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FCCPC Issues One-Month Moratorium for Traders to Lower Exploitative Prices

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FCCPC Issues One-Month Moratorium for Traders to Lower Exploitative Prices

The Federal Competition and Consumer Protection Commission (FCCPC) has granted a one-month moratorium to traders and market stakeholders involved in exploitative pricing, urging them to reduce the prices of goods. This announcement was made by the newly appointed Executive Vice Chairman of the FCCPC, Mr. Tunji Bello, during a one-day stakeholders’ engagement on exploitative pricing held in Abuja on Thursday.....KINDLY READ THE FULL STORY HERE▶

Bello emphasized that the commission will commence strict enforcement actions following the moratorium period. The meeting aimed to address the growing concerns over unreasonable pricing of consumer goods and services, as well as the unethical practices by certain market associations.

Citing an example, Bello highlighted a case where a fruit blender, branded as Ninja, was sold for $89 (approximately N140,000) in a Texas supermarket, while the same product was priced at an exorbitant N944,999 in a Lagos supermarket. He questioned the justification for such a steep price hike and pointed out that these unwholesome practices, including price fixing, pose a significant threat to the economy’s stability.

Under Section 155 of the relevant legislation, individuals and corporate entities found guilty of such violations face severe penalties, including hefty fines and imprisonment. However, Bello clarified that the current approach is not punitive. “We are giving a one-month moratorium in the spirit of patriotism and cooperation before the commission starts firm enforcement,” he said.

Bello acknowledged the challenges faced by market stakeholders, including high transportation costs, insecurity, and multiple taxation, which contribute to rising prices. The Chairman of the National Association of Nigerian Traders, FCT Chapter, Ifeanyi Okonkwo, mentioned that port charges on imported goods also play a role in escalating prices. He urged the commission to establish a task force and involve the association in its enforcement activities.

Representatives from various market sectors shared their perspectives at the engagement. Mr. Emmanuel Odugwu from Kugbo Spare Parts Market noted that the cost of transporting a trailer load of tyres from Lagos to Abuja has more than doubled, now exceeding N1 million. Similarly, Ms. Kemi Ashiri, Liaison Manager at Flour Mills, called for the harmonization of regulatory fines to foster business growth.

Supermarket owners, represented by Ikenna Ubaka, cited high bank interest rates, rent increases, and supply chain price hikes as major factors behind the soaring cost of goods. They also raised concerns over exorbitant charges from electricity distribution companies. Mr. Solomon Ukeme, representing the Master Bakers Association, pointed out that the rising costs of key ingredients like flour, sugar, and butter have significantly impacted the price of baked goods.

The News Agency of Nigeria reports that various market associations were in attendance at the engagement, reflecting the widespread concern over the issue of exploitative pricing.

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Real Madrid In Trouble As Vinicius Junior Is Hit With Shock Four-Game Suspension.

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Real Madrid forward Vinicius Junior has been handed a four-match suspension after being found guilty of pulling an opponent’s hair and aggressively confronting the referee during his team’s 1-0 victory over Villarreal.....KINDLY READ THE FULL STORY HERE▶

The 26-year-old Brazilian winger was sent off in the 73rd minute of Saturday’s encounter after grabbing and pulling the hair of Villarreal player Nathan Saliba while the two were running down the pitch.

Vinicius had earlier found the back of the net, but his goal was disallowed.

The Spanish football federation’s disciplinary committee announced the suspension shortly before Real Madrid’s Champions League fixture against Roma on Wednesday.

According to the committee, the Brazilian received a two-match ban for the hair-pulling incident, while an additional two-match suspension was imposed over his conduct towards the referee following his dismissal.

In his match report, referee Isidro Díaz de Mera stated that Vinicius protested the red card by raising his voice and approaching him aggressively. The official also noted that the forward had to be restrained by his teammates.

The punishment means Vinicius will miss several important domestic fixtures, including Real Madrid’s home clash against Sevilla on Sunday and the highly anticipated El Clasico against Barcelona the following week.

He will also be unavailable for the club’s away matches against Racing Santander and Valencia.

Vinicius’ absence from the Barcelona showdown represents a significant setback for Real Madrid, given his importance to the team’s attacking strength.

The four-game suspension leaves the Spanish giants without one of their leading forwards during a crucial stage of their domestic campaign.

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Political Shift Ahead Of 2027: Pro-Tinubu Group Picks Ex-Obidient Organiser For Top Position.

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The Tinubu Must Stay Movement (TMS) has appointed Marcel Ngogbehei as Director-General of its alliance with the Directorate of Mobilisation and Integration (DMI), citing his extensive experience in Nigeria’s public sector and the United Kingdom.....KINDLY READ THE FULL STORY HERE▶

The appointment was announced by Kashifu Inuwa Abdullahi, Chairman of the Board of Trustees and Convener of the Tinubu Must Stay Movement.

Abdullahi described Ngogbehei as a trusted associate whose leadership qualities and professional competence he had known for more than two decades.

“I have known Marcel for over 25 years. We have worked together, faced difficult challenges together and delivered results together. I know his character, I know his ability, and I trust him to deliver,” Abdullahi said.

He explained that the decision was based on Ngogbehei’s professional background, understanding of public institutions and ability to foster collaboration among different stakeholders.

Abdullahi recalled that they worked together at Galaxy Backbone Plc and subsequently at the Central Bank of Nigeria (CBN), where they contributed to the development and implementation of several major technology initiatives.

Among the projects he highlighted were the Integrated Personnel and Payroll Information System (IPPIS), the Government Data Center, the CBN Cashless Policy and the establishment of the bank’s Enterprise Architecture function.

According to Abdullahi, the Enterprise Architecture initiative helped the CBN achieve savings exceeding $1 million.

“These were not just technology projects. They were about making government systems work better, reducing waste, improving efficiency and building institutions that serve Nigerians,” he said.

On the political objectives of the alliance, the Tinubu Must Stay Movement questioned whether opposition parties had presented sufficiently detailed and convincing proposals for tackling Nigeria’s major challenges.

The movement argued that criticism of government policies should be accompanied by practical alternatives that Nigerians could assess.

“Nigerians are tired of promises without clear plans. If you say the government is wrong, tell the people what you will do better. How will you create jobs? How will you reduce the cost of living? How will you improve electricity, schools and hospitals? And where will the money come from?” the group stated.

However, the movement acknowledged that the Tinubu administration should also be held accountable for its performance.

“President Tinubu must be judged [by] the complexity of the problem he inherited and by what his government delivers. The opposition must also be judged by the solutions it offers. Nigerians deserve answers from both sides,” it added.

The group said its position was intended to promote informed discussions on public policies, government spending and their impact on ordinary Nigerians.

Abdullahi noted that Ngogbehei’s appointment came as the alliance continued to establish its organisational structures and define its programmes.

In his new role, Ngogbehei is expected to oversee organisational coordination, grassroots mobilisation and civic-accountability initiatives.

The alliance disclosed that its activities would include public discussions on government performance, assessments of alternative policy proposals and engagement with communities across the country.

Ngogbehei holds a degree in Computer and Electronics Engineering from Lagos State University and attended the Sloan programme at London Business School.

His professional experience includes senior technology roles at Galaxy Backbone Plc and the Central Bank of Nigeria, as well as leadership responsibilities on key projects within the United Kingdom Civil Service.

Beyond his professional career, Ngogbehei played an organisational role in the mobilisation efforts surrounding Peter Obi’s 2023 presidential campaign.

He served as Director of Strategy at the Peter Obi Support Network before becoming Chairman of the Coalition for Peter Obi (CPO).

In those positions, he participated in nationwide grassroots mobilisation, voter-registration advocacy and the organisation of the 2022 Labour Party/CPO Leadership Summit in Abuja.

He later became Director-General of the Directorate of Mobilisation and Integration, where his activities focused on grassroots coordination, citizen participation and organisational development.

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Sad News Rocks Gospel Music Industry As Family Announces Popular Singer’s Death.

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The family of Nigerian gospel singer Olayemi Bolaji, popularly known as Toluwanisings, has officially confirmed his death.....KINDLY READ THE FULL STORY HERE▶

reports that the family announced the tragic news on Wednesday night in a statement published on the singer’s Instagram account, revealing that he died in the early hours of Wednesday, October 14, 2026.

The statement identified the deceased as Minister Olayemi Bayonile Bolaji of the Toluwani Gospel Music Ministry (TOGOMM), describing him as a cherished husband, family member and gospel minister.

The family expressed profound sadness over his passing and appealed to the public to remember his wife and other loved ones in their prayers during this difficult period.

The statement read, “With deep sorrow, the family announces the passing of Minister Olayemi Bayonile Bolaji, Toluwani Gospel Music Ministry (TOGOMM), who passed away in the early hours of 14 October 2026.

“A dearly loved husband, family member, and gospel minister.

“Please keep his wife, family, and loved ones in your prayers during this difficult time.”

The family also disclosed that further information regarding the singer’s funeral arrangements would be made available in due course.

However, as of the time of filing this report, the circumstances surrounding Toluwanisings’ death and the cause of his passing had not been officially disclosed.

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