FCCPC, EFCC partner to prosecute perpetrators of economic crimes, unfair market practices

The Federal Competition and Consumer Protection Commission (FCCPC) says it is collaborating with the Economic and Financial Crimes Commission (EFCC) to prosecute perpetrators of economic crimes, and unfair market practices in the country.

FCCPC said the partnership was made when Tunji Bello, its executive vice-chairman and chief executive officer (CEO), paid a courtesy visit to Olanipekun Olukoyede, chairman of the EFCC, in Abuja on Thursday.

Speaking at the meeting, Bello expressed concerns over the increasing cases of arbitrary price hikes, adding that there was a need for a joint effort to address the issue.

“We feel there should be a collaborative effort. We need to gain some strengths through some of the things that you are doing because some of them are related to some of the work that we do too, particularly in the areas of surveillance and investigation that have to do with consumers,” Bello said.

“Our duty basically is to protect the interests of consumers in Nigeria. We have been doing that a lot in the past few years but a lot still needs to be done.

“We have the apparatus and we have the institution but we need collaboration from the EFCC to be able to achieve our objectives.

“So, we feel that we need more investigation and collaborative efforts with the EFCC. And there are many more areas that we need collaboration with your organization to advance our cause.”

The FCCPC CEO also commended the anti-graft agency for its expertise in surveillance and investigation and sought support in combating unfair trade practices.

“We want to commend you for doing great work for the country through the EFCC. Nigerians appreciate you, they appreciate your efforts. They are behind you,” Bello said.

In his response, Olukoyede acknowledged the challenges faced by consumers and assured the FCCPC of the agency’s full cooperation.

He also stressed the importance of a strong partnership between the two agencies in creating a fair and equitable market for Nigerian consumers.

Olukoyede added that perpetrators of economic crimes and unfair market practices will be brought to justice.

This is coming barely a week after FCCPC said it would engage market leaders nationwide to curb ‘exploitative pricing’ of consumer goods.