..over unfair practices, moves against price fixing
In intensifying efforts to enforce fair pricing, the Federal Competition and Consumer Protection Commission (FCCPC) has decided to show seriousness by sealing the 4U Supermarket formally known as Amigo Supermarket in Abuja over unethical conduct.
According to reports the supermarket was sealed on Thursday over unfair practices by its management during an enforcement exercise by officials of FCCPC in parts of the Federal Capital Territory (FCT).
Officials of FCCPC were at several supermarkets in Abuja to initiate a campaign to enforce proper display of prices and adherence to quantity regulations.
The action by the commission is a direct response to concerns raised by consumers about the rising costs of goods which go against the recent strengthening of the naira against major currencies.
The Commission said price discrepancies remain a significant issue.
Meanwhile, the FCCPC had earlier announced its intention to address the rising prices and protect consumers by enforcing fair competition and consumer protection provisions.
The acting Chief Executive Officer of the commission, Adamu Abdullahi, in a statement, said the continuous rise in prices of goods and services despite the appreciation of the naira is unacceptable, noting that the FCCPC is committed to protecting consumers from exploitation.
He said the management of the commission has directed its operatives to intensify monitoring of both formal and informal markets, where businesses may be taking advantage of market conditions to unfairly inflate prices, and ramp up enforcement activities.
(Naira Metrics)