Sunday, March 01, 2020 09:40 AM / by Federal Competition and Consumer Protection Commission/ Header Image Credit: @fccpcnigeria
Pursuant to Sections
17(h) (s), 18 (1) (c), 108 (1) (b) (c) & (d), 115 (3) and 124(1) of the
Federal Competition and Consumer Protection Commission Act (FCCPA)
It has come to the attention of the Federal
Competition and Consumer Protection Commission (FCCPC) that certain suppliers
and retailers are taking undue advantage of citizens and engaging in
unconscionable trade practices with respect to basic safety and protective
apparel such as face masks and latex gloves, as well as personal hygiene
products like sanitizers and anti-bacterial wipes, because these products are
relevant and necessary in preventing infection or spread of COVID-19
(Coronavirus).
This unusual and inordinate practice of unreasonably
increasing the price of these products in an indiscriminate manner, on account
of the national public health concern (Coronavirus) violates both moral codes
and extant law. Abusing citizens' sensitivity, apprehension, anxiety and
vulnerability, especially during emergencies that could adversely affect
national security is a violation of law. Specifically, S. 17(s) of the Federal
Competition and Consumer Protection Act (FCCPA) prohibits "obnoxious trade
practices", or the "unscrupulous exploitation of consumers".
The Commission's surveillance efforts have revealed
that some otherwise reputable pharmacies and department stores are engaging in
price gouging and manipulating supplies in a manner that distorts the market,
or temporarily restricts availability in order to unreasonably/unfairly
increase prices. Any conspiracy, combination, agreement or arrangement to
unduly limit or manipulate supply, in order to unreasonably enhance price or
otherwise restrain competition is a criminal offence under S.108(1)(b) and (c),
FCCPA.
Any exercise or exploitation of undue pressure in
selling or the sale of goods or services, or price manipulation between
displayed, and selling price are also serious violations of the FCCPA under
Sections 115(3) and 124(1). Taking advantage of the possibility of infection by
a dangerous communicable disease to control supply, or unilaterally increase
prices is predatory as It preys on the desperation of citizens.
Considering the circumstances and the vital national
interest/security this illegal conduct undermines, the Commission intends to
strongly enforce the full letter of the law, including the fullest extent of
penalties associated with this conduct. The FCCPC encourages consumers to be
vigilant, and report such unreasonable or arbitrary exploitative price increase
or trade practices to the Commission by telephone on 08056002020 or
08056003030, or by email at contact@fccpc.gov.ng.
Meanwhile, the Commission is in continuing
communication with the Nigeria Centre For Disease Control NCDC) and understands
that Nigeria's readiness to address this discovery of COVID-19 and prevent
wide-spread infection is sufficient and effective.
Consumers should however proceed in abundance of
caution and follow all respiratory and hand-washing hygiene practices that have
been published by NCDC, W.H.O, U.S. CDC, LASG, FCCPC and other official and
authoritative sources. Where described symptoms or adverse events are observed
in self or others, please follow the instructions provided and notify the
authorities and the telephone numbers also provided in the published materials
previously identified.
Related News - Health
Related to Coronavirus
1.
Coronanomics: Understanding The Darker Side of A Virus's Economic
Downside
2.
Coronavirus:
Establishing The Nexus Between A Bug and Global Equity Markets
3.
WHO
Director-General's Opening Remarks at the Media Briefing on COVID-19
4.
First Case Of
Coronavirus Confirmed In Lagos
5.
COVID-19
Refinancing Risk Elevated for 6% of Rated China Corps
6.
Global Ports
Vulnerable to Coronavirus-Related Volume Declines
7.
The First
Innovative Corporate Bond Supporting Anti-Epidemic Is Given The Green Light To
Issue
8.
Coronavirus May
Add to Liquidity Strain for Some APAC Corporates
9.
Coronavirus Set
to Dampen China's Economic Growth
10. What Coronavirus
Means for Investors
11.
Coronavirus
Raises Risks for China Toll Road Operators
12. Coronavirus
Could Push Global Oil Market into Surplus
13. Airlines Face
Growing Pressure From The Coronavirus
14. Coronavirus'
Severity Will Frame Effect on Corps, Sovereigns
15. China Government
Suspend Equity Market Trading to Prevent Sell-Off
Related to Federal Competition and Consumer
Protection Commission (FCCPC)