The Federal Government of Nigeria has warned against the Inflation of Coronavirus Protective Apparel by suppliers and retailers using the excuse of the Coronavirus case in Nigeria to inflate the Price. the sellers of Face Masks, Latex Gloves, Personal Hygiene products like Sanitizers and anti-bacterial wipes, have increased the prices of the products which are necessary for preventing been infected and spread of Coronavirus.
Federal Competition & Consumer Protection Commission (FCCPC), on Saturday, released a memo via FCCPC twitter handle, said the inordinate practice during national public health concern violates both moral codes and extant law.
Babatunde Irukera, Chief Executive Officer, in a statement he signed, noted that abusing citizens’ sensitivity, apprehension, anxiety, and vulnerability, especially during emergencies that could adversely affect national security is a violation of the law.
It said the commission’s surveillance efforts have revealed that even reputable pharmacies and department stores are engaging in price gouging and manipulating supplies in a manner that distorts the market, or temporarily restricts availability in order to unreasonably/unfairly increase prices.
“Any conspiracy, combination, agreement or arrangement to unduly limit or manipulate supply, in order to unreasonably enhance price or otherwise restrain competition is a criminal offense under S.108(1)(b) and (c), FCCPA”, he noted.
“Any exercise or exploitation of undue pressure in selling or the sale of goods or services, or price manipulation between displayed, and selling price are also serious violations of the FCCPA under Sections 115(3) and 124(1).
“Taking advantage of the possibility of infection by a dangerous communicable disease to control supply, or unilaterally increase prices is predatory as it preys on the desperation of citizens.
“Considering the circumstances and the vital national interest/security this illegal conduct undermines, the Commission intends to strongly enforce the full letter of the law, including the fullest extent of penalties associated with this conduct,” he added.
The FCCPC encouraged consumers to be vigilant, and report such unreasonable or arbitrary exploitative price increase or trade practices to the Commission by telephone on 08056002020, or 08056003030, or by email: email@example.com