Fifteen years after the Bureau for Public Enterprise (BPE) proposed an anti-trust law to checkmate monopoly in the Nigerian economy, President Muhammadu Buhari has signed the Federal Competition and Consumer Protection bill.

The law seeks to eliminate monopoly and ensure competitive trade in the country.

Ita Enang, senior special assistant to the president on national assembly (senate), disclosed this in a statement on Wednesday.

Enang said the new law repeals the Consumer Protection Council Act and sections 118-128 of the Investment and Securities Act.

The new act establishes the Federal Competition and Consumer Protection Commission as well as the Consumer Protection Tribunal to try violations.

“The law is to promote economic efficiency, maintain competitive market in the Nigerian economy, protect the Nigerian economy, protect the interest and welfare of consumers by providing consumers with wide variety of quality products at competitive prices as well as prohibit restrictive or unfair business practices in the Nigerian economy,” Enang said.

“This act has accordingly, upon assent been remitted to the national assembly/appropriate authorities as law of the federation.”

Enang said the functions of the commission are to:

Initiate broad based policies and review economic activities in Nigeria to identify anti-competitive, anti-consumer protection and restrictive practices which may adversely affect the economic interest of consumers and make rules and regulations under this Act and any other enactment with regards to competitions and protection of consumers.
Advise the federal government generally on national policies and matters pertaining to all goods and services and on the determination of national norms and standards relating to competition and consumer protection.
Report annually on market practices and the implications for consumer choice and competition in the consumer market.
Eliminate anti-competitive agreements, misleading, unfair, deceptive or unconscionable marketing, trading and business practices.
Resolve disputes or complaints, issue directives and apply sanctions where necessary.
Create public awareness through seminars, workshops, studies and make available information with regard to the exercise of its powers and performance of its functions to the public.

Regulate and seek ways and means of removing or eliminating from the market, hazardous goods and services, including emission, untested, controversial, emerging or new technologies, products or devices whatsoever, and cause offenders to replace such goods or services with safer and more appropriate alternatives.
Publish, from time to time, list of goods and services whose consumption and sale have been banned, withdrawn, restricted or are not approved by the federal government or foreign governments.
Encourage trade, industry and professional associations to develop and enforce in their various fields quality standards designed to safeguard the interest of consumers.

https://www.thecable.ng/eliminate-anti-competitive-agreements-buhari-signs-bill-repealing-consumer-protection-law/amp

bringing new hope and a new sense of direction to market -led- economy.Buhari deserves praise.

What is this all about?
IMHO, This is no different from what has been obtainable in the business world.

Baba Buhari for life.

Doing what PDP could not do in 16 years.

Good news

Ding Ding DANG.....

nice

Good one...

Dangote how market

Nice one

Dangote attack

Beautify your ideas and business this year with a colourful website/blog/software. Be an early riser! Check my signature for contacts.

In plain English please? How does this benefit the common man?

one chance

Has anyone be monopolizing any product before? I beg, this nor make any sense!

Sai baba insha allah


I went to court today and heard the judge say "order!" I replied, "rice, chicken and juice"
Now two policemen are escorting me outside.
I think we are going to the restaurant right?..

really? I'm sure he doesn't know the contents of what he signed, He was just pointed at where to sign by Maman Daura and he did. Anybody still supporting this man( aside people in his government) has a problem in the head

Beautiful piece of law...

If only i can find serious investors of like minds...DSTV go see shege...

Good

Does Buhari even know what it’s all about?

Buhari in Makurdi signing this. This man is strong oh. You too much Mr P.

One chance=govt for Dangote=PDP

Many chances=govt for all =APC

Well-done Mr P.

Let me catch anyone blaming Dangote again.

Hope they showed him the right place to sign.

WO! and you expect this man to loss this election? I don't think so.

Better for him. Cos he has few days to leave office

The day after the day after, Monday February 18th 2019, time is 9:00am Nigerian time;

Newspaper headlines;

- General Buhari has killed democracy in Nigeria
~KOLA OLABODINYON.

- We reject the results in it's totality ~PDP.

- We will challenge this result at the tribunal ~ATIKU ABUBAKAR.

- All the judges need to come to our resue ~ NYESOM WIKE.

- Buhari has never been a democrat ~ FANI KAYODE.

- Atiku is my own president ~ RENO OMOKRI.

- This is a rape of democracy ~ FAYOSE.

You see why am already in the next level? the impossible s making to be possible

They should also check for monopoly in power...that is....if people you are presidenting say you should not president them again, you leave. Or when a particular region monoplises political power