Elizabeth Chimobi
…Seeks stakeholders’ support in Kano to combat issue
The Executive Vice Chairman and CEO of the Federal Competition and Consumer Protection Commission (FCCPC), Mr. Tunji Bello, on Wednesday said hoarders of grains are the drivers of food inflation currently affecting the nation are
He made this observation during a town hall meeting in Kano.
The meeting, held at the Afficent Centre, brought together key players from various sectors, including industry captains, MSMEs, market leaders, farmers, transporters, and service providers.
In his address, Bello revealed that FCCPC’s investigations uncovered the unethical practice of some merchants stockpiling newly harvested grains in warehouses to create artificial scarcity, thereby exacerbating food inflation.
He also noted that some of these hoarders smuggle the hoarded food items across the border to sell at higher prices, threatening national food security.
“Some of these unscrupulous actors show no regard for the consequences of their actions on their fellow citizens.
They deliberately cause scarcity and profit from it, even at the risk of compromising our food security,” Bello stated.
This Kano meeting follows earlier stakeholder engagements held in Abuja and Lagos, part of FCCPC’s ongoing efforts to tackle anti-consumer practices nationwide.
Bello called on stakeholders in Kano to collaborate with the Commission in curbing these detrimental activities. “We are not saying everyone here is guilty; only a few bad actors engage in such unethical practices. However, it is our collective duty to ensure fair pricing of goods and services, especially as the nation implements bold economic reforms aimed at achieving long-term benefits,” he emphasized.
He also highlighted issues like price-fixing and the imposition of artificial barriers, such as entrance levies by market associations, as unethical practices damaging to the economy. While the FCCPC Act stipulates stringent penalties, including hefty fines and imprisonment, Bello noted that the Commission is prioritizing dialogue in a “spirit of democracy.”
He further mentioned that President Bola Ahmed Tinubu had already acted on some of the key concerns raised during the earlier engagements in Abuja and Lagos, and he pledged to convey the views of Kano stakeholders to the government. “We have a President who listens and is ready to go the extra mile to cushion the impacts of ongoing economic reforms,” he assured.
Bello also pointed to the Federal Government’s efforts to mitigate economic challenges, including implementing zero Value Added Tax (VAT) and excise duties on pharmaceutical products and medical devices, as well as removing taxes on MSMEs and public transportation.
He urged stakeholders to demonstrate patriotism by passing on the benefits of these government concessions to consumers. “For instance, if the government facilitates easier credit for transport operators to switch to cheaper CNG, we expect them to lower fares for the public,” Bello concluded.