Lagos, Jan. 13, 2023 – Babatunde Irukera, the Chief Executive of the Competition and Consumer Protection Commission (FCCPC), says operators in the power, manufacturing and digital sectors will experience stricter regulations in 2023.
Irukera said in Lagos on Thursday that the FCCPC, in 2022, started more investigation and scrutiny of the power sector, fast moving consumer goods and the activities of digital lenders which had unraveled some irregularities that have laid foundation for the areas to focus on in 2023.
He said the agency had started unbundling more of its regulatory tools to create room for penalties in 2023.
“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 unwholesome practices across consumer goods, digital economy and some other sectors,” he said.
Irukera said over the period of several months, the commission was gathering intelligence and the intelligence had led FCCPC to conclusion that there were some irregularities in the activities of the alternative power generating companies and players in the fast moving consumer goods sector.
“Through investigation and intelligence gathering, FCCPC concluded that there were some anti-competitive practices in some sensitive industries such as power; especially alternative power generating sector.
“We found out that there are some levels of coordination among big players who play in the 20 to about 200 KVA generators with shady deals.
“There were questions about how they were procuring the equipment and what they were importing.
“There were issues about duty free weaver or using it to also Import spare parts which are prohibited and whether they were procuring for themselves, essentially engaging illegal transfer.
Irukera said that the last quarter of the year also saw the commission beaming its searchlight into the activities of the digital lenders, adding that even though the exercise was still ongoing, a framework has been put in place. (GBN)
