FCCPC Partners SON, NAFDAC, as Plans on Introducing Stricter Regulations

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The Federal Competition and Consumer Protection Commission (FCCPC) will collaborate with the Standards Organisation of Nigeria (SON) and the National Agency for Food and Drug Administration and Control (NAFDAC) to make its regulatory authority more intense.

The FCCPC Vice Chairman and Chief Executive Officer Babatunde Irukera said this is part of the plans to sanitise the power and manufacturing sectors and the digital space in the good interest of consumers. The agency boss noted that the sectors may thus experience more strict regulations as the FCCPC plans to enforce more penalties in the interest of the public.

Irukera hinted that FCCPC, towards the end of 2022, began to investigate and scrutinize the power sector more, including fast-moving consumer goods, and the activities of digital lenders. He said the FCCPC uncovered major irregularities that had laid the foundation for the areas the organisation will be focusing on, this year.

His words: “Towards the end of last year, FCCPC opened an investigation into the activities of some of the biggest importers of power generators in the country and we made headway in sanitising the area. In particular, the commission has so far tackled cases of unwholesome practices across consumer goods, digital economy, and some other sectors.”

The vice chairman said over several months, the commission gathered intelligence which made it come to the conclusion that there were so many irregularities in the activities of the alternative power generating companies and top players in the fast-moving consumer goods sector.

Irukera said: “Through investigation and intelligence gathering, FCCPC concluded that there were some anti-competitive practices in some sensitive industries, such as power; especially alternative power generating sector. We found out that there is some level of coordination among big players who play in the 20 to about 200 KVA generators with shady deals…”

 

 

 

 

 

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