Nigeria Establishes New Competition Authority

The Nigerian Federal Government inaugurated the governing board of the FCCPC together with that of the CCPT, in order to ensure that consumer protection is placed at the forefront in giving effect to Nigeria’s developmental goals.  The board was inaugurated by the Minister of Industry Trade and Investment, Otunba Adeniyi Adebayo on the 4^th of March, 2021.

The responsibilities of the FCCPC will be, inter alia, to monitor staff performance, financial reporting and to ensure accountability.  The FCCPC has been established as a policy-making body as gleaned from Minister Adebayo, who stated that the agency “as the highest policy-making body, [… is] expected to ensure that the Federal Government’s mandate is achieved.”

Mr. Emeka Nwankpa, Chairman of FCCPC’s board, said that “the board was the first of its kind in the commission [and] appealed to the government to give the team the necessary support in order to function effectively.”

Hajia Sharatu Shafi, Chairman of the CCPT board, said, “the tribunal would ensure thorough and timely adjudication to ensure that Nigerians get value for their money and enjoy all privileges and protection.”

Minister Adebayo stated that the “present administration has zero tolerance for any form of corruption and this stance must not be compromised in any way.”  Further, “government will punish any corrupt practices perpetrated  by any board members as well as the management team.”