The Federal Government on Thursday said it is closely monitoring commodity prices across the country following the ongoing crisis in the Middle East to ensure that businesses do not exploit the situation to impose unjustified price increases on Nigerian consumers.
Executive Vice Chairman and Chief Executive Officer of the Federal Competition and Consumer Protection Commission (FCCPC), Tunji Bello, said the commission has activated a nationwide monitoring process to track pricing patterns across critical sectors of the economy.
According to him, the commission is keeping a close watch on developments in the domestic market to ensure that the international crisis does not become an excuse for arbitrary or coordinated price hikes.
The FCCPC chief stated this during a media interaction with State House correspondents at the Presidential Villa in Abuja, where he appeared alongside senior officials of the commission.
Bello said, “We are monitoring the situation regarding prices in Nigeria. For now, we want to see it as a temporary measure,” Bello said.
He explained that the FCCPC currently considers the emerging pricing adjustments as temporary market reactions but warned that the commission would not tolerate any deliberate attempt by businesses to take advantage of the situation.
“Our monitors are already out there monitoring developments. We are observing the situation closely to ensure that no one takes undue advantage of the circumstances,” he added.
Bello also disclosed that the commission is collaborating with the Nigerian Upstream Petroleum Regulatory Commission and other relevant regulatory agencies to closely track developments in the petroleum sector and maintain market discipline.
He assured Nigerians that the commission would take decisive action against any individual or organisation found manipulating prices or engaging in anti-competitive practices under the guise of the global crisis.
Meanwhile, Bello revealed that Nigerian consumers have recovered more than N10 billion through complaints formally lodged with the commission, urging citizens to channel their grievances through official consumer protection platforms rather than merely expressing frustration.
According to him, the recoveries resulted from the resolution of more than 9,000 consumer complaints handled by the commission between March and August 2025.
He stressed that many Nigerians still prefer to complain informally rather than utilise the structured mechanisms provided by the commission for consumer protection.
“Our work is evidence-based. Consumers must come forward and lodge complaints so that we can investigate and ensure justice,” Bello said.
He urged Nigerians to formally report service failures, exploitative practices and unfair market behaviour through the FCCPC complaint system.
“Sometimes Nigerians grumble more than they complain. We even have a flyer in the commission that says, ‘Don’t grumble, complain.’ If you sit in your living room and say ‘God punish NEPA’ because of poor electricity supply, you have not actually complained,” he said.
Bello explained that the commission operates an automated digital complaint system that allows consumers to submit grievances and monitor the progress of their cases.
“All you need to do is go to complaints.fcpc.gov.ng. Once a complaint is lodged, the system generates a code and the process of investigation begins immediately,” he added.
According to him, the commission receives complaints across multiple sectors including electricity, telecommunications, banking, fintech services and everyday consumer transactions in informal markets.
“Many of the cases involve simple transactions by ordinary people, purchases in markets, clothing sales, or service delivery issues. Once we verify the complaint, we contact the service provider and require them to respond,” he explained.
He noted that the commission often mediates between consumers and service providers, compelling companies to refund customers, repair faulty products or rectify service failures.
Bello cited a case involving a consumer who purchased a luxury vehicle that later developed mechanical faults.
“In one instance, a consumer bought a Range Rover that started malfunctioning after some months. After intervention by the commission, the supplier had to provide options including replacing the vehicle, repairing it or refunding the buyer,” he said.
The FCCPC boss also revealed that electricity supply complaints remain among the most frequent issues reported to the commission.
He explained that consumers paying higher tariffs under the electricity tariff band classification must receive the level of power supply promised by distribution companies.
According to him, the FCCPC works in collaboration with the Nigerian Electricity Regulatory Commission to ensure electricity consumers obtain value for the tariffs they pay.
“Consumers on Band A are expected to receive about 20 hours of electricity supply daily. If they are paying higher tariffs, the service providers must deliver the service promised,” Bello said.
He also disclosed that the commission continues to engage telecommunications companies to prevent excessive tariff increases and protect subscribers from unfair pricing practices.
According to him, regulatory engagement previously helped reduce a proposed telecom tariff hike from 100 per cent to about 50 per cent after consultations with stakeholders.
Bello further noted that regulating informal markets remains a challenge, as many traders operate outside formal consumer protection systems.
He said some market associations sometimes engage in price-fixing practices, which violate Nigeria’s competition and consumer protection laws.
“Some associations focus more on fixing prices than protecting consumers. Price fixing is a criminal offence, and we are working to discourage such practices through engagement and education,” he said.
He also revealed that the commission is finalising investigations into allegations of price fixing among domestic airlines during the Christmas travel season.
The probe, he said, followed widespread complaints by travellers over the sudden spike in airfare during the festive period.
“Ticket prices that were normally around N120,000 to N150,000 rose sharply to between N400,000 and N600,000 during the festive period. Our investigation indicated a form of price-fixing arrangement, and the final report will be issued soon,” Bello stated.
On enforcement, Bello said the commission is empowered under the Federal Competition and Consumer Protection Act 2018 to investigate and prosecute companies or individuals that violate consumer protection regulations.
He disclosed that the FCCPC has already prosecuted more than 55 cases involving violations of the law, with several others currently pending before the courts and the competition tribunal.
