The Federal Competition and Consumer Protection Commission (FCCPC) took decisive action as it shut down the well-known Sahad Stores Supermarket in Abuja, FCT, following allegations of price gouging and consumer exploitation.
Price gouging, defined as the unjustifiably inflated pricing of goods, services, or commodities, has been a growing concern for consumers. In response, the FCCPC conducted an enforcement exercise on Friday, February 16, 2024, sealing off the store located in Garki 2, Abuja.
Leading the enforcement team was Dr. Adamu Abdullahi, the Acting Executive Vice Chairman and Chief Executive Officer (EVC/CEO) of the FCCPC. Dr. Abdullahi emphasized the urgency for businesses operating in the food chain sector of the Nigerian economy to immediately cease any practices that contribute to price gouging, warning of severe legal consequences for non-compliance.
The FCCPC’s action reflects its commitment to safeguarding consumer rights and ensuring fair market practices. As consumers nationwide face the challenges of rising prices, the regulatory body remains vigilant in its efforts to protect their interests.
(Source: ConsumerConnect)