FCCPC Promises Stricter Regulation for Consumer Protection Raheem Akingbolu The Vice Chairman and Chief Executive Officer of the Competition and Consumer Protection Commission (FCCPC), Babatunde Irukere, has
The Vice Chairman and Chief Executive Officer of the Competition and Consumer Protection Commission , Babatunde Irukere, has said players in the power sector, manufacturing sector and digital space may experience stricter regulations in the interest of consumers in 2023.
He said: “Towards the end of last year, FCCPC opened investigation into the activities of some of the biggest importers of power generators in the country and we made headway in sanitising the area.” “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 are some levels of coordination among big players who play in the 20 to about 200 KVA generators with shady deals. There were questions about how they were procuring the equipment and what they were importing.
“Quite a number of investigations were carried out, especially in the Fast Moving Consumer Goods . One of the first things we did was that early in the year, we started engaging the manufacturers about what we consider misleading. For instance, we discovered that they are reducing volume and content without reducing packaging. Of course, we also carried out major investigation in the tobacco for penalties,” he said.
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