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By Nasir Kura
President Muhammadu Buhari has assented to the Federal Competition and Consumer Protection Act, 2019, his Senior Special National Assembly (Senate Matters), Mr Ita Enang, said on Wednesday.
In a statement issued in Abuja, Enang said the Act established the Federal Competition and Consumer Protection Commission and the Consumer Protection Tribunal to try violations.
He said the new law repealed the Consumer Protection Council Act and sections 118 to 128 of the Investment and Securities Act.
He said the essence of 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, and prohibit restrictive or unfair business practices.
The presidential aide said the new Act mandates the Federal Competition and Consumer Protection Commission 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.
He said the commission also has the mandate to advise the federal government 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.
He said commission also has the mandate to 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; and resolve disputes or complaints, issue directives and apply sanctions where necessary.
He said the Act also empowers the commission to 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; and 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.
He said the commission also has the right to publish 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; and encourage trade, industry and professional associations to develop and enforce in their various fields quality standards designed to safeguard the interest of consumers.
