Business

FCCPC Uncovers Cartel Inflating Goods Prices Nationwide

Published

1 year ago

October 30, 2024

The Federal Competition and Consumer Protection Commission has sounded the alarm on a ‘cartel’ manipulating market prices nationwide, inflating costs for goods and services despite government stabilisation efforts.

Addressing stakeholders during a one-day engagement on exploitative pricing in Uyo, Akwa Ibom State, FCCPC Chief Executive Officer, Mr. Tunji Bello, revealed that the commission’s investigations in major cities have uncovered troubling practices.

In the poultry sector, Bello highlighted how influential players are dictating prices, severely impacting smaller producers. “Small poultry owners previously sold a day-old chick for between N480 and N590 and still made a profit. However, the entry of two major market players changed that,” he stated, choosing to withhold their names for now.

He explained that these entities injected substantial capital into the market, ultimately controlling 80 to 90 percent of the poultry sector.

“These big players used their financial clout to hijack the local poultry farmers’ association, mandating that day-old chicks be sold at N1,350, which contradicts the economic principle that greater production typically lowers prices,” he added.

Bello emphasised that this manipulation is why prices remain high despite various governmental support for the poultry industry. Over the past year, the Federal Ministry of Agriculture and Food Security has assisted poultry farmers with broilers, vitamins, feeds, and cash through numerous interventions across Nigeria’s six geopolitical zones.

He also pointed to exploitative pricing in the packaging sector, citing a cartel of five dominant players responsible for importing and supplying packaging materials.

“They operate in a mafia-like manner. If you attempt to negotiate with one, they tip off the others, ensuring uniform pricing,” Bello lamented.

Regarding the lack of sanctions against these sharp practices, Bello explained that the FCCPC initially opts for dialogue in the spirit of democracy rather than enforcing the act, which carries severe penalties, including hefty fines and jail time.

He urged the business community in Akwa Ibom to collaborate with the FCCPC to tackle exploitative pricing and promote market integrity.

To alleviate the economic burden on consumers, Bello noted that President Bola Tinubu has introduced several relief measures, including the removal of tariffs on food imports, VAT on pharmaceuticals and medical devices, tax waivers for businesses and public transport, and facilitating easy credit for converting vehicles from petrol to CNG.
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“It is only fair that our businessmen and traders share the benefits of these measures with consumers through reduced prices,” Bello stated.
Several speakers at the event expressed concern about the high cost of doing business in Nigeria, particularly citing rising interest rates, multiple taxation, and increased electricity tariffs as significant challenges.

Earlier, Executive Commissioner for Operations at the FCCPC, Dr. Abdullahi Adamu, called on stakeholders to provide suggestions to address cartel activities and improve the market situation in the country.

Business

NNPCL Announces Restoration Of Escravos-Lagos Pipeline

Published

1 day ago

December 30, 2025

Editor

The Nigerian National Petroleum Company Limited (NNPCL) has announced the complete restoration of the Escravos-Lagos Pipeline System (ELPS) in Warri, Delta State, following the recent explosion on the asset.

The chief corporate communications officer (CCCO) of the nation’s oil company, Andy Odeh, in a statement, said that the pipeline is fully operational, reiterating the company’s resilience and commitment to energy security.

“NNPC Limited is pleased to announce the successful restoration of the Escravos-Lagos Pipeline System (ELPS) in Warri, Delta State.

“Following the unexpected explosion on December 10, 2025, we immediately activated our emergency response, deployed coordinated containment measures, and worked tirelessly with multidisciplinary teams to ensure the damaged section was repaired, pressure-tested, and safely recommissioned.

“Today, the pipeline is fully operational, reaffirming our resilience and commitment to energy security. This achievement was made possible through the unwavering support of our host communities, the guidance of regulators, the vigilance of security agencies, and the dedication of our partners and staff.

“Together, we turned a challenging moment into a success story, restoring operations in record time while upholding the highest standards of safety and environmental stewardship.

“As we move forward, NNPC Limited remains steadfast in its pledge to protect our environment, safeguard our communities, and maintain the integrity and reliability of our assets. Thank you for your trust as we continue to power progress for Nigeria and beyond,” the statement read.

Business

Dangote Unveils 10-day Credit Facility For Petrol Station Owners

Published

1 day ago

December 30, 2025

Editor

The Dangote Group has announced a 10-day credit facility backed by a bank guarantee for petrol station owners and dealers, alongside free direct delivery and other incentives, as part of a new supply arrangement.

The company disclosed this in a statement posted on its official X handle on Tuesday, inviting petrol station operators across the country to register to benefit from the offer.

According to the statement, participating dealers will enjoy “a 10-day credit facility backed by a bank guarantee,” with a minimum order requirement of 5,000 litres.

“Our free direct delivery service will commence soon,” the group said, adding that the offer is open to “all petrol station owners and dealers.”

The Dangote Group further called on operators to register their stations to access the supply arrangement.

“Register your petrol stations today to benefit from our competitive gantry price,” the statement read.

The company also disclosed that petrol supplied under the arrangement will be sold at a gantry price of ₦699 per litre.

For enquiries, the group provided the following contact numbers: 0802-347-0470, 0809-324-7070, 0809-324-7071 and 0203.

The announcement follows a recent petrol price adjustment by the Dangote Petroleum Refinery.

The PUNCH earlier reported that the refinery reduced its ex-depot petrol price from ₦828 to ₦699 per litre, representing a ₦129 cut or a 15.58 per cent reduction.

An official of the refinery, who spoke to PUNCH Online on condition of anonymity, confirmed the adjustment, saying, “The refinery has reduced petrol gantry price to ₦699 per litre.”

The new price reportedly took effect on December 11, 2025, marking the 20th petrol price adjustment announced by the refinery this year.

Business

JUST IN: Otedola Sells Shares In Geregu Power For N1trn

Published

2 days ago

December 29, 2025

Editor

Billionaire businessman, Femi Otedola, has sold his majority stake in Geregu Power Plc for N1.088 trillion in a deal financed by a consortium of banks led by Zenith Bank Plc.

The Nigerian Exchange, NGX, made this announcement on Monday.

Otedola’s Amperion Power Distribution Company Ltd reportedly held nearly 80 percent of the power generating company.

With this new development, Otedola, Chairman of First Holdco Ltd, parent company of First Bank of Nigeria Plc, will reportedly now concentrate on expanding his interest in the Nigerian banking sector, although he still retains some shares in Geregu.

Otedola is said to currently own 17.01 percent of First Bank — its single largest shareholder since the bank was established in 1894.