FCCPC Reaffirms Commitment to Consumer Protection and Market Regulation
The Federal Competition and Consumer Protection Commission (FCCPC) has reiterated its commitment to protecting consumers, promoting fair competition, and ensuring the safety of products in the market.
Its Acting Executive Chairman, Dr Adamu Abdullahi, gave the assurance in an interview with newsmen after a surveillance exercise by the commission at some steel companies in Lagos State and Ogun on Friday.
The companies include African Foundries, Monarch Steel Mill Ltd., and Kam Steel Integrated Company, all on Ikorodu-Sagamu Expressway. The FCCPC boss said that intelligence and surveillance reports obtained by the commission indicated that certain companies were involved in anti-competitive behaviour.
“This is why we decided to visit three of these companies to examine their operations and review their records, as well as analyse ten of their products. We aim to identify any false, misleading, and deceptive practices that could harm consumers,” he stated.
He said that one major concern noted was the discrepancy in product specifications. “For instance, consumers purchasing 12mm rods often receive 10mm rods instead, which contributes to the building collapses we frequently witness.
“Ensuring the safety of our people is a core responsibility, and these deceptive practices are unacceptable,” said Abdullahi. He stressed the need for thorough inspections and transparency.
“We are looking at their processes to determine if any corners are being cut. If we find evidence of such practices, we will apply the full extent of the law,” he added. Abdullahi, also said that the companies visited cooperated with the commission’s officials by providing information needed during the surveillance exercises.
He said, “So far, they have been very cooperative. They consulted their lawyers, who advised them to comply with our investigation, and they have provided us with the required information.”
On collaboration with relevant industry bodies, he said that FCCPC had been working with the Steel Manufacturing Association, the Manufacturing Association of Nigeria, and the Standards Organisation of Nigeria, among others.
He also said that the Council for the Regulation of Engineering in Nigeria (COREN) had provided technical advice, ensuring the commission was guided by industry standards. Addressing the timeline for the investigation, he explained, “The duration depends on the volume of information gathered.
“Some investigations have taken longer due to the sheer amount of data involved. “We assure you that we will work diligently to conclude as quickly as possible and publish our findings.”
Regarding market impact and potential punitive measures, he noted that sanctions depend on the nature of the offence and would be on strictly adhering to the guidelines set out in the FCCPC Act. Cost of Healthy Diet Stood at N1,041 in May–NBS
