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Inflation: CPPE urges FCCPC to desist from price control mindset
The Centre for the Promotion of Private Enterprises (CPPE) has urged the Federal Competition and Consumer Protection Commission (FCCPC) not to adopt a price control mindset in a bid to tackle inflationary pressures.
CPPE Founder, Dr Muda Yusuf, gave the advice in a statement on Sunday in Lagos.
Yusuf expressed concerns over the approach, methodology and recent threats by the FCCPC targeted at market leaders, traders and supermarket owners.
He stated that the approach made the FCCPC appear to be unwittingly transforming into a price control agency rather than a consumer protection commission.
He noted that the core mandate of the commission was the creation of a robust competition framework across sectors and protection of consumer rights and interests.
“Consumer protection is not about directly seeking to control price at the retail end of the supply chain and this is why the CPPE is concerned about the FCCPC’s approach.
“The commission seem to be fighting the symptoms rather than dealing with the causes of the current inflationary pressure in the economy,” he said.
Yusuf said that the best way to protect consumers from exploitation theoretically and empirically, was to diligently promote competition across sectors.
According to him, the experience with the telecoms sector amply validates this position.
Yusuf stated that emphasis should not be on pricing but on deepening the culture and practice of competition and a level playing field for all investors.
He noted that intense competition made profiteering difficult and diminished the chances of exploitation of consumers.
“The retail sector of the economy is characterised by a multitude of players as there are an estimated eight million retailers in the trade sector of the Nigerian economy.
“The truth is that the retail segment of the economy is the least vulnerable to price gouging or consumer exploitation on a sustainable basis, contrary to the thinking of the commission.
“The reality is that the risk of profiteering increases with monopoly powers. This is why the attention of the commission should be focused on creating a good competition framework to deepen competition across sectors,” she said.
The CPPE boss urged the commission to get a proper comprehension of the dynamics of pricing and the key drivers of inflation such as naira exchange rate depreciation, high energy cost among others.
“Our view is that the proposal by the FCCPC to traverse markets across the country with objective of ensuring price regulation is unlikely to yield concrete outcomes and this is not a sustainable strategy.
“What we need to fix are the fundamentals driving production, operating and distribution costs which resulted in spiraling inflation in the first place.
“The commission needs to be more diligent and thorough in its analysis before alleging consumer exploitation by the trading community,” he said.
The CPPE boss also appealed to the FCCPC to refrain from further intimidation of the operators in the retail sector of the economy most of whom are micro and small businesses, with many in the informal sector.
He said if the trajectory continued, there was an emerging risk of market suppression and private enterprise repression by the FCCPC, marking an elevation of regulatory risk in the Nigerian economy and detrimental to investors’ confidence.
Yusuf, instead, urged the commission to work in collaboration with the other agencies of government to tackle the fundamental causes of inflation in the economy. (NAN)
By Our Reporter
The Management of Federal Housing Authority FHA, under the leadership of Hon Oyetunde Oladimeji Ojo has asked residents of its estates in Abuja to provide approvals and approved documents and building plans for commercial purposes to the office of the Managing Director and Chief Executive Officer, Federal Housing Authority FHA, Abuja forthwith.
A Press statement issued by the management and signed by the Public Relations Officer, Kenneth Chigelu on behalf of the authority directed the submission to be carried out at the Authority’s Head office, Julius Nyerere Crescent, Asokoro , Abuja beginning from Wednesday , 3rd April , 2025.
The directives covers all buildings irrespective of the approval dates , that became expedient , following management discovery of sharp practices by commercial outlets ,as most of this buildings are built either without approval and or in contravention to the granted approval.
Chigelu stated that management discovered that some commercial buildings are in contravention of approval granted them, through alterations in total contravention to the development control regulations of the Authority.
Following the danger posed , management will not allow such negative consequences that will pave way for indiscriminate building collapse, therefore, a controlled demolition was carried out by the authority, with a building with structural defects in March , 2025, on 5th Avenue, Gwarimpa Estate.
Consequently, owners of commercial apartments, which included Hotels , Supermarkets, Hospitals, Schools and Banks including shopping malls through this announcement are expected to submit their approved plans for revalidation.
Management expect strict compliance to this directive, as violators will attract heavy sanctions with authority’s non negotiable stance .
The release further said ..
SPECIAL PUBLIC ANNOUNCEMENT
“The Management of Federal Housing Authority, FHA hereby calls on all owners of commercial properties in FHA Estates in Abuja, Federal Capital Territory to submit their approved building plans to the office of the Managing Director and Chief Executive, at the Authority’s head office, No 26 Julius Nyerere Crescent, Asokoro Abuja from Wednesday, April 3rd, 2025.
“This directive which covers all buildings irrespective of when the approval was given, has become expedient following Management’s discovery that most commercial outlets in these Estates are built without approvals, or developed outside the granted approval.”
” Management has also discovered that some commercial buildings are in contravention of the approval granted them for alteration, in total contravention and disregard to Development Control regulations. ”
“Following the dangers posed by this development, the Management of FHA would not fold its hand to allow this looming disaster to happen. It is to avert the ugly incidence of building collapse that the Authority carried out a controlled demolition exercise of one of its buildings with structural defect on Monday, 24th March. 2025 in 5th Avenue. Gwarinpa estate.”
“Consequently, all owners of commercial outlets: hotels, supermarkets, hospitals, schools, banks, shopping malls etc through this announcement are requested to submit their building approved plans for revalidation. All such buildings must undergo an integrity test.
Strict compliance to this directive is not negotiable as severe sanctions await defaulters. “
By Nahum Sule, Jalingo
The Taraba State Government, in partnership with the National Agency for the Prohibition of Trafficking in Persons (NAPTIP), has successfully intercepted eight trafficked children who were en route to the South East and Cameroon.
In a statement to journalists in Jalingo, the capital of Taraba State, Mrs. Mary Sinjen, the Commissioner for Women Affairs and Child Development, revealed that the children had been deceived and transported to various southeastern states in Nigeria.
According to her, the children were trafficked to locations such as Aba, Onitsha, and Imo State under the false pretence that they were orphans.
The interception took place in Gembu, the headquarters of the Sardauna Local Government Area, where it was reported that the traffickers were seeking additional children to abduct.
Mrs. Sinjen affirmed, “Thanks to the prompt response from the Ministry and NAPTIP, eight of the children have been safely returned to Taraba State.
“The primary suspect, Mrs. Patience, along with several of her accomplices, has been apprehended and is currently in custody as legal proceedings commence.
“Search and rescue operations for other trafficked children are ongoing.”
She further emphasised that the state government will not tolerate any unscrupulous individuals who exploit children’s rights for illicit gain.
“This administration is wholly committed to ensuring justice, rehabilitating victims, and enhancing inter-agency collaboration to combat child trafficking,” she stated.
“We urge all residents to be vigilant and report any suspicious activities, as the welfare and protection of our children is a collective responsibility.”
In the meantime, authorities in Taraba have reiterated the importance of community vigilance and reporting any suspicious activities, stressing that safeguarding children requires a unified effort.
General Christopher Musa, the Chief of Defence Staff, has assured that all security challenges facing the nation will be effectively addressed by the year’s end.
This statement was made during the launch of attack drones and the demonstration of locally produced bombs, developed by a homegrown technology firm.
The event was attended by security specialists and senior government officials, as General Musa showcased the indigenous Unmanned Aerial Vehicles (UAVs) to the audience.
Accompanied by Ajao Adewale, the Federal Capital Territory Commissioner of Police, and Caleb Mutfwang, the Governor of Plateau State, General Musa emphasized the ongoing bureaucratic obstacles in acquiring military equipment from abroad.
Governor Mutfwang stressed the urgency for decisive measures against insecurity, calling on leaders to prevent any entity within the nation from possessing military capabilities.
The operational features of the UAVs were also demonstrated, with General Musa expressing satisfaction with this advancement, labeling it a pivotal step in combating insecurity in the country.