The FEDERAL COMPETITION AND CONSUMER PROTECTION COMMISSION ACT (FCCPA) became effective and operational when it was assented to by the president of Nigeria on 30th day of January, 2019.
WHAT ARE THE MANY INNOVATIONS INTRODUCED BY THE ACT?
- THE COMMISSION is to review economic activities; investigate market practises and violations of the Act; organize campaigns and advocacy programmes; initiate policies and procedures and advice the federal Government and its agencies on matters relating to competition and consumer protection. This functions were also illuminated by the Director General of the Commission yesterday (20th March, 2019) at an evening chat at the BLU CABANA Lounge, Mabushi, Abuja.
- The FCCPC now bears the powers to review and approve mergers and acquisitions all to ensure that these corporate restructurings do not have anti-competition tendencies in the relevant markets.
- The FCCPC is the overriding competition regulation agency in Nigeria over and above any other. This means any action contrary to the spirit of business competition in Nigeria, the FCCPC has the overriding burden to address it.
- The over all responsibility of the FCCPC is to foster a business environment that promotes a competitive market in view of promoting the rights of consumers. The commission regulates the following :
- i.All businesses and commercial activities within Nigeria or having an effect within Nigeria,Government corporations, agencies and enterprises engaged in commercial activities at all levels and
- ii.All business/commercial activities aimed at making profits and geared towards meeting demand.
RIGHTS OF CONSUMERS UNDER THE FCCPA
- Disclosure of prices of goods and services
- Receive safe and good quality goods with an implied warranty of quality
- Quality and timely performsnce and completion of services or timely notice of unavoidable delay
- Cancel an advance reservation, booking or order
- Choose a supplier and particular goods or services to be purchased
- A written record of purchased goods or services.
- Disclosure of re-conditioned or secondhand goods;
- Proper labelling and trade descriptions in such a manner and detail as required by the Act.