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FG Uncovers Cartel Behind High Cost of Goods

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The Federal Competition and Consumer Protection Commission (FCCPC), has raised concerns about a ‘cartel’ that is manipulating market prices across Nigeria, inflating costs for goods and services despite government stabilization efforts.

The  FCCPC Chief Executive Officer, Tunji Bello revealed that the commission’s investigations in major cities have uncovered troubling practices in several sectors.

At a parley in Uyo, Akwa Ibom State, Bello highlighted how influential players are dictating prices, severely impacting smaller producers in the poultry sector.

He explained that the entry of two major market players has allowed them to control 80 to 90 percent of the sector, using their financial clout to mandate that day-old chicks be sold at ₦1,350, contradicting the economic principle of lower prices with increased production.

Bello emphasized that this manipulation is why prices remain high despite various government interventions to support poultry farmers, including the provision of broilers, vitamins, feeds, and cash.

The FCCPC CEO also pointed to exploitative pricing in the packaging sector, citing a cartel of five dominant players responsible for importing and supplying packaging materials.

He described their operations as “mafia-like,” with players coordinating to ensure uniform pricing.

Regarding the lack of sanctions, Bello explained that the FCCPC initially opts for dialogue before enforcing the law, which carries severe penalties including hefty fines and jail terms.

To alleviate the economic burden on consumers, Bello noted that President Bola Tinubu has introduced several relief measures, such as the removal of tariffs on food imports, VAT on pharmaceuticals and medical devices, tax waivers for businesses and public transport, and facilitating easy credit for converting vehicles from petrol to CNG.

Bello urged the business community in Akwa Ibom to collaborate with the FCCPC to tackle exploitative pricing and promote market integrity, stating that it is only fair for businesses to share the benefits of these government measures with consumers through reduced prices.

Entertainment

Alia Appoints Fr Alumunku Chairman of Benue Television Corporation Board

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By Samson Adeyan

Governor of Benue State, Hyacinth Iormem Alia, has approved the appointment of Rev. Fr Dr. Patrick Alumunku, OON, as Chairman of the Board of the Benue Television Corporation.

Alumunku, a renowned media professional, brings decades of experience in broadcasting and communications to the position. He holds a Doctorate Degree in Mass Communication and previously worked for 12 years with Vatican Radio.

He also served for 21 years as Director of Communications at the Catholic Archdiocese of Abuja and is currently the Executive Director of Catholic Television of Nigeria.

His appointment is part of a broader board constitution approved by Governor Alia to strengthen the operations of the state-owned broadcasting corporation.

Other members of the board include Dr. Thaddeus Hanmakyugh as Secretary, Mrs. Jennifer Ejembi, Dr. Barnabas Gbam, and Engr. Sunday Iji.

Hanmakyugh holds a doctorate in Film Production and Media Arts from the University of Abuja and retired from the National Film Institute.

Ejembi is a former Executive Director of the Nigerian Television Authority in Ibadan, while Gbam previously served as Rector of the NTA College Jos. Engr. Iji is a former Director of Engineering Services at Radio Benue.

According to a statement issued by the governor’s Technical Adviser on Media, Publicity and Strategic Communication, Chief Solomon Iorpev, the appointments take immediate effect.

Governor Alia charged the new board to deploy their wealth of experience toward improving broadcasting standards in Benue State and promoting the state’s cultural heritage through quality programming.

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Economy

Tinubu Nominates Oyedele as Minister of State for Finance

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By Patrick Idowu

President Bola Ahmed Tinubu has nominated Mr Taiwo Oyedele as Minister of State for Finance, replacing Dr Doris Uzoka-Anite.

In a letter to Senate President Godswill Akpabio, the President sought the Senate’s confirmation of Oyedele’s appointment. Uzoka-Anite has been redeployed to the Ministry of Budget and National Planning as Minister of State.

Oyedele, from Ikaram-Akoko in Ondo State, was until his nomination the Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, which led major reforms of Nigeria’s tax system.

An economist and accountant, Oyedele holds a Higher National Diploma in Accountancy and Finance from Yaba College of Technology and a BSc in Applied Accounting from Oxford Brookes University.

He has attended executive programmes at the London School of Economics, Yale University, the Gordon Institute of Business Science, and the Harvard Kennedy School.

He spent 22 years at PwC, rising to Fiscal Policy Partner and Africa Tax Leader. Oyedele is also a professor at Babcock University and a visiting scholar at Lagos Business School.

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News

Do Not Trust INEC Technology Deployment, Sam Amadi Warns

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By Omoniyi David

Director of the Abuja School of Social and Political Thought, Dr Sam Amadi, has urged Nigerians not to place confidence in the Independent National Electoral Commission’s deployment of technology.

Amadi spoke at the Citizens Town Hall Meeting on Electoral Act 2026 in Abuja, where he called for a bipartisan audit commission to review INEC’s technological systems. He said controversies surrounding the 2023 general elections remain unresolved.

“We finished the 2023 election with so many allegations and issues,” he said, criticising the National Assembly for failing to conduct a comprehensive public hearing. He noted that key officials were not put on oath to explain what transpired.

Amadi insisted that electoral accountability is vital to restoring public trust, warning that without an independent audit of INEC’s technological infrastructure, confidence in the electoral process will remain fragile.

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