Business

FCCPC Uncovers Cartel Inflating Goods Prices Nationwide

Published

2 years ago

October 30, 2024

Editor

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

Why We Sited Our Multi-Billion Naira Automobile Firm Branch in Benin – Skyewise Group CEO

Published

18 hours ago

May 4, 2026

Editor

Dr. Elvis Abuyere, Chief Executive Officer and Managing Director of Skyewise Group, an automobile firm, has explained the reason for establishing a branch of the company in Benin City, the Edo State capital, describing the ancient city as “a growing economy full of enormous potential for vibrant youth.”

He added that the company considers Edo State one of the most interesting states, noting that the decision aligns with its long-term vision.

Abuyere, who spoke in Benin on Monday while taking journalists on a tour of the new automobile facility, said:
“We started very small — from Abuja to Lagos and now Benin. It is a joy and privilege for us to have completed this amazing regional office with Skyewise Group.”

According to him, beyond the automobile business, Skyewise Group is in Benin to invest in real estate, logistics, youth empowerment, and credit management. “Aand also to lend our support to what the Edo State Government is doing, knowing the fact that there is an agenda,” he added.

The young CEO urged youths in Nigeria, particularly those in Edo State, to embrace entrepreneurship, stressing that “we believe it is the future of Africa,” especially Nigeria.

He said Nigeria stands as the giant of Africa and that its youth must take bold steps in the entrepreneurship landscape.

According to Abuyere, to ensure Edo youths actualise their entrepreneurial potential, the company has prepared soft loans to help them start businesses, adding that Skyewise Group is not limited to automobile operations.

He said: “More importantly to us is youth empowerment. We want our youth to be empowered, and this is where the Skyewise Foundation comes in.

“We believe the future of Africa is entrepreneurship, and that future lies in the hands of the young people of Nigeria. We want to empower them to stand the test of time, build something meaningful, and reduce unemployment and insecurity in our land.

“I believe we need to begin taking bold steps by refining the mindset of our young people. We need to give them a sense of belonging and direction.

“We have been addressing the liquidity gap in society by providing microloans to support businesses in our environment and in Benin City.”

When asked why he chose Benin City for the multi-billion naira automobile firm, Abuyere noted: “I think this is the first automobile showroom in Edo State where you can see a car lifted from the ground floor to the first floor and beyond.”

Business

JUST IN: Nigerian Filling Stations Reduce Fuel Price After Hike

Published

3 days ago

May 2, 2026

Editor

Nigerian filling stations reduced their Premium Motor Spirit price on Saturday, barely 24 hours after the hike.

Checks by DAILY POST showed that Ranoil, Empire Energy, and other filling stations in Abuja adjusted their petrol pumps to N1,365 and N1,375 per litre respectively, down from N1,440 per litre on Friday.

This means that petroleum marketers dropped their fuel price by N65 and N75 per litre. DAILY POST reports that the move was to attract patronage from customers.

Recall that three days ago, Nigerian filling stations had raised their petrol pump price to between N1,365 and N1,440 nationwide after Dangote Refinery and depot owners increased ex-depot prices to around N1,275 and N1,290 per litre.

According to DAILY POST, while the Nigerian National Petroleum Company Limited and MRS Bovas filling stations raised their petrol price to around N1,365 per litre, others adjusted theirs above N1,440 per litre.

However, with the latest fuel price reduction by Ranoil and Empire Energy, the majority of filling station outlets now dispense petrol between N1,365 and N1,375 per litre.

This development comes as the ripple effect of crude oil prices continues to impact Nigeria’s domestic fuel price.

Brent and West Texas Intermediate crude rose to $114 and $105 per barrel before dropping to $108 and $101 after the filing of this report.

Business

Dangote Refinery Hikes Petrol Price

Published

6 days ago

April 29, 2026

Editor

Dangote Refinery has increased the ex-depot price of petrol by N75.

The refinery announced the increase on Wednesday, hiking the the price from N1,200 to N1,275 per litre.
In the same way, coastal prices have gone up to N1,215 per litre.

This adjustment amid Brent crude trading at $114.80 per barrel marks a 3.15% increase.

DAILY POST reports that Brent crude has increased to $115 per barrel, while West Texas Intermediate rose to $103 per barrel on Wednesday.