that the market operates on principles of fairness, transparency, and accountability. The FCCPC’s recent stance has shifted towards a focus on combating price fixing and other exploitative practices rather than setting or controlling prices.
The FCCPC’s initial threat to intervene in market pricing sparked significant debate. The Commission had argued that rising prices of essential commodities were harming consumers and disrupting market fairness. The threat of regulatory action was seen as a measure to curb what was perceived as unfair pricing practices by some market players.
Despite its new stance, the Commission said it would nevertheless monitor market practices closely and take action against any behaviors that violate the law.
“We encourage all businesses to engage in ethical and lawful practices that contribute to a fair and competitive marketplace,” Ijagwu stated. “Our approach combines enforcement with cooperation, aiming to protect consumers and maintain a healthy competitive environment.”
