News
FCCPC Can’t Control Prices, Says Irukera
Dr. Babatunde Irukera, executive vice chairman of the Federal Competition and Consumer Protection Commission (FCCPC), has stated that the agency has no power to regulate consumer prices because it is not a price regulator and that Nigeria operates a free market economy.
Irukera stated this in a recent interview with journalists in Abuja. According to the FCCPC boss, the law establishing the commission has a limited provision on price regulation which, if even it allows the government to get involved in prices, requires the commission to conduct research and make a recommendation to the President for a limited time of controlling price in a specific sector.
“When the President accepts the recommendation and adopts it, it will be gazetted. It will only be for a limited period of time. Other than that, we don’t regulate price,” he said.
While stating that the FCCPC Act has provisions that prohibit exploitative or unjust contract terms, including prices, they do not give the commission authority to say just say prices are too steep.
“Does that give us the authority to just say this thing is too high; this price is going too high? No, it doesn’t. What is not reasonable is not a subjective thing. It’s based on objective standards. What is unjust and manifestly so is based on objective standards not arbitrary. And it’s not just a number.
“That something cost N100,000 doesn’t make it unreasonable or unjust. And our regulatory approach must be methodical, and must be transparent and clear,” he explained.
To buttress his point, Irukera gave an example of how the commission prevented the exploitation of consumers by a supermarket selling hand sanitisers and face masks at manifestly unjust prices during the Covid-19 saga.
“We investigated one popular supermarket and what they had done, a hand sanitiser that was sold for N490 in the morning by noon, the price had increased to N1,400. By 5pm it was N3,400.
“We looked at their inventory, it was showing that they had 45 pieces left, but we couldn’t find it on the shelf or store. They hoarded that for the next day when the prices would keep going up.
“It wasn’t difficult to come to a determination that was exploitative, manifestly unjust and unreasonable, because there was no rational explanation for that progressive increase.
“You could find a circumstantial evidentiary basis, which is important for controlling COVID-19 and COVID-19 is now in town. So, there’s a method and a matrix to decide whether something is excessive,” he recalled.
When asked about the recent price adjustments by pay television provider, MultiChoice, the FCCPC boss stated that the company was compelled to introduce a one-year price lock that enables subscribers to pay the same tariff for one year as long as subscription renewal is made before the due date.
He added that the company was also made to introduce toll-free customer care lines and allow subscribers to suspend their accounts up to four times a year as against the previous twice per annum.
Ogba Ogbaga, an Abuja-based lawyer, has said that he has been instructed to institute legal proceedings against MTN Nigeria, Airtel Nigeria, Globacom, 9mobile and MultiChoice Nigeria, operators of DStv, over what he described as unfair consumer practices relating to expiring data bundles and television subscriptions.
In a statement posted on Facebook, Ogbaga said his law firm, GIMBG Legals, received instructions from its client, KAA, also known as KaaTruths, to challenge the companies’ subscription policies in court.
According to him, the proposed suit will question whether telecom operators and DStv’s subscription models comply with provisions of the Federal Competition and Consumer Protection Act (FCCPA) 2018 and other applicable laws.
Ogbaga alleged that telecom providers operate internet data services that are unfair to consumers, claiming subscribers sometimes do not receive the services they paid for but still lose their subscriptions once the validity period expires.
He also criticised DStv’s subscription model, arguing that consumers lose paid viewing time due to factors such as power outages, adverse weather conditions and service interruptions, while subscriptions continue to count down regardless.
“Our clients have complained that MTN data services are unduly one-sided,” Ogbaga said, adding that the legal action would also extend to other telecommunications providers and DStv.
He said the court action would seek judicial determination on whether the companies’ subscription practices comply with consumer protection laws.
The lawyer also invited interested legal practitioners to collaborate on the case, saying his firm would provide updates as the matter progresses.
In a separate Facebook post on Wednesday, Ogbaga said previous policy discussions, town hall meetings and debates at the National Assembly had failed to address the concerns raised by consumers.
He argued that telecom operators regularly carry out maintenance and network upgrades that temporarily disrupt services without extending customers’ subscription periods, while DStv subscribers also lose viewing time because of electricity outages and weather-related disruptions.
The National Insurance Commission (NAICOM) has commenced the issuance of new licence certificates to insurance companies that successfully met the industry’s new minimum capital requirements, marking the formal beginning of a new regulatory era aimed at strengthening the financial capacity, governance and global competitiveness of Nigeria’s insurance sector.
At a ceremony held at the Commission’s headquarters in Abuja, the Commissioner for Insurance, Olusegun Ayo Omosehin, presented the new licence certificates to compliant operators, describing the exercise as a major milestone in the industry’s recapitalisation programme.
According to the Commission, a total of 43 insurance companies declared compliant with the new capital requirements are expected to receive the new licence certificates in phases.
Omosehin congratulated the successful companies, saying the issuance of the new licences signals the beginning of a stronger regulatory framework anchored on improved capitalisation, sound corporate governance, innovation and sustainable growth.
He urged operators to leverage their enhanced capital base to develop innovative insurance products, improve operational efficiency and deepen insurance penetration across the country.
The Commissioner said the Commission expects the recapitalised companies to deliver stronger financial performance while maintaining high standards of professionalism and customer service.
He also announced that NAICOM’s next major regulatory initiative would be the implementation of the Risk-Based Capital (RBC) framework, under which insurers’ capital levels would be aligned with the risks inherent in their respective business portfolios.
According to him, the new framework will further strengthen the industry’s resilience by ensuring that insurers maintain capital commensurate with the risks they underwrite, thereby enhancing policyholder protection and boosting market confidence.
Omosehin reaffirmed the Commission’s commitment to removing regulatory impediments where necessary while maintaining effective oversight to safeguard policyholders and strengthen confidence in the insurance market.
The issuance of the new licence certificates marks the commencement of a phased transition to higher capital standards aimed at improving the financial capacity, solvency and claims-paying ability of insurance companies operating in Nigeria.
Management of Nigeria CommunicationsWeek Media has withdrawn its publication titled “Adefolarin Ogunsanya and the Allegations of Shareholder Interference and Self-Dealing at Pan African Towers,” which was published on its platform.
The decision to retract the story follows an editorial review to ensure that the platform maintains the highest standards of accuracy, fairness and responsible journalism in reporting matters that are the subject of ongoing judicial proceedings.
Nigeria CommunicationsWeek acknowledges that the issues raised in the publication remain before the courts and have not been finally determined.
Accordingly, the organisation has decided to remove the article from its platforms pending the conclusion of the legal processes or the availability of additional verified information.
The publication regrets any inconvenience or misunderstanding the report may have caused to readers or any individuals or organisations mentioned in the story.
Nigeria CommunicationsWeek remains committed to the principles of balanced, factual and ethical journalism and will continue to uphold professional standards in its coverage of judicial and corporate governance matters.
ITUC-Africa Faults FG’s Plans to Remove Electricity Subsidy
SEC Begins Full e-Registration for Capital Market Services
NAICOM Revokes Nigeria Reinsurance’s Licence over Failure to Meet MCR
Many Nigerian Airlines May Collapse within 30 Days – Onyema
Ogbaga, Abuja Lawyer to Sue Telcos, DStv over Alleged Unfair Practices
NRC, Ponzi Scheme Collapses Resulting Loss of Billions of Naira
From Scarcity to Scale: What Africa Can Learn from India’s Agricultural Transformation
EFCC Busts NIS Visa Overstay Racket, Uncovers N700m in an Account
BON Establishes Six Ad Hoc Committees to Modernize Broadcasting
How EFCC Turned Recovered Loot Into School Supplies for Thousands of Nigerian Students
E-Business3 days agoKaspersky Identifies Cyberespionage as a Growing Threat Across Africa, Others
Broadcasting3 days agoNBC Files Fresh Appeal against Judgment Barring it from Imposing Fines on Broadcast Stations
News3 days agoINTERPOL Report Shows AI Powers 55% of Cybercrimes in Africa Amid $484m Losses
News3 days agoNigeria Expands Deep-tech Skills Pipeline
E-Financial3 days agoNigerians Lost N25.85Bn to Digital Payment Fraud in 2025 –CBN
E-Business2 days agoKaspersky Reveals a New Malicious Framework Targeting Cryptocurrency Users with the Use of OkoSpyware
Telecom3 days agoWhy Strong Institutions Remain Africa’s True Growth Engine
E-Financial3 days agoNRS Announces 30 Percent Tax on Corporate Crypto Income