In a recent crackdown on pricing transparency, the Federal Competition and Consumer Protection Commission (FCCPC) took decisive action by sealing Sahad Store, a prominent supermarket located in the Garki area of Abuja.
The FCCPC cited the lack of transparency in the store’s pricing practices as the reason behind the closure.
This move comes on the heels of President Bola Tinubu’s announcement of plans to address the root causes of the food crisis gripping the nation. In collaboration with state governors, the Federal Government agreed to establish a committee aimed at addressing issues such as product hoarding, which contributes to the scarcity of essential goods.
According to Mohammed Idris, the Minister of Information and National Orientation, some traders have been accused of hoarding food products, exacerbating the crisis. In response, security agencies have been tasked with working closely with state governors to combat this practice and ensure that essential commodities are readily available to the public at fair prices.
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The enforcement action against Sahad Store was led by FCCPC Acting Executive Vice Chairman, Adamu Ahmed Abdullahi, who revealed that preliminary investigations indicated the store’s management was shortchanging customers by charging prices inconsistent with those displayed on shelves.
The FCCPC emphasized that the store will remain sealed pending further investigation, highlighting the legal ramifications for non-compliance with pricing regulations.
Section 115 (3) of the law prohibits consumers from being charged prices higher than those displayed, with potential fines of up to 100 million naira for corporate entities and penalties for directors upon conviction.
The FCCPC stressed the importance of adherence to regulations and stated that Sahad Store must rectify its practices to regain operation.
Efforts to combat price manipulation and ensure transparency in consumer transactions reflect the government’s commitment to safeguarding the interests of citizens amid economic challenges.
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