The Federal Competition and Consumer Protection Commission (FCCPC) has opened investigations into shipping in Nigeria, following credible information centred around exchange of commercially sensitive information, raising the cost of shipping in Nigeria.
The FCCPC is the highest federal competition regulator in Nigeria.
The Executive Vice-Chairman of the Commission, Mr Babatunde Irukera, who stated this in Abuja during a media interaction said, although investigations are still open and unconcluded, it is yielding positive effects.
“The courage to open broad investigation starts to address behaviour.
“In 6 months we’ve come back from about from 14,000 containers to about 10,500 containers and we raided 5 out of many shipping companies.
“Those five are very worried about what we will find from what we took. We took emails, about 7.5 terabits of information; this has also modified the behaviour of those yet to be raided,” he said.
Mr Irukera revealed that the Commission is developing a business guidance to showcase guidelines that are imperative for anyone involved in the business of money-lending in Nigeria.
“A few weeks ago we intervened in a digital lending market and that’s why we are having some investigative hearings with digital lending companies that are subject of investigations.
“We are already ensuring that their loan recovery processes must be legal,” said Irukera.
The FCCPC Boss also disclosed that the Commission is about to open an investigation into the rise in cost of diesel, and fuel, which has a cascading effect on the lives and livelihood of Nigerians.
He explained that the Commission aim is to make sure businesses succeed, consumers gain access to brands they desire and ensure consumers are treated fairly.
“We’ve intervened in tobacco, we’ve intervened repeatedly in healthcare including challenging facilities with respect to whether they comply with applicable standards to prevent injury or death.
“We’ve intervene in so many other markets to stabilize the economy.
“We’ve intervened in Pharmaceuticals with respect to critical hygiene products and other healthcare needs that are considered relevant in the prevention and control of Covid,” Mr Irukera added.
