Fifteen years after the Bureau
for Public Enterprise (BPE) proposed an anti-trust law to checkmate monopoly in
the Nigerian economy, President Muhammadu Buhari has signed the Federal
Competition and Consumer Protection bill.
The law seeks to eliminate
monopoly and ensure competitive trade in the country.
Ita Enang, senior special
assistant to the president on national assembly (senate), disclosed this in a
statement on Wednesday.
Enang said the new law repeals
the Consumer Protection Council Act and sections 118-128 of the Investment and
Securities Act.
The new act establishes the
Federal Competition and Consumer Protection Commission as well as the Consumer
Protection Tribunal to try violations.
“The law is to promote economic
efficiency, maintain competitive market in the Nigerian economy, protect the
Nigerian economy, protect the interest and welfare of consumers by providing
consumers with wide variety of quality products at competitive prices as well
as prohibit restrictive or unfair business practices in the Nigerian economy,”
Enang said.
“This act has accordingly, upon
assent been remitted to the national assembly/appropriate authorities as law of
the federation.”
Enang said the functions of the
commission are to:
- Initiate broad based policies and review economic activities in Nigeria to identify anti-competitive, anti-consumer protection and restrictive practices which may adversely affect the economic interest of consumers and make rules and regulations under this Act and any other enactment with regards to competitions and protection of consumers.
- Advise the federal government generally on national
policies and matters pertaining to all goods and services and on the
determination of national norms and standards relating to competition and
consumer protection.
- Report annually on market practices and the
implications for consumer choice and competition in the consumer market.
- Eliminate anti-competitive agreements, misleading,
unfair, deceptive or unconscionable marketing, trading and business
practices.
- Resolve disputes or complaints, issue directives and
apply sanctions where necessary.
- Create public awareness through seminars, workshops,
studies and make available information with regard to the exercise of its
powers and performance of its functions to the public.
- Regulate and seek ways and means of removing or
eliminating from the market, hazardous goods and services, including
emission, untested, controversial, emerging or new technologies, products
or devices whatsoever, and cause offenders to replace such goods or
services with safer and more appropriate alternatives.
- Publish, from time to time, list of goods and
services whose consumption and sale have been banned, withdrawn,
restricted or are not approved by the federal government or foreign
governments.
- Encourage trade, industry and professional
associations to develop and enforce in their various fields quality
standards designed to safeguard the interest of consumers.
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