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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)
Apex Igbo socio-cultural organization, Ohanaeze Ndigbo Youth Council Worldwide has condemned the arrest of businesswoman Aisha Achimugu at the Nnamdi Azikiwe International Airport, Abuja.
Achimugu was arrested by the Economic and Financial Crimes Commission.
Her lawyer, Chief Chikaosolu Ojukwu, who confirmed her arrest said , “Aisha Achimugu, who arrived voluntarily into the country from London, was arrested by the EFCC around 5 a.m. on Tuesday.
‘In light of what transpired in court on Monday, my client returned based on the undertaking before the court to honour the EFCC’s invitation, but was arrested at the airport.”
Ojukwu criticised the EFCC’s action, describing it as a violation of a court order.
Reacting, the National President of Ohanaeze Ndigbo Youth Council Worldwide, Mazi Okwu Nnabuike described the arrest as an affront on the judiciary.
Okwu said it was strange that someone who returned to the country in line with her own averments before the court could be whisked away in such a manner.
He stressed that, “we had thought that the EFCC has stopped such action but this manner of arrest speaks volumes.
“From every record available, Aisha Achimugu filed an affidavit in court to voluntarily report to the EFCC today, Tuesday, then appear in court tomorrow, Wednesday.
“It is then strange that having returned to the country on her own volition, the EFCC had to swoop on her at the airport despite the subsisting court order.
“This confirms our earlier fears that her trial is political and is totally unfortunate.
“We urge the EFCC to respect the sanctity of the rule of law by releasing her.”
Okwu urged the commission to resist the temptation of being used by politicians to fight perceived political enemies.
In a significant restructuring of its management, the Nigerian National Petroleum Company (NNPC) Ltd has terminated the services of a number of senior staff members, ELANZANEWS understands.
Among those departing immediately are Bala Wunti, former chief of National Petroleum Investment Management Services (NAPIMS), and Ibrahim Onoja, managing director of the Kaduna Refinery.
Also asked to leave was Lawal Sade, the chief compliance officer and former managing director of NNPC Trading.
They are believed to be very close to Mele Kyari, who was removed as group chief executive officer (GCEO) on April 2, 2025.
ELANZANEWS understands that over 200 employees have been impacted, marking the beginning of what may be a series of staff changes.
This restructuring has resulted in an increased representation of women in senior leadership roles, including the appointment of Maryam Idrisu as managing director of NNPC Trading — responsible for all crude oil transactions — and Obioma Abangwu as chief liaison officer for board matters.
TheCable further understands that the changes have been positively received by the staff.
The directors were sacked four weeks after Bayo Ojulari took over from Kyari.
Three days after he assumed office, NNPC appointed an eight-member senior management team.
News
2025/2026 Academic Session: Federal University Of Applied Sciences Kachia, Get 18 Courses Approval From NUC
By Tambaya Julius, Abuja
The National Universities Commission (NUC) has officially approved 18 full-time programmes for the Federal University of Applied Sciences Kachia (FUASK). The approval was granted by Nigeria’s National Universities Commission (NUC), positions the university as a beacon of advanced learning and practical skills development in applied sciences and technology.
The announcement was made by FUASK’s inaugural Vice-Chancellor, Professor William Qurix, via an official release issued by the University Registrar, Professor Sanusi Gambo, on Tuesday in Abuja. Professor Gambo said that the newly approved courses will commence with the 2025/2026 academic calendar.
According to the registrar the approved courses reflect a strategic response to both domestic and international workforce demands, particularly within the sectors of science, healthcare, computing, and architecture. “The introduction of these programmes will enable FUASK to equip students with the professional expertise and hands-on experience required for modern job markets” He stated.
The programmes which include:
Bachelor of Medicine and Surgery
B.Sc. Software Engineering
Doctor of Pharmacy
B.Sc. Information Technology
B.Sc. Computer Science
B.Sc. Cyber Security
B.Sc. Environmental Resource Management
B.Sc. Microbiology
B.Sc. Biotechnology
B.Sc. Anatomy
B.Sc. Physiology
Bachelor of Medical Laboratory Science
Bachelor of Radiography
Bachelor of Health Information Management
Bachelor of Nursing Science (B.NSc.)
B.Sc. Architecture
B.Sc. Quantity Surveying
B.Sc. Industrial Chemistry
Speaking on the significance of the NUC approval, Professor Qurix expressed that the development marks more than just regulatory progress it is a clear indication of FUASK’s commitment to becoming a centre of excellence in applied scientific education and research.
“This achievement is a testament to our vision of delivering a modern, practice-oriented academic experience,” said Qurix. “It showcases our dedication to equipping students with innovative skills tailored to meet real-world challenges across vital sectors such as medicine, information technology, pharmacy, and environmental science.”
The Vice-Chancellor also emphasised that the approval wouldn’t have been possible without the unwavering efforts of the university’s academic and administrative staff. He praised their dedication in working meticulously to ensure that FUASK met the strict standards required by the NUC for programme accreditation.