EFCC, FCCPC Join Forces to Crack Down on Consumer Exploiters

The Economic and Financial Crimes Commission (EFCC) and the Federal Competition and Consumer Protection Commission (FCCPC) has announced a strategic partnership aimed at combating consumer exploitation and sabotage in Nigeria.

This collaboration was highlighted during a visit by the FCCPC management team to the EFCC headquarters in Abuja.

EFCC Chairman, Ola Olukoyede, emphasized the necessity of cooperation between regulatory bodies and law enforcement agencies to enhance consumer protection.

He stated, "As regulators, and we as law enforcers, there is always the need for us to support you in what you do. We give you the teeth to bite because many of our people are being exploited." Olukoyede pointed out that the FCCPC’s efforts in protecting consumers would alleviate some of the EFCC’s burdens in addressing financial crimes.

The FCCPC Vice Chairman/Chief Executive Officer, Olatunji Bello, praised Olukoyede's leadership in the anti-corruption fight and sought the EFCC’s collaboration to bolster the FCCPC’s mandate. Bello remarked, "We want to commend you for doing great work for the country through the EFCC.

Nigerians appreciate you, they appreciate your efforts. They are behind you." He underscored the importance of surveillance and investigation in consumer protection, noting the significant challenge posed by consumer exploitation.

Both agencies agreed to share intelligence and collaborate on operations to tackle consumer exploitation and sabotage. This partnership aims to strengthen consumer protection in Nigeria and reduce the incidence of exploitation and sabotage.

Bello expressed concern over the increasing cases of arbitrary price hikes and emphasized the need for joint efforts to address these issues. He commended the EFCC’s expertise in surveillance and investigation and sought its support in combating unfair trade practices.

Olukoyede assured the FCCPC of the EFCC’s full cooperation, highlighting the importance of a strong partnership in creating a fair and equitable market for consumers.

He stated, "When you have such intelligence, please don’t hesitate to let us know. You have been doing well in identifying some of these issues, but sanctions are also necessary. The only thing that deters people is sanctions."

This collaboration came shortly after the FCCPC announced its intention to engage market leaders across the country to curb exploitative pricing of consumer goods.

Both parties agreed to intensify their joint efforts to protect consumer rights and bring perpetrators of economic crimes and unfair market practices to justice.