FCCPC to partner SON, NAFDAC, others on improved oversight
Players in the power, manufacturing and Information Communications Technology (ICT) sectors might experience stricter regulations in the interest of consumers this year, Executive Vice Chairman/Chief Executive Officer of Federal Competition and Consumer Protection Commission (FCCPC), Babatunde Irukera, has indicated.
During a live programme monitored yesterday in Lagos, the chairman said the Commission, towards the end of 2022, embarked on robust scrutiny of the power sector, fast- moving consumer goods (FCMG) industry, as well as activities of digital lenders and irregularities that have laid foundation for areas to be diligently monitored by the organisation this year.
According to him, FCCPC has begun unbundling more of its regulatory tools to create room for penalties in the months ahead. He said: “Towards the end of last year, FCCPC opened investigation into the activities of some of the biggest importers of power generators in the country and we made headway in sanitising the area. In particular, the Commission has so far tackled cases of wholesome practices across consumer goods, digital economy and some other sectors.”
Reviewing the agency’s activities last year and marshalling plans to strengthen its operations in 2023, Irukera observed that intelligence gathering of several months had exposed a number of irregularities in operations of alternative power generating companies and players in the FCMG sector.
His words: “Through investigation and intelligence gathering, FCCPC concluded that there were some anti-competition practices in some sensitive industries such as power, especially the alternative power-generating sector. We found out that there are some levels of coordination among big players who, play in the 20 to about 200KVA generators with regard to shady deals. There were questions about how they were procuring the equipment and what they were importing. There were issues about duty-free waiver or its usage for importation of prohibited spare parts in addition to engaging in illegal transfer pricing.”
The CEO said the court granted the commission a warrant of search, which was well executed. He added that FCCPC had begun analysis of evidence, pointing out that some of the allegations have been confirmed.