The federal government has said Point of Sale, PoS agents
found guilty of price fixing will pay a fine of up to N10 million or three
months prison sentence.
The Federal Competition & Consumer Protection Commission
disclosed in a statement on Monday by its Executive Vice Chairman, Babatunde
Irukera.
Recall that PoS agents under the aegis of the Association of
Mobile Money and Bank Agents, AMMBAN, had increased their service charge for
withdrawals and deposits.
Consequently, the FCCPC entered an Order & Notice (ONC)
served to the executives of AMMBAN, prohibiting PoS agents from further
implementing the price increment.
The Commission warned that the disobedience of its ONC would
be met with severe punishment.
FCCPC explained that violating its Order would attract one
million Naira fine for individual PoS agents, and N10 million for corporate
agents or a three months prison sentence.
“The FCCPA provides the Commission with statutory tools to
ensure compliance and penalise law violations. As previously noted, some of
these penalties are stiff.
“The Commission advises PoS operators that violation of an
order of the Commission attracts additional consequences apart from the
underlying illegal conduct that is the subject of the order such as up to
N10,000,000 for corporate entities; and N1,000,000 and or a prison sentence of
up to three months for individuals”, the statement contained.
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