The Federal Competition and Consumer Protection Commission (FCCPC) on Thursday held an engagement forum with stakeholders in Lagos on the implementation of the Federal Competition and Consumer Act.
Newsmen report that the Federal Competition and Consumer Act was enacted on Jan. 30, 2019 to eradicate monopolised market hindering economic growth.
The Act affords consumers a variety of options available in the enforcement of these rights, while consumers have the liberty to choose the most suitable option to enforce their rights, among other points.
Speaking at the forum, Director-General of FCCPC, Mr. Babatunde Irukera, said that a robust competition consumer legislation would deepen fairness among consumers and service providers.
“What this Act does is to regulate the marketplace for fairness among all players both between small and small, big and big, as well as small and big businesses,” he said.
Irukera said that the stakeholder’s forum was to create a stronger bond between all players so as to develop standards and codes of conduct for associations that would be beneficial to government, economy and all others involved.
“There are clear and statutory roles for collaborating with professional associations on how to regulate the entire market from a consumer protection standpoint.
“The partnership with the associations will certainly provide an important platform for educating their members about their responsibility, their policy direction and the focus of the commission and it will provide the context to the commission making regulations and adopting policies.
“We need to work together to develop standards and code of conduct for the association that will benefit consumers, associations, providers, producers, government and as well as the economy,” he said.
The D-G suggested that associations should have policies within their associations that would be helpful in the regulations.
He urged the public to contact the commission via telephone as well as its various social media platforms whenever a customer felt cheated or shortchanged.
Mr. Wale Smart, Deputy Director, Nigerian Employers Consultative Association (NECA), said that the association would continue to explore ways to partner with FCCPC to improve consumer satisfaction in order to improve the market.
Mr. Adediji Ajayi, Registrar, Chartered Institute of Stockbrokers, said that similar regulatory bodies were needed in all sections of the stock market.
Other sectors represented at the forum were the Manufacturers Association of Nigeria (MAN), Nigerian Institute of Public Relations (NIPR), Chartered Institute of Personnel Management (CIPM), Amnesty International, among others.
NAN reports that other stakeholders present at the interactive session also suggested that FCCPC should organise quarterly engagements for partnership opportunities, robust education, and awareness of the activities of FCCPC.