FCCPC Urges Retailers to Promote Fair Business Practices, Price Transparency
The Federal Competition and Consumer Protection Commission (FCCPC) has urged organisations dedicated to consumer welfare and business-to-customer relationships to promote fair business practices.
Its Acting Executive Vice Chairman, Dr Adamu Abdullahi, made the appeal during an engagement between the FCCPC and the National Association of Supermarket Operators of Nigeria/Retail Council of Nigeria on Thursday in Lagos.
Abdullahi noted that the commission had identified concerns in the retail sector, especially regarding the inconsistent display of prices, which had led to discrepancies between shelf prices and the final amount charged at the till.
To address this, he urged supermarkets to maintain price transparency and consistency, recognising that trust and market integrity hinge on this critical aspect. He explained that while the FCCPC does not regulate prices, it has a mandate to promote fair competition and discourage price gouging and unfair pricing practices.
Abdullahi said, “We don’t control prices. But we ensure that there is a level playing field so that the market is open and people can come in, display their wares, and sell at their own prices.
The price dictates whether you sell your products or not, as far as we’re concerned.
“We feel that it’s only fair that if the government is trying its very best to bring down the Naira exchange value, then those efforts should also be rewarded by retailers by bringing down the cost of items.”
By upholding consumer rights and fostering a competitive marketplace, the FCCPC boss added that the commission aimed to create a conducive environment for both businesses and consumers to thrive.
According to him, the commission is dedicated to enforcing compliance with the law, particularly the Standards Organisation of Nigeria (SON) Act, to eradicate deceptive and misleading marketing practices that undermine competition.
“That’s why we’re here today. The concerns we have in the retail business, especially the formal sector, is this issue of price display on products. “This has been a major concern for us because it is what has already led to the ceding of a major supermarket in Abuja.
“This is because the price displayed at the counter is different from the one you pay at the till. And that’s misleading and deceptive as far as the regulations are concerned.” Abdullahi hinted that the FCCPC had agreed to form a small technical committee that would look at a Memorandum of Understanding, its draft, and how to work together henceforth.
“We are going to have a lot of capacity building amongst ourselves so that we understand each other, we understand them from the side of businesses. They understand us from the side of regulators. That way, we would have a lot of mileage, ” he added.
Dr Haresh Keswani, Chairman of the National Association of Supermarket Operators of Nigeria/Retail Council of Nigeria, commended the FCCPC boss for his time and open-mindedness in understanding the importance of retail in Nigeria.
Keswani, also the Managing Director of Atee Industies, known as SPAR, said his members were law-abiding companies and they continued to be focused on the consumer, just like the FCCPC.
“As you know, the current retail is the second generation. The first generation died many years ago in the brands of Kingsway, UTC, and all that.
“And the second-generation retails, which are several brands, have been built over many years and are also currently struggling to stay in business. And you all know the reason why they are struggling. Because being compliant in Nigeria is expensive.
“To pay salaries on time, to make sure you pay your taxes, you pay your power energy bills, and you follow the rules is an expensive proposition,” he said. To this end, he noted that the essence of the engagement with the FCCPC was to work on the value chain.
Keswani added, “In this value chain, all four pillars are stakeholders. And we all equally have to do our own bit. I cannot be a midfielder, a defender, a striker, and a goalkeeper. We all have a role to play. So this is team play. This is teamwork.
“And we are clearly focused on wanting the retail business to grow. And we want the consumer to get the best value. But equally, not without everyone stepping onto the ground and playing the game. Data Protection Initiative Seeks Review of NIMC Storage System
