Fccpc Will Collaborate With Son, Nafdac, And Others For Better Supervision
According to Babatunde Irukera, executive vice chairman and chief executive officer of the Federal Competition and Consumer Protection Commission (FCCPC), players in the power, manufacturing, and information communications technology (ICT) sectors may face stricter regulations this year in the interest of consumers.
The Commission began conducting rigorous examinations of the power sector, the fast-moving consumer goods (FCMG) industry, as well as activities of digital lenders and irregularities, toward the end of 2022, according to the chairman of a live program broadcast yesterday in Lagos. He said this laid the groundwork for areas that the organization will be carefully monitoring this year.
He claims that FCCPC has started to separate more of its regulatory instruments in order to make space for fines in the coming months. “We made progress in sanitizing the region,” he added. “Towards the close of last year, FCCPC launched inquiry into the operations of some of the top importers of power generators in the country. The Commission has so far focused in especially on examples of ethical conduct in the consumer products, digital economy, and other sectors.
Irukera noted that intelligence gathering over a period of months had revealed a number of irregularities in operations of alternative power generating companies and players in the FCMG sector when reviewing the agency’s activities from the previous year and putting together plans to strengthen its operations in 2023.
“FCCPC decided that there were certain anti-competition activities in various sensitive areas, such as electricity, notably the alternative power-generating sector, via inquiry and information collection,” he said. In terms of shady dealings, we discovered that there are certain degrees of cooperation among major players who operate between 20 and 200 KVA generators. There were concerns raised regarding the equipment’s source and the products they were importing. In addition to participating in illicit transfer pricing, there were concerns with duty-free waiver or its use for the importation of forbidden replacement parts.
The CEO said that the commission’s well-executed search warrant was approved by the court. He continued by saying that the FCCPC had started its investigation of the material, noting that some of the charges had been proven.
