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We’re Not a Price Control Organization – FCCPC Boss Says

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Tunji Bello, the Chief Executive Officer of the Federal Competition and Consumer Protection Commission (FCCPC), emphasized the ongoing efforts of the agency to combat profiteering in Nigerian markets during an interview on Inside Sources with Laolu Akande aired on Channels Television. Bello stressed the role of the FCCPC in promoting fair competition and protecting consumers, while also addressing the rising trend of price manipulation that has exacerbated the economic hardship facing Nigerians.

“We are not a price control organization,” Bello clarified. “We cannot control prices, but our goal is to ensure fairness. We are not stopping traders from making profit, we cannot do that. If you want to promote a free market, we cannot control prices. But we are against profiteering, not people making profit.”

During the interview, Bello highlighted the primary responsibility of the FCCPC, which is to maintain competitive markets and safeguard consumers’ interests. He expressed concern over the manipulation of market prices by certain traders and middlemen who create artificial scarcity to inflate prices, thereby taking advantage of consumers.

“Our goal is not to control prices but to ensure fairness in the market,” Bello stated, emphasizing that the FCCPC is dedicated to creating a level playing field for businesses while protecting consumers from exploitation.

Bello disclosed that the FCCPC had conducted a comprehensive survey in major cities across Nigeria, including Lagos, Kano, Kaduna, Port Harcourt, Onitsha, Ibadan, and Oshogbo. The survey revealed troubling practices by some traders, including deliberate restrictions on the supply of goods to create scarcity, which in turn drove up prices.

“These actions are harmful, especially during a time of inflation and economic hardship. We found that some traders were deliberately withholding products from the market to raise prices. This is not just unfair, but illegal under the FCCPC Act,” Bello remarked.

While the law permits strict penalties for such practices – including fines of up to 10 million naira and jail terms of up to three months under Section 107 of the FCCPC Act – Bello explained that the Commission opted for a more collaborative approach initially. Rather than immediately imposing sanctions, the FCCPC organized a stakeholders’ meeting with traders, manufacturers, and middlemen to discuss the survey findings and encourage voluntary compliance.

“We don’t want to start applying hard measures just yet,” Bello explained. “We decided to engage with these stakeholders and have an open discussion. We shared the results of our investigation and asked for their cooperation. It’s important to understand that while we cannot control prices, we are determined to ensure fairness. Our main focus is to protect Nigerian consumers, who are already suffering greatly under the current economic conditions.”

The FCCPC boss stressed that traders were given the opportunity to adjust their practices voluntarily. However, he cautioned that failure to comply would force the Commission to enforce the law.

“We are giving them time to adjust, but profiteering is a dangerous trend that we cannot allow to continue. If we don’t address it now, it will worsen, and the people who are already struggling will suffer even more,” Bello warned.

Bello revealed that the FCCPC plans to hold additional stakeholder meetings in cities across Nigeria, including Lagos, Kano, Port Harcourt, Onitsha, Oshogbo, Maiduguri, and Makurdi. He emphasized that these meetings are crucial for building local partnerships and ensuring fair market practices. The FCCPC is also working closely with local government authorities and traditional leaders to combat profiteering.

“In Ife, we worked with the Ooni of Ife and local market leaders to stop some middlemen from manipulating prices. It was successful, and we intend to replicate this model in other markets,” Bello said. He explained that sometimes, “soft power and dialogue are more effective than hard enforcement. We know the country is going through tough times, and we don’t want to start sanctioning people unnecessarily.”

Bello shared a stark example from the FCCPC’s investigation, where a product that initially sold for approximately ₦750,000 saw its price inflate to over ₦944,000 within a week. The product, which sells for around $89 (about ₦140,000) in the United States, was being sold for as much as ₦1 million in Nigeria.

“When we confronted the traders, they gave various excuses – bad roads, inflation, insecurity. But let’s be honest, Nigeria has faced bad roads and insecurity for years, and prices were not this high just a year ago. It’s clear that some are using the current inflation as an excuse to exploit the situation,” Bello said.

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Abuja Reports

Atoyebi Adewumi Wins 4th National Essay Competition, Beats 2,000 Contestants

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By Samson Adeyanju

Atoyebi Adewumi has emerged winner of the fourth edition of the National Essay Competition, beating more than 2,000 contestants in an intellectual contest aimed at promoting academic excellence, critical thinking and creative writing among young Nigerians.

The competition, which focused on the relevance of taxation to national development, challenged participants to examine the role of tax revenue in financing public services, stimulating economic growth and strengthening the relationship between government and citizens.

The initiative provided a platform for young Nigerians to demonstrate their writing skills, articulate informed perspectives on national issues and contribute ideas towards building a more responsible and progressive society.

Speaking after being declared winner, an elated Adewumi expressed gratitude to the convener, Foluso Sylvanus Ojo, and the organising team for providing young Nigerians with an opportunity to showcase their intellectual abilities.

“I am so glad, very, very glad, to have this privilege of emerging as the winner. I am grateful to the convener and the entire team, as well as everyone who supported this vision,” Adewumi said.

In his remarks, Ojo expressed concern over the tendency to criticise the attitudes and lifestyles of younger generations without providing adequate opportunities to nurture their talents and channel their energies towards productive pursuits.

He called on the government, corporate organisations and nongovernmental organisations to invest more in educational initiatives that promote intellectual excellence, creativity and responsible citizenship.

According to him, sustained investment in academic competitions and youth development programmes would encourage discipline, innovation and a stronger commitment to national development.

Drawing a comparison with the substantial cash prizes awarded in some reality television competitions in Nigeria, Ojo argued that students and intellectually gifted young Nigerians deserved greater recognition, financial support and encouragement.

“I believe the government should support initiatives like this because individuals need supportive hands, especially from the government. When they receive such support, they become more confident and motivated to continue their good work,” he said.

Ojo maintained that society could not continue to complain about the attitudes and lifestyles of young people without deliberately investing in programmes that encourage positive values and productive engagement.

The fourth edition of the competition also underscored the importance of tax awareness among young Nigerians, highlighting how effective taxation, transparency and accountable governance could contribute to improved infrastructure, education, healthcare and other essential public services.

Beyond celebrating the winner, the competition reinforced the need to identify, encourage and empower emerging intellectual talents capable of contributing meaningfully to Nigeria’s development.

Winner of the 5,000,000 naira

Winner of 3,000,000 naira

Winner of 2,000,000

All the participants 

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Abuja Reports

20 Finalists Begin Final Stage of National Essay Competition

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By Samson Adeyanju

Twenty finalists from across Nigeria have begun the final stage of the fourth edition of the National Essay Competition in Abuja, following an orientation session designed to prepare them for the decisive examination.

The finalists arrived in the Federal Capital Territory for a four-day, all-expenses-paid programme featuring the essay examination, institutional tours and opportunities for learning and networking.

The competition, the brainchild of Mr Foluso Ojo, is sponsored by the Nigeria Revenue Service (NRS).

Ahead of the examination, the finalists participated in an orientation session led by Professor Omotosho Borisade of Ekiti State University, who serves as the competition’s umpire.

The session familiarised participants with the competition’s rules and regulations, examination guidelines and assessment criteria, helping them understand the requirements of the final stage.

The essay examination is scheduled to begin today at 9 a.m., after which the finalists are expected to embark on institutional tours around Abuja.

The programme is designed to extend beyond the contest itself, exposing the finalists to new learning opportunities, professional connections and experiences in the nation’s capital.

The competition brings together young Nigerians to demonstrate their writing ability, knowledge, creativity and critical-thinking skills as they compete for the top honours.

With the finalists prepared for the examination, attention now turns to their performance and the eventual emergence of the competition’s champion.

 

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Pastor Ogundipe Decries Lack of Integrity Among Educated Nigerians

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By Samson Adeyanju

Pastor Alex Ogundipe, Chairman of the Governing Board of Christian Heritage International Bible College, Kubwa, Abuja, has expressed concern over the growing number of educated Nigerians who lack the character and integrity required to make meaningful contributions to society.

Ogundipe raised the concern during the matriculation ceremony of the institution’s 60 pioneer students, stressing that academic qualifications without moral discipline and upright character could undermine national development.

According to him, Nigeria has many knowledgeable and academically accomplished individuals whose inability to demonstrate integrity has negatively affected their contributions to their families, workplaces and communities.

“We have too many people in this country who are knowledgeable and wise in their own ways, but they do not have character and integrity. That affects their ability to impact their communities,” he said.

The cleric emphasised that education must go beyond the acquisition of certificates to the development of individuals who demonstrate honesty, accountability, faithfulness and commitment to serving humanity.

He explained that true integrity required consistency in personal conduct, whether at home, in the church, at work or within the larger society.

Ogundipe said the college was established not merely to impart biblical knowledge but to raise men and women whose lifestyles reflect Christian values and whose contributions would positively influence society.

He urged Christian leaders to demonstrate their faith through practical actions rather than mere religious declarations.

Speaking on Nigeria’s future, the cleric encouraged citizens to remain hopeful, pray for the country and contribute meaningfully to national peace, unity and development.

Earlier, the Rector of the institution, Pastor Samson Olukayode Aliyu, challenged the matriculating students to prioritise spiritual maturity and moral discipline alongside academic excellence.

Aliyu warned against examination malpractice, plagiarism, dishonesty and other forms of misconduct, stressing that academic certificates could demonstrate knowledge but could not substitute for good character.

“The Church does not only need gifted people; it needs godly people. We need leaders who will choose integrity over compromise, humility over pride, faithfulness over convenience and service over self-interest,” he declared.

He explained that the college offers six-month certificate programmes in theology and one-year diploma programmes in theology, leadership and prophetic studies.

One of the matriculating students, Akeem Omobolanle, who enrolled in the Diploma in Leadership programme, commended the institution’s approach to biblical education and expressed optimism that the training would strengthen his understanding of the Scriptures and prepare him for greater service in Christian ministry.

The ceremony marked the formal admission of the college’s pioneer students into its academic community.

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