According to reports, sellers of these protective products have increased prices of the products which are necessary in preventing infection or spread of COVID-19.
Read Also: All You Need To Know About Coronavirus: Symptoms, Prevention and Misconceptions
Federal Competition & Consumer Protection Commission (FCCPC), on February 29, released a memo via FCCPC twitter handle, said the inordinate practice during national public health concern violates both moral codes and extant law.
Price Gouging, Unreasonable and Arbitrary Increases in Prices of Protective and Hygiene Products on Account of COVID-19 (Coronavirus) Concerns
— FCCPC Nigeria (@fccpcnigeria) February 29, 2020
Cc: @NigeriaGov @NGRSenate @HouseNGR @nassnigeria pic.twitter.com/PNQnJKP8vW
The memo reads;
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 offence under S.108(1)(b) and (c), FCCPA.
FCCPA noted that;
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.
The commission added that;
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.
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: contact@fccpc.gov.ng
