*Nigeria鈥檚 Federal Competition and Consumer Protection Commission asserts its commitment to enforcement of the law in a fair and humane manner for both consumers and businesses, and will not tolerate any action by any that weakens the regulatory framework or encourages others to violate the law as that leads to exploitation of consumers

Isola Moses | 绿帽献妻

The Federal Competition and Consumer Protection Commission (FCCPC) has accused Mikano International Limited, a leading power generator merchant, in Nigeria of obstruction of investigation and apparent violations of Sections 28(5), 33, 110 and 111 of the Federal Competition and Consumer Protection Act (FCCPA) 2018, which provide and mandate companies to comply and be transparent in investigative procedures.

The market regulatory Commission, in a statement Dr. Adamu Abdullahi, Acting Executive Vice-Chairman/Chief Executive Officer (EVC/CEO) of FCCPC, issued Wednesday, March 12, 2024, said the Federal High Court, in Abuja, FCT, December 16, 2022, had issued an order and search warrant empowering the Commission to execute a search on multiple generator companies in the country.

Adamu stated the Court, having been satisfied that there was adequate information to show untoward behaviour and business practices by certain companies requiring further investigation, issued the order.

According the Acting EVC/CEO, the Commission proceeded in the investigation and investigatory efforts, including securing the order because of a high prioritisation of the electricity power industry both from a primary/substantive production, and alternative power sources standpoints.

Power, and the cost thereof, being vital and critical to businesses, and households, particularly small businesses and vulnerable households is a major concern, and any practice(s) in that sector that exploits or negatively affects consumers is of grave concern.

The statement also noted: 鈥淭hat investigation is currently at various stages. Extensive briefings with topmost officials in government, and evidence gathering from relevant targets have also occurred.

鈥淎s part of the investigation, and to ensure compliance with the law, the Commission on March 8th, 2024, filed criminal charges against one of the targets (Mikano International Limited and Others) of the investigation.鈥�

Adamu stated: 鈥淭he charges are with respect to the target鈥檚 actions during the execution of the search warrant and thereafter, which the Commission considers an obstruction of justice and a lawful investigation; and failure to comply with legitimate requests in order to frustrate the investigation.

鈥淭he charges allege violations of Sections 28(5), 33, 110 and 111 of the Federal Competition & Consumer Protection Act (FCCPA) which provide and mandate companies to comply and be transparent in investigative procedures.鈥�

The Acting EVC/CEO further noted the Commission is strongly committed to ensuring compliance and transparency in enforcement of the law.

He stated: 鈥淭he Commission recognises the prevailing hardship being experienced by consumers and business operators, and as such reiterates that compliance with the law, and lawful requests under the law are vital to economic and market stability and protection of consumers.

鈥淭he Commission will continue to enforce the law in a fair and humane manner for both consumers and businesses, but will not tolerate any action by any that weakens the regulatory framework or encourages others to violate the law as that leads to exploitation of consumers.

Kindly Share This Story