FG Threatens to Close FMCG Outlets Over Deceptive Pricing
The Nigerian government has issued a stern warning to Fast-Moving Consumer Goods (FMCG) outlets across the country regarding deceptive pricing practices amidst the current economic challenges. Adamu Abdullahi, the Acting Executive Vice Chairman of the Federal Competition and Consumer Protection Commission (FCCPC), issued the warning, emphasizing the need for transparent pricing information to empower consumers.
Abdullahi highlighted the importance of businesses avoiding misleading prices and adhering to fair and transparent pricing practices. This, he said, is crucial for consumer protection and maintaining a healthy market environment. The FCCPC is monitoring FMCG outlets nationwide and has urged businesses to cease deceptive practices to avoid severe consequences.
The Commission recently sealed Sahad Stores in Abuja for misleading pricing and high prices, demonstrating its commitment to combatting exploitative practices. The FCCPC emphasized that the Federal Competition and Consumer Protection Act (FCCPA) protects consumer rights and prohibits deceptive business practices. Violations of the FCCPA can result in fines for organizations and imprisonment for directors.
Businesses are encouraged to comply with fair pricing practices to ensure consumer protection and promote a transparent market environment. The FCCPC remains vigilant in its efforts to uphold consumer rights and combat deceptive practices in the marketplace.
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