Connect with us

News

FG gives traders one month deadline to crash prices of goods

The Federal Competition and Consumer Protection Commission (FCCPC), has given a one-month moratorium to traders and other market stakeholders involved in pricing to crash the prices of goods.

The newly appointed Executive Vice Chairman of the FCCPC, Tunji Bello, said this at a one-day stakeholders engagement on exploitative pricing on Thursday, August 29, in Abuja.

According to Bello, the meeting was to address the growing trend of unreasonable pricing of consumer goods and services and the unwholesome practice of market associations.

Bello said the Commission’s investigation showed that a fruit blender known as Ninja was being sold at a popular supermarket in Texas for 89 dollars (₦140,000.00) but the same product was displayed for ₦944,999.00 in a supermarket in Victoria Island, Lagos.

Bello wondered about the basis for the arbitrary hike in the price of the blender compared to Texas, United States of America.

He said the unwholesome practices including price fixing were threatening the stability of the economy.

He said: “Under Section 155, violators whether individuals or corporate entities face severe penalties including substantial fines and imprisonment if found guilty by the court.

“This is intended to deter all parties involved in such illicit activities.

“However, our approach today is not punitive. I, therefore, call on all stakeholders to embrace the spirit of patriotism and cooperation.

“It is in this spirit that we are giving a moratorium of one month (September) before the Commission will start firm enforcement.”

Bello said the government was aware of most of the problems raised by the market stakeholders.

“We have heard and you have genuine issues and the government has the responsibility to address the problems but generally, let us talk to ourselves too.

“There are also gang-ups to exploit consumers by traders.”

Some of the market stakeholders who spoke at the engagement said that the high cost of transportation, insecurity, and multiple taxation among others were reasons for the continuous increase in prices of goods and services.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

News

EFCC arraigns one for suspected internet fraud in Uyo

The Uyo Zonal Directorate of the Economic and Financial Crimes Commission, EFCC, has arraigned Omereonye Solomon Chigozie (a.k.a Kolor Cabiek Ye) before Justice Maurine A. Oyetenu of the Federal High Court sitting in Uyo, Akwa Ibom State for alleged internet fraud to the tune of $1,500 ( One Thousand Five Hundred United States Dollars).

He was arraigned on Thursday, March 20, 2025 on a two-count charge bordering on impersonation, possession of fictitious messages and obtaining by false pretence through a fictitious Facebook account: “Kolor Cabiek Ye”.

One of the charges reads, “That you Omereonye Solomon Chigozie (a.k.a Kolor Cabiek Ye) Sometime between 2019 and 2024 in Nigeria within the jurisdiction of this honourable court with intent to obtain property and gain advantage fraudulently presented yourself as Kolor Cabiek Ye on social media platform (Facebook) and thereby committed an offence contrary to Section 22 (2)(b) (i) of the Cybercrime (Prohibition, Prevention Etc) (Amendment) Act 2024 and punishable under Section 22(2) (b) (iv) of the scime Act”.

Count two reads “That you Chigozie Omereonye Solomon (aka Kolor Cabiek Ye) sometime between 2019 and 2024 in Nigeria within the jurisdiction of this Honourable court did take possession of the sum of $1500 (One Thousand, Five Hundred United States Dollars) while impersonating Kolor Cabiek Ye on Facebook which you reasonably ought to have known forms proceeds of an unlawful act and thereby committed an offence contrary to Section 18 (2) (d) of the Money Laundering (Prevention and Prohibition) Act 2022 and punishable under Section 18(3) of the same Act”.

Chigozie pleaded not guilty to both counts when they were read to him.

In view of his plea, prosecution counsel, Enobong Ubokudom prayed the court to fix a date for commencement of trial and remand him in a Correctional Centre. Defence counsel, Ikwere Davies did not oppose the prayers.

Justice Onyetenu adjourned the matter to May 22, 2025 for trial and ordered that the defendant be remanded at the Correctional Centre, Uyo.

Chigozie was arrested in Uyo on October 3, 2024 on credible intelligence regarding his suspicious activities on the internet. Investigations showed that he impersonated foreigners to defraud his victims across the world.

Continue Reading

News

Catholic priest kidnapped in Imo

A Catholic priest identified as Rev. Fr. John Ubaechu, has been abducted by unknown gunmen along Ejemekwuru road in Oguta Local Government Area of Imo state.

According to a statement signed by the Secretary of the Catholic Archdiocese of Owerri Reverend Father Patrick Mbarah, the priest was kidnapped on Sunday March 23rd, 2025 on his way to the Priests’ Annual retreat.

The Archdiocese called on all Christian faithful and all men and women of goodwill to earnestly pray for the quick and safe release of the priest.

Meanwhile the Imo State Police Command through its spokesman Henry Okoye said the Commissioner of Police, Danjuma Aboki, has launched an investigation into the incident and has directed an intelligence led operation for the possible rescue and release of the priest unconditionally.

He urged the general public to help the police with any useful information that might aid the work of the police in securing the release of the abducted priest.

Continue Reading

News

Fubara denies links with militants

Suspended Rivers State Governor, Siminalayi Fubara, has refuted allegations linking him with militant groups, dismissing recent social media posts and videos as fake and malicious attempts to incite tension in the state.

In a statement issued by his Chief Press Secretary, Nelson Chukwudi, the Fubara condemned the circulation of fabricated videos purportedly depicting explosions at oil and gas facilities in the state.

The statement clarified that affected communities have debunked the claims, assuring that all critical infrastructure remains intact and operational.

“For the avoidance of doubt, Governor Siminalayi Fubara has no link to any militant group, does not contemplate any such association, and has no reason to encourage any criminal elements to undertake actions that threaten peace, security, or the economy,” the statement read.

Fubara restated his commitment to maintaining peace in Rivers State, emphasising that governance and development can only thrive in a stable environment.

He also warned against attempts to exploit the state’s ongoing political crisis for ulterior motives.

Fubara further cautioned bloggers and social media influencers against spreading false information, stating that their actions could escalate tensions and disrupt stability.

He urged security agencies to investigate and take decisive action against those responsible for spreading misinformation.

Continue Reading
Advertisement

Trending