The Federal Competition and Consumer Protection Commission (FCCPC) has warned traders at the Lagos Trade Fair Complex against exploitative market practices, particularly price fixing and the illegal “no return, no refund” policy.
FCCPC gave the warning during a sensitisation visit by the commission to the Balogun Business Association (BBA) market at the Trade Fair Complex on Thursday in Lagos.
Officials sought the collaboration of market leaders to promote fair business practices and strengthen consumer protection.
Speaking during the visit, Mrs Olubunmi Dorcas-Otti, FCCPC Zonal Coordinator, South-West Office, said the engagement was aimed at educating traders on the provisions of the Federal Competition and Consumer Protection Act and the commission’s regulatory mandate.
According to her, the commission’s regulations are designed to support business growth while safeguarding consumers from harmful products and unfair market practices.
“We encourage importers and manufacturers to make quality products and services their watchword and to avoid harmful and substandard goods,” she said.
Otti stressed that practices such as price fixing and refusal to refund defective goods were prohibited under the law.
“Product price fixing is anti-growth and prohibited by law. ‘No return, no refund’ is a tradition without a human face and the commission frowns at it,” she said.
She added that although the commission had the legal authority to enforce compliance, it preferred to work cooperatively with market leaders to ensure seamless regulation.
“As we are empowered by law to regulate business activities, consumer products and services, we still seek your cooperation to work seamlessly,” Otti said.
Earlier, the Head of Corporate Affairs of the commission, Mr Ukason Henry-Kissinger, said the FCCPC remained the country’s leading regulatory body for consumer protection and fair competition.
According to him, the visit was to enlighten traders on the “do’s and don’ts” of doing business in line with the commission’s Act.
“We don’t want to be seen as enemies of the market.
“Through your collaboration, which this visit is meant to foster, we can approach regulatory issues with civility and avoid unnecessary disruptions in the market,” he said.
Also speaking, the commission’s Head of Legal, Mr Peter Nwaebonyi, said the law empowered the FCCPC to prosecute individuals or groups found violating consumer protection regulations.
He urged the market leadership to support the commission in identifying traders dealing in substandard and harmful products.
“We appeal for your cooperation to help fish out bad eggs trading in substandard and harmful goods so the market can remain safe for everyone,” he said.
