Spotlights
FG gives traders one-month ultimatum to slash exploitative prices

LAGOS — The Federal Competition and Consumer Protection Commission (FCCPC) issued a one-month ultimatum to traders and market stakeholders engaged in exploitative pricing, instructing them to lower the costs of goods.
The directive was given by FCCPC’s Executive Vice-Chairman, Mr. Tunji Bello, during a one-day stakeholders’ meeting on exploitative pricing held yesterday in Abuja.
According to Bello, the commission will begin enforcement after the expiration of the notice.
He said the meeting was to address the growing trend of unreasonable pricing of consumer goods and services and unwholesome practices of market associations.
Bello said: “The issue of critical national importance of the day is the growing trend of unreasonable pricing of consumer goods and services across the country, and the unwholesome practice of market associations engaged in price fixing.
‘’As a responsive organization, we have carried out discreet market surveys extensively across the country in the past few weeks. Our findings are quite disturbing, to put it mildly. Therefore, our gathering here today (yesterday) is to underscore the gravity of the situation and the urgency of the need to work together to check this unwholesome development.
“As a statutory body whose mandate is to cater to consumer rights, we cannot allow this unhealthy trend to continue. To be sure, we quite recognize that an unfavourable exchange rate has negatively impacted the cost of production in local currency. However, the margin in pricing goods and services is unreasonable or excessive in a few cases.
‘’We have observed, for instance, that the margin in the prices of imported goods are very disproportionate in many cases; and in the case of locally produced goods, excessively inflated. This is an untenable situation, particularly in the retail segment, where we have identified patterns of price fixing perpetrated by some market associations, price gouging, and other anti-consumer practices.
Widespread price fixing
‘’For proper understanding, price fixing refers to an unholy agreement between competing businesses to set prices at a certain level. This can be done either explicitly or implicitly, and it prevents healthy competition that is otherwise expected to drive prices down and improve quality.
‘’Price gouging on the other hand occurs when sellers significantly increase the price of goods or services during a crisis or a period of economic challenge. This practice takes undue advantage of consumers.‘’To illustrate, let me give you some glimpses of our findings. For instance, our check just two days ago at a popular supermarket chain in Texas, United States, revealed that a fruit blender called Ninja, is displayed on the shelf at $89 (roughly N140,000), just two days ago.
‘’Meanwhile, the same product was displayed at a popular supermarket on Victoria Island in Lagos for N944,999 on the same day and at the same hour. This represents more than 500 per cent inflation of the cost.
‘’Interestingly, when our undercover officer visited the same supermarket two weeks earlier, this same blender was on display with the price tag of N750,000.
‘’The question then arises: what is the basis for this arbitrary hike in the price of the blender, compared to the United States? What business principle can justify this level of profiteering?
‘’Perhaps, I should cite a few more of the unpleasant discoveries we made during our investigation. In some notable supermarkets surveyed discreetly in Abuja, Kano, Port Harcourt and Lagos, we also found that prices were arbitrarily jerked up from time to time without any justifiable reason.
‘’In one particular big supermarket in Abuja, for instance, consumers were being charged N2,600 for an imported toilet soap at the payment point as the price tag was not displayed as earlier mandated by FCCPC. The same toilet soap was displayed for sale at N1,950 at a popular supermarket in Lekki, Lagos, the same day. That already constitutes a double offence.
“From our findings, the penchant to hike prices arbitrarily is also common among sellers of food items and transport operators. When the foodstuff sellers were engaged, their common response was that the cost of transportation had increased.
‘’But how justifiable is it for the tomato seller to double the price of a basket of tomatoes simply because they paid higher transport fare? Whereas the price of the same basket of tomatoes was far cheaper at another market within the same jurisdiction surveyed by our field officers. Now, the question: did the seller who sold at a lower price not also pay the transport fare?
‘How price-fixing happens’
‘’In a typical foodstuff market environment, this is how price fixing happens. A trailer-load of yam tubers arrives at Wuse market in Abuja from, say, Benue State. Rather than allow free trade, the market cartel then inserts themselves between the produce farmers and the retailers.
‘’They buy in large quantities from the producer at cheap rate and, in turn, sell to market retailers at much higher price. And the retailers, in turn, sell to consumers at cut-throat rate.
‘’Such price fixing is no longer acceptable and FCCPC will, henceforth, crack down on those involved in this profiteering scheme.
‘’In the case of public transportation, again how justifiable is it for the bus driver to double their fare simply because they paid slightly higher for petrol? Of course, this will only result in a spiral of arbitrary hike in the prices of other services.
‘’The landlord who pays more for transport will probably seek to double their rent as a survival strategy. The school-owner asked to pay higher rent will also likely increase fees they charge students. That way, we all end up being losers with the cost of living becoming unbearable for everyone.
‘’In view of the current situation in Nigeria, let me, however, be very unequivocal. Price gouging and price fixing are not only unethical, but patently illegal under the FCCPA. As such, the FCCPC has the will and the capacity to invoke the full weight of the law against those found culpable of exploiting consumers.
“However, our approach today is not punitive or adversarial. To start with, we intentionally resolved to withhold the names of the aforementioned errant supermarkets, believing that, after this exposition, they will turn a new leaf and adjust their prices downward to a reasonable level.
‘’This approach is borne out of our conviction that dialogue and collaboration are equally important tools in fostering a fair marketplace. We believe that through constructive engagement, we can establish a framework for reasonable pricing that benefits all stakeholders, particularly the consumers who are the backbone of our economy.
‘’Please note that this new initiative by the FCCPC aligns with the renewed hope agenda of President Bola Tinubu, which prioritises the welfare of the Nigerian people in all economic activities. We are determined to uphold this agenda by ensuring that market practices do not exacerbate the economic challenges faced by our citizens at this time.
‘’Good enough, as a sensitive leader who cares for the welfare of the citizens, President Bola Tinubu has already graciously taken some pragmatic steps to ease food security in the country, including the provision of fertilizer to farmers as well as removal of tariffs on the importation of selected staple food items.
‘’It is only just and reasonable that distributors and traders pass down the gains to Nigerian consumers by reducing prices in the coming weeks.
‘’As we move forward, I therefore call on all stakeholders to embrace the spirit of patriotism and cooperation. Let us talk to ourselves. The law empowers the commission to impose heavy fine for breaches and also prosecute offenders which could lead to jail terms.
‘’For instance, Section 107 (4a.) of FCCPA clearly states: “Where the undertaking is a natural person, is liable on conviction to imprisonment for a term not exceeding three years or to payment of a fine not exceeding N10,000,000.00 (N10m) or to both the fine and imprisonment.
‘’Section 107 (4b.) also states that, “Where the undertaking is a body corporate, is liable on conviction to a fine not exceeding 10% of its turnover in the preceding business year.
“But in the spirit of democracy, we are first exploring the option of dialogue. It is also in this spirit that we are giving a moratorium of one month (that is, September) before the commission will start firm enforcement. Let us work together to create a marketplace that is not only competitive but also fair and just.
‘’The FCCPC is committed to continuing these dialogues, monitoring compliance, and taking decisive action where necessary.’’
Why prices go up, by sellers
Some of the market stakeholders who spoke at the engagement, said high cost of transportation, insecurity, multiple taxation, among others, were reasons for the continuous increase in prices of goods and services.
Mr Ifeanyi Okonkwo, the Chairman, National Association of Nigerian Traders, FCT chapter, said charges on imported goods at the ports had also contributed to the hike in prices.
Okonkwo appealed to the commission to set up a taskforce and involve the association in its enforcement.
Mr Emmanuel Odugwu from Kugbo Spare Parts market, said the initial cost of transportation of a trailer load of tyres from Lagos to Abuja was N450,000, noting it now cost over one million naira to transport same.
Ms Kemi Ashiri, the Liaison Manager, Flour Mills, said fines by regulators need to be harmonised for businesses to thrive.
Ikenna Ubaka, who spoke on behalf of supermarket owners, alleged that banks’ interest rates to them were over 30 per cent, and that rent increments and hike in prices by distribution/ supply chains were reasons for the high cost of goods.
Ubaka also alleged that electricity distribution companies were charging supermarkets exorbitantly.
Mr Solomon Ukeme, who represented Master Bakers Association, said rapid increment of major ingredients such as flour, sugar and butter, contributed to the high cost of confectioneries.
He said a bag of flour formerly sold for N34,000, was now being sold for N74,000, noting also that multiple taxation remained the major cause for the high cost of bread.
Price reduction, a mirage unless insecurity, high transportation costs are reduced — TUC
Reacting to the development yesterday, 1st Deputy President, Trade Union Congress of Nigeria, TUC, Dr. Tommy Okon, said until the issue of insecurity and high cost of transportation of goods and services were addressed, any talk of reduction of price within a month or more would be a mirage.
‘’Farmers pay to access their farms and also pay for transportation as well as extortion by security agencies and touts along the highways. All these are factored into the prices of goods. Until all the variables are addresed by government, there is no way prices of goods will come down..’’
‘Direct price control can create shortages’
Reacting, Clifford Egbomeade, Public Analyst and Communications Expert, said: “The Federal Competition and Consumer Protection Commission’s initiative to force traders to lower prices, amid inflation and economic hardship, while well-intentioned, could have unintended consequences.
‘’Direct price controls often disrupt the natural balance of supply and demand, leading to potential shortages as traders might find it unprofitable to sell at the mandated prices. This kind of intervention risks distorting the market and may not address the root causes of inflation.
“For small and medium-sized enterprises, SMEs, which typically operate with slim profit margins, such controls could be particularly damaging. Many SMEs might struggle to sustain their businesses under enforced price reductions, leading to closures and job losses, which would have a broader negative impact on the economy.
‘’The informal sector, a significant part of the Nigerian economy, could be disproportionately affected by these measures.“A more sustainable approach might involve strengthening social safety nets and improving supply chains to reduce costs naturally. Supporting local production and implementing targeted subsidies for essential goods could also help mitigate the impact of inflation without distorting market dynamics.
‘’Ultimately, while the FCCPC’s efforts may provide temporary relief, addressing the underlying economic factors driving inflation would lead to more lasting solutions.”
FG has no right to force traders to crash prices- Barr Onwuka
In her reaction, a human rights activist, Barrister Charity Onwuka, said: “This is very appalling really, another mess up by the APC-led administration.
The federal government has no right whatsoever to force traders to crash prices because the traders bought the commodities or items at a very high rate. According to her, this will lead to artificial scarcity because traders will rather hoard their goods than sell at a very low rate to their detriment.
She said: ‘’The government should rather have a more practical and pragmatic approach to resolve the inflation in the economy.
‘’As a citizen of Nigeria, I suggest, as is being widely advocated, that the cost of governance should be crashed to the barest minimum and experienced economic experts should be consulted to advise on the way forward, rather than compensating political faithful and family members by giving them key positions wherein they can’t make positive impacts for the good of everyone in the country!”
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source: Vanguard
Spotlights
President Impeached For Failing to Reduce Crime

Peruvian lawmakers have taken decisive action by voting to remove President Dina Boluarte from office following widespread public dissatisfaction with the country’s escalating crime rates and ongoing political scandals.
In a late-night session held in Lima, Congress reached a majority decision to impeach the president, citing “permanent moral incapacity” as the basis for their decision. Out of the 130 members of Congress, 118 voted in favor of the motion, effectively determining Boluarte’s political fate after she declined to appear before lawmakers to present her defense.
Congress leader José Jerí immediately announced, “The president’s impeachment has been approved,” before taking the oath as interim president. He will oversee the country until new elections scheduled for April 2026.
Boluarte’s presidency, which began in December 2022, has been dogged by protests, corruption allegations, and surging gang violence. Her failure to reduce crime including rising cases of extortion and murder linked to organised groups, sparked widespread frustration among Peruvians.
She had already survived several impeachment attempts before Friday’s vote. This latest one followed weeks of demonstrations against a controversial pension reform law and outrage over reports that she accepted luxury watches and jewellery, a scandal widely known as “Rolexgate.”
Boluarte also drew criticism earlier this year for awarding herself a significant pay rise, even as unemployment and inflation worsened across the country.
As of the time of this press report, former President Boluarte remained silent on her removal, while security forces increased patrols around government buildings amid fears of renewed protests.
Spotlights
‘Stop Dancing Around’: Makinde Tutors Minister Umahi How To Calculates Cost of Lagos-Calabar Coastal Highway

Governor Seyi Makinde of Oyo State has criticised the Minister of Works, Dave Umahi, accusing him of evading questions about the cost of the Lagos-Calabar Coastal Highway project approved by President Bola Tinubu, Politics Nigeria.
Makinde, who spoke on Friday, was reacting to Umahi’s heated exchange with Arise TV presenter Rufai Oseni earlier in the week, during which the minister declined to provide a cost breakdown of the project on a per-kilometre basis.
Oseni had asked Umahi to explain the project’s cost per kilometre, a question the minister dismissed as “elementary,” insisting that the prices vary along different sections of the road and that the journalist lacked the technical knowledge to understand the process.
Umahi said, “Keep quiet and stop saying what you don’t know. I’m a professor in this field… The prices are different. The next kilometre is different from the next kilometre.”
Governor Makinde, however, defended the journalist, saying Umahi’s evasiveness was unnecessary.
“They asked a minister how much the coastal road is, and then you’re dancing around, saying the next kilometre is different from the next. Then what is the average cost?” Makinde said.
He compared the coastal project to road works executed under his administration, providing clear figures.
“When we did the Oyo to Iseyin road, it was about ₦9.99 billion for roughly 35 kilometres, an average of ₦238 million per kilometre.
“For the Iseyin to Ogbomoso road, 76 kilometres cost ₦43 billion, about ₦500 million per kilometre. And that included two bridges,” the governor explained.
Spotlights
Igbos Contributed 75% To Lagos Economy, Who Owns The Land? – Chief Uche

Chief John Uche, the inaugural president of Ohaneze Ndigbo in Lagos State, emphasised the harmonious relations and intermarriages among the Igbo community, declaring that they had successfully integrated into the social fabric of the city without any significant conflicts at the time.
He pointed out that the Igbo people have played a pivotal role in the economic development of Lagos State, attributing an impressive 75 percent of the state’s economic growth to their contributions.
In an interview with Nigerian Tribune, Chief Uche further noted the historical complexities surrounding land ownership, mentioning how the original Lagosians sold their land to the Igbo community and later contested their rights to that land. He posed a thought-provoking question, asking, “Who truly owns the land?”
He said: “The Igbo intermarried and mingled without any crisis. We contributed to the growth of Lagos State. Our contribution is not less than 75 percent of the economy of Lagos State. They sold their land to us and later come to tell me that we are not land owners. Who owns the land?”
Spotlights
139 Million Nigerians Live in Poverty: Presidency Hits Back At World Bank Over Misleading Report

The Presidency has faulted the World Bank’s latest economic report, which estimated that about 139 million Nigerians are living in poverty, describing the figure as exaggerated and disconnected from the country’s prevailing realities.
The new figure by the organisation represents an increase from 129 million in April 2025.
President Bola Tinubu’s Special Adviser on Media and Public Communication, Sunday Dare, in a statement posted on his official X handle on Wednesday, said the World Bank’s poverty estimate must be “properly contextualised” within the framework of global poverty measurement models.
“While Nigeria values its partnership with the World Bank and appreciates its contributions to policy analysis, the figure quoted must be properly contextualised. It is unrealistic,” Dare said.
According to the Presidency, the global lender’s estimate was based on the $2.15 per person per day international poverty line, set in 2017 using Purchasing Power Parity (PPP). It said the figure should not be mistaken for an actual headcount of poor Nigerians.
The statement explained that, when converted to nominal terms, the $2.15 benchmark equals about N100,000 per month at the current exchange rate, which is significantly higher than Nigeria’s new minimum wage of N70,000. It added that the PPP methodology relies on historical consumption data—Nigeria’s last major household survey was conducted in 2018/2019—and often fails to account for the large informal and subsistence sectors that sustain millions of Nigerian families.
“There must be caution against interpreting the World Bank’s numbers as a literal, real-time headcount,” the Presidency said. “The figure is an analytical construct, not a direct reflection of local income realities.”
The Presidency, therefore, described the World Bank’s estimate as a modelled global projection rather than an empirical reflection of living conditions in 2025. Dare stressed that the administration’s focus was on changing the trajectory, not debating static figures, adding that Nigeria’s economy was now on a recovery and reform path aimed at achieving inclusive growth and social protection.
He noted that the administration has expanded a number of social welfare and economic initiatives under the Renewed Hope Agenda to cushion the impact of recent reforms while laying the foundation for long-term prosperity. These, he said, include the Conditional Cash Transfer programme, which now covers 15 million households nationwide with digital verification through the National Social Register; the Renewed Hope Ward Development Programme targeting all 8,809 electoral wards with micro-infrastructure and social projects; and the strengthening of National Social Investment Programmes such as N-Power, GEEP micro-loans, and school feeding schemes to support jobs, businesses, and education.
He further cited food security initiatives involving the distribution of subsidised grains and fertilisers, mechanisation partnerships, and the revival of strategic food reserves to stabilise staple prices. The Renewed Hope Infrastructure Fund, he said, is financing key road, housing, and power projects to lower living costs and create jobs, while the National Credit Guarantee Company is expanding affordable credit access for small businesses, women, and youth entrepreneurs through risk-sharing arrangements with commercial banks.
The Presidency maintained that the Tinubu administration was tackling Nigeria’s poverty challenge by addressing the structural distortions that have constrained productivity and inclusive growth for decades. It explained that ongoing reforms such as the removal of fuel subsidy, exchange rate unification, and fiscal reallocation of funds toward productive sectors were “painful but necessary choices” aimed at fixing the root causes of poverty rather than its symptoms.
It noted that even the World Bank had acknowledged that these reforms are already restoring macroeconomic stability and growth momentum. The government emphasised that economic recovery alone is not enough unless it translates into real welfare gains for ordinary Nigerians. According to the statement, the administration’s medium-term priority is to ensure that macroeconomic stability leads to affordable food, quality jobs, and reliable infrastructure.
It added that major investments were underway in agriculture, manufacturing, and power, including new gas-to-power projects and skill development hubs expected to boost job creation and reduce living costs. “Nigerians should begin to feel visible improvements in food prices, income, and purchasing power as these programmes mature,” the statement said.
The Presidency also revealed that efforts were ongoing to consolidate the nation’s social protection architecture under a unified, data-driven framework to enhance transparency and ensure that no vulnerable community is left behind. It said the administration was expanding the National Social Register and scaling up existing social investment schemes to provide targeted support to poor households.
The Presidency reaffirmed President Tinubu’s commitment to building a resilient and inclusive economy that directly improves living standards. “Nigeria rejects exaggerated statistical interpretations detached from local realities. The government remains focused on empowering households, expanding opportunity, and laying the foundation for a fairer, more prosperous nation,” the statement said.
Earlier on Wednesday, the World Bank released its October 2025 Nigeria Development Update titled “From Policy to People: Bringing the Reform Gains Home.” The Bank’s Country Director for Nigeria, Mathew Verghis, warned that about 139 million Nigerians were living in poverty despite recent economic stabilisation efforts.
Verghis commended the Tinubu administration for implementing bold reforms in the exchange rate and petroleum subsidy regimes, describing them as “foundational” steps that could transform Nigeria’s long-term economic trajectory.
“Over the last two years, Nigeria has commendably implemented bold reforms, notably around the exchange rate and the petrol subsidy. These are the foundations on which the country has the opportunity to build a programme that can transform its economic trajectory,” he said.
However, he cautioned that while the reforms were yielding macroeconomic improvements—such as rising revenues, stable reserves, and easing inflation—the benefits had yet to reach most Nigerian households. “Despite these stabilisation gains, many households are still struggling with eroded purchasing power. Poverty, which began to rise in 2019 due to policy missteps and external shocks such as COVID-19, has continued to increase even after the reforms. In 2025, we estimate that 139 million Nigerians live in poverty,” Verghis added.
Spotlights
N210 trillion Audit Gaps: NNPCL Responds To Senate Queries

The Senate Committee on Public Accounts has confirmed that the Nigerian National Petroleum Company Limited (NNPCL) has formally responded to 19 audit queries concerning discrepancies amounting to N210 trillion in its financial records between 2017 and 2023, as reported by Nairametrics.
Chairman of the Committee, Senator Aliyu Wadada, disclosed this in Abuja during an interview with journalists, clarifying that while the NNPCL’s response has been received, the committee has not yet scrutinized the submitted documents in detail.
Wadada explained that the NNPCL had earlier requested an extension after being directed by the committee on July 29 to provide answers within three weeks.
The company’s management, led by Chief Executive Officer, Bayo Ojulari, sought more time to compile comprehensive data and respond to the audit queries — a request that the Senate committee granted.
“While we were on recess, management of NNPCL wrote to the committee, requesting an extension of time to enable them to compile data and respond comprehensively to the questions we raised, and we granted that request.
“They have since responded, and we now have answers to all 19 questions we sent to them; however, the report is yet to be presented before the committee.
“That is why, as chairman, I have refrained from making any public statement on the matter until it is properly laid before members.
“But let me assure you, as I promised earlier on behalf of the committee, we will do justice to the matter.”
He said that beyond the audited financial statements, there were other issues emerging around the NNPCL.
According to him, the first of such issues is production sharing contracts.
“Specifically, the production cost to Nigeria must be clearly defined, and the public deserves to know what portion goes to the NNPCL, what goes to the international oil companies (IOCs) and what accrues to the government under the production sharing arrangement.
“Furthermore, the committee has been informed that NNPCL Retail has declared a loss.
“This development is also of concern to us and to the public. We find it difficult to understand why NNPCL retail should record a loss, but we will seek clarification when the corporation appears before us.
“As far as the audited financial statements are concerned, which cover the period between 2017 and 2023. NNPC has submitted its responses to the 19 questions we asked. Nigerians and the media will be informed of the contents in due course.
“Out of those answers, the ones that make sense and those that do not will be evident to the public”, he stressed.
In July, the Senate gave the NNPCL a 21-day deadline to respond to audit queries involving an unaccounted N210 trillion flagged in the Auditor-General’s reports covering 2017 to 2023.
The audit queries involve N103 trillion in liabilities and N107 trillion in assets yet to be reconciled, based on audited financial statements and not allegations from any government arm.
Earlier in July 2025, Ojulari failed to appear at a scheduled hearing, citing an OPEC meeting in Vienna. The committee rejected a presentation made by NNPCL’s Chief Financial Officer, Dapo Segun, insisting that only the GCEO could address the queries as reported by Nairametrics.
In June, the Senate said that it might be compelled to issue an arrest warrant if Ojulari failed to appear on the said date.
Spotlights
Certificate Scandal: Why I Choose To Step Aside – Nnaji Reveals Two Reasons

Former Minister of Innovation, Science and Technology, Chief Uche Geoffrey Nnaji, said the decision to resign from office was a personal and principled choice aimed at preserving the integrity of ongoing judicial proceedings, not an admission of guilt.
In a statement, Nnaji said he chose to “step aside” to respect the sanctity of due process and allow justice to take its course.
“My decision to step aside is therefore a personal choice not an admission of guilt, but rather a principled decision to respect the sanctity of due process and to preserve the integrity of the judicial proceedings currently before the court. In the end, justice will prevail, and history will vindicate the just,” he said.
The former Minister lamented what he described as an orchestrated, politically motivated campaign of falsehoods targeting his person and office over the past week.
He said the malicious attacks and media distortions had caused personal distress and begun to distract from the work of the Ministry and the Tinubu administration’s Renewed Hope Agenda.
“As someone who has spent more than five decades building a reputation anchored on hard work, honour, and service to humanity, I cannot in good conscience allow these distractions to cast a shadow over the noble objectives of this administration,” he stated.
Nnaji expressed appreciation to President Bola Ahmed Tinubu for the opportunity to serve and reaffirmed his commitment to supporting the President’s vision of a “renewed, innovative, and technologically driven Nigeria.”
“His vision for a renewed, innovative, and technologically driven Nigeria is one I continue to hold dear, and I pledge my unflinching support to his administration and its transformative goals,” he added.
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