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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)
Nollywood star Annie Idibia opens up about life after her separation from music legend 2Baba. The actress reveals her daughters, Isabella and Olivia, are her strongest source of strength and emotional support.
She expressed her feelings during a red carpet interview at the Headies Awards, the actress spoke openly about how her daughters, Isabella and Olivia, have become her greatest pillar of strength during this emotional transition.
Her candid conversation sparked widespread admiration from fans, especially for the way she continues to prioritise her family and remain grounded amid personal turmoil.
During the emotional exchange at the prestigious awards show, Annie made it clear that her daughters are not just her children but the centre of her universe. She described Isabella and Olivia as her “only family” and her “backbone”, highlighting the deep bond she shares with them.
Annie shared her message in Pidgin English: “My children dey Kampe. The first one dey Yankee, she dey go school. No play with that girl o. I don’t play with my kids. Na them be my backbone.”
The Minister of Interior, Dr Olubunmi Tunji-Ojo, has announced plans to establish a centralised system for the authentication and verification of all travel documents in Nigeria.
He made this known during a meeting in Abuja on Tuesday with the United Kingdom’s Minister of State, David Hanson.
In the company of Hanson were delegates from the UK Home Office, National Crime Agency, and the British High Commission.
According to Tunji-Ojo, the initiative aims to tackle immigration and document fraud, particularly those associated with border control.
“We discovered that one of the key drivers of rising document fraud is the absence of a centralised, real-time verification system,” he said.
“Currently, if someone submits 20 documents, you may need to contact 20 different issuing agencies to verify them. That breeds inefficiency.”
He explained that the proposed system would allow real-time verification of all documents—such as bank statements, passports, and certificates—at a single centre.
The minister also said Nigeria was ready to take the lead in formulating a regional strategy for border control, noting that regional differences required customised approaches.
“To tackle a heterogeneous problem with a homogeneous approach will not work,” Tunji-Ojo stated.
“That’s why we’re planning a regional border conference to allow for the development of unified yet adaptable strategies to combat migration and border-related challenges.”
He further disclosed that Nigeria’s EU visa solution platform would go live on May 1.
According to him, this will allow for more efficient processing and international cooperation while safeguarding national security and promoting investment.
“We now have a policy that ensures a response—approval or rejection—within 24 to 48 hours of applying for an EU visa,” he said.
Speaking on President Bola Tinubu’s Renewed Hope agenda, Tunji-Ojo emphasised the administration’s commitment to preventing corruption rather than merely reacting to it.
“Our performance will be judged not by the number of convictions or recoveries but by how many crimes or frauds we prevent,” he said.
In his remarks, Hanson expressed the UK’s readiness to continue collaborating with Nigeria to improve criminal justice outcomes.
Hanson noted that the UK was reviewing its e-visa system and migration policies while exploring ways to expand trade, business, and skills development opportunities with Nigeria.
“My colleagues at the High Commission are eager to maintain strong engagement with the Nigerian government,” he said
According to him, the UK looks forward to enhancing cooperation in tackling crime and fraud.
“You can rest assured that the National Crime Agency, the High Commission, and the Home Office are ready to extend a hand of partnership,” he said.
….Says Atiku on his way out of PDP
…It was against my people’s will
Former Delta State Governor, Ifeanyi Okowa, has revealed that ex-Vice President Atiku Abubakar is preparing to leave the Peoples Democratic Party ahead of the 2027 elections.
Recall that, Atiku was the PDP’s presidential candidate in the 2023 election, with Okowa as his running mate.
On March 20, 2023, the PDP presidential candidate, Atiku, Labour Party’s Peter Obi, a former Kaduna State Governor, Nasir El-Rufai and others jointly announced the creation of a coalition to challenge President Bola Tinubu in the 2027 election.
The move has sparked ongoing discussions about the potential for a united opposition, with political leaders expressing varied opinions.
Speaking on Arise News on Tuesday, Okowa—who officially joined the All Progressives Congress on Monday—expressed regret for not aligning with his people in supporting a southern candidate in 2023 instead of accepting the role as Atiku’s running mate. He said, “Even when we were campaigning, I realised our people were not interested in having another northerner come into power.
“But the decision had already been taken at the federal level by the party, and I had been nominated. Still, in retrospect, I now believe I should have gone with the will of my people.”
He added that the election of the current Delta State Governor, Sheriff Oborevwori, proves that the people still have confidence in their leadership.
Okowa added, “That showed the people still believed in us, believed in me. They said you’ve done well, and we will support the governor you have chosen. And they did.”
When asked about his communication with Atiku before leaving the PDP, Okowa responded, “I actually did communicate with him that we were going to have stakeholders meetings this week (in the last week) and that it was going to be a leadership meeting and the outcome of that meeting was going to determine our next path because we were no longer comfortable with the PDP.
“And I also know that he is already heading out of the PDP from the communications he has passed on to me, and that Nigerians know already.”