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FG Seals Off Sahad Store, Abuja As Crackdown On Hoarding, Price Fixing Begins - Politics - Nairaland

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FG Seals Off Sahad Store, Abuja As Crackdown On Hoarding, Price Fixing Begins by treesun: 11:33am On Feb 16
Twenty-four hours after President Bola Tinubu unveiled plans to tackle factors responsible for food crisis, the Federal Competition and Consumer Protection Commission (FCCPC), sealed Sahad Store, a popular supermarket in the Garki area of Abuja.

The management of the supermarket was accused of shortchanging customers by charging prices other than the price tag at the shelves.

The enforcement was led by FCCPC Acting Executive Vice Chairman, Adamu Ahmed Abdullahi.

Briefing journalists on the sidelines of the event, Abdullahi said the commission’s preliminary investigation confirmed that the management of the supermarket were short changing customers.

He said the store would remain sealed until the completion of the further investigation.

“What we have found out that these people are doing is misleading pricing and lack of transparency in the pricing, which is against Section 115 (3) of the law that says a consumer is not required to pay a price for any good or service higher than the one that’s on display.”

“Section 155 states that any corporate person that contravenes is liable to a fine of 100 million naira or even more and the directors of the company themselves are liable upon conviction payment of 10 million naira each or imprisonment of six months or both.

“What we have done today is to make sure that they comply with the law. We initially called them to come and defend themselves, but failed to show up. In the long run, they sent a lawyer whom we asked if he was familiar with the facts of the case. He said he wasn’t.

“To unseal the store, they have to make sure that they do what is required to be done.”

This comes after the Federal Government in collaboration with state governors agreed to set up a committee to tackle the issue of hoarding of produce in the country.

Minister of Information and National Orientation, Mohammed Idris, disclosed this after the meeting President Bola Tinubu held with governors, heads of Security Agencies and some ministers at the Presidential villa, Abuja, on Thursday.

Addressing State House correspondents, the information minister, who accused some traders of hoarding food products, said the security agencies had been mandated to liaise with governors to tackle the menace.

According to the minister, “Mr. President has agreed to set up a committee to deepen the conversation that has happened at the just-concluded meeting. Of course, you know that it is impossible to complete most of the issues that were raised at the meeting so it is going to be a continuous one. ⁣

“The National Security Adviser, the Director General of the state services, and the Inspector General of Police have been directed to coordinate with the state governors to look at the issue of those hoarding commodities. ⁣

“At this point, the nation requires foods to be brought out to the people so that we can control prices and put food on the table of most Nigerians. Other commodity traders are busy hoarding these commodities so that Nigerians will suffer or they will make more money as a result. ⁣

“So the governors and Mr. President have taken this decision that security agencies will collaborate with the state governors to ensure that this ends.”

https://dailytrust.com/breaking-fg-seals-off-top-abuja-store-as-crackdown-on-hoarding-price-fixing-begins/

21 Likes 4 Shares

Re: FG Seals Off Sahad Store, Abuja As Crackdown On Hoarding, Price Fixing Begins by successmatters(m): 11:33am On Feb 16
That's bad

If you didn't help this business man to subsidize his purchases and expenses, if you didn't give him the capital to set up or to operate, you have no rights to force him to sell at a particular price.

But this will always backfire, as more owners lock up or transfer their goods, or go underground, the goods will enter black market, and everyone who really needs it will pay triple the cost, at the point of death.

Buharri tried that in 1984, someone should please remind me how that matter ended?

Allow free market economy to dictate prices.

200 Likes 12 Shares

Re: FG Seals Off Sahad Store, Abuja As Crackdown On Hoarding, Price Fixing Begins by Bigboytinz: 11:34am On Feb 16
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Re: FG Seals Off Sahad Store, Abuja As Crackdown On Hoarding, Price Fixing Begins by shortgun(m): 11:37am On Feb 16
Nice one.
The battle has always been the rich vs the poor.

22 Likes 7 Shares

Re: FG Seals Off Sahad Store, Abuja As Crackdown On Hoarding, Price Fixing Begins by princepeter566: 11:38am On Feb 16
U will suffer this great tinubulation and still suffer the great tribulations if u are a tinubu supporter

104 Likes 6 Shares

Re: FG Seals Off Sahad Store, Abuja As Crackdown On Hoarding, Price Fixing Begins by ayspac(m): 11:38am On Feb 16
cool
Re: FG Seals Off Sahad Store, Abuja As Crackdown On Hoarding, Price Fixing Begins by engrfaruq(m): 11:38am On Feb 16
Let the FG revert to status quo first, all this crackdown on legitimate businesses won't solve anything.

96 Likes 4 Shares

Re: FG Seals Off Sahad Store, Abuja As Crackdown On Hoarding, Price Fixing Begins by kayusely70(m): 11:42am On Feb 16
That's good! This one will be a big lesson for others!

11 Likes

Re: FG Seals Off Sahad Store, Abuja As Crackdown On Hoarding, Price Fixing Begins by abhosts(m): 11:45am On Feb 16
Any form of price fixing regarding any product that is not produced by govenment is a bad idea. Go and ask the Venezuelans.

91 Likes 5 Shares

Re: FG Seals Off Sahad Store, Abuja As Crackdown On Hoarding, Price Fixing Begins by Redoil: 11:46am On Feb 16
we ar running a cpitalist system so those hoarders are not wrong

38 Likes 4 Shares

Re: FG Seals Off Sahad Store, Abuja As Crackdown On Hoarding, Price Fixing Begins by mbaise1000: 11:57am On Feb 16
NextUK:
Obidient Igbos will still wail they should be allowed to sell at whatever price they like.

Chief, you are still calling IGBOS names and want others to blame IGBOS for this things going on in nigeria?
You haven't still realized that it's not IGBOS wailing loudest now?

153 Likes 7 Shares

Re: FG Seals Off Sahad Store, Abuja As Crackdown On Hoarding, Price Fixing Begins by blowjohn(m): 12:05pm On Feb 16
Ah!
The great sahad stores?

This some serious ish O.

If u know the number of shoppers that enter that store u will understand why am surprised

6 Likes

Re: FG Seals Off Sahad Store, Abuja As Crackdown On Hoarding, Price Fixing Begins by mbaise1000: 12:12pm On Feb 16
NextUK:
Maybe but I do realize they are the only ones selling their first sons to eat.
Wow, that's an interesting opinion, but it's not what you or anyone think that matters here. What matters here is the reality on ground, if the IGBOS are suffering this hardship most, that won't make them bad because they know in advance that it will be so and didn't vote for it, if those that voted for it happens to be in reality suffering it most, you can decide what is going on through their minds and life because they either weren't capable of seeing a few months ahead or saw it but voted against their personal interests to spite IGBOS, whichever one you chose, BTW, we heard the protests have started and it wasn't from the IGBOS.
Remain blessed

62 Likes 2 Shares

Re: FG Seals Off Sahad Store, Abuja As Crackdown On Hoarding, Price Fixing Begins by Seefinish: 12:15pm On Feb 16
Tinubu should go after bandits who are sacking farming communities across the country thereby causing food shortage and inflation and not people's businesses

54 Likes 4 Shares

Re: FG Seals Off Sahad Store, Abuja As Crackdown On Hoarding, Price Fixing Begins by jmoore(m): 12:15pm On Feb 16
9ja journalists and illiteracy.

There was no hoarding act in the story.

Cheating customers is not hoarding.

14 Likes 1 Share

Re: FG Seals Off Sahad Store, Abuja As Crackdown On Hoarding, Price Fixing Begins by mbaise1000: 12:21pm On Feb 16
DiscoverID:
Why are ibos celebrating and crying more than the bereaved?

Ibos think they are smart, but the truth is no ibo man WILL rule this country let alone one idiot called obi.


It's not really about who is ruling your country, the truth remains that wherever you are, I don't think you are buying fuel cheaper than IGBOS, I haven't heard that you are buying food cheaper than the IGBO because your brother is ruling nigeria, and what most of you don't want to accept is that the average IGBO person is not interested in who rules nigeria, if obi is the president of nigeria today and the country is in this situation, tell me how it will benefit the IGBO person, it's so ironic and unfortunate that a person who claims intelligent and will call others haters will willingly vote against his personal interests to spite others. And BTW, where are the IGBOS celebrating? Telling someone that he is repeating a mistake which the person will gladly make again is not celebration, even telling someone "I told you so" is not a celebration, depending on how you understand it

65 Likes 7 Shares

Re: FG Seals Off Sahad Store, Abuja As Crackdown On Hoarding, Price Fixing Begins by Dpharisee: 12:22pm On Feb 16
NextUK:
Obidient Igbos will still wail they should be allowed to sell at whatever price they like.
Your face while typing this 👇

69 Likes 2 Shares

Re: FG Seals Off Sahad Store, Abuja As Crackdown On Hoarding, Price Fixing Begins by RepoMan007: 12:31pm On Feb 16
You are solving nothing.

Just doing gazelle gagaraga.

16 Likes

Re: FG Seals Off Sahad Store, Abuja As Crackdown On Hoarding, Price Fixing Begins by flexyrule(m): 1:13pm On Feb 16
Madness

1 Like

Re: FG Seals Off Sahad Store, Abuja As Crackdown On Hoarding, Price Fixing Begins by AbuTwins: 1:13pm On Feb 16
Close them and carry them go court!

Every time the government comes up with a policy someone is somewhere ready to frustrate it.

2 Likes 2 Shares

Re: FG Seals Off Sahad Store, Abuja As Crackdown On Hoarding, Price Fixing Begins by Dialpad: 1:13pm On Feb 16
This is not the solution, how many stores will you shut down

9 Likes

Re: FG Seals Off Sahad Store, Abuja As Crackdown On Hoarding, Price Fixing Begins by sofeo(m): 1:13pm On Feb 16
Alright
Re: FG Seals Off Sahad Store, Abuja As Crackdown On Hoarding, Price Fixing Begins by Johnjustice: 1:14pm On Feb 16
successmatters:
That's bad

If you didn't help this business man to subsidize his purchases and expenses, if you didn't give him the capital to set up or to operate, you have no rights to force him to sell at a particular price.

But this will always backfire, as more owners lock up or transfer their goods, or go underground, the goods will enter black market, and everyone who really needs it will pay triple the cost, at the point of death.

Buharri tried that in 1984, someone should please remind me how that matter ended?

Allow free market economy to dictate prices.
The law provides for government to clamp down on people exploiting the citizens with exorbitant prices.

Are you on the side of the crooks or the people?

Consumer protections act. No situation can be worse than what we are facing now, if you and them like, close down your business, it won't affect Nigeria.

18 Likes 6 Shares

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