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FCCPC tells market traders to bring down exploitative pricing within one month

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Executive Vice Chairman of the FCCPC, Mr Tunji Bello
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The Federal Competition and Consumer Protection Commission (FCCPC), has given one month moratorium to traders and other market stakeholders involved in exploitative pricing to crash the prices of goods. adsbygoogle || []).push({});
The newly appointed Executive Vice Chairman of the FCCPC, Mr Tunji Bello, said this at a one-day stakeholders engagement on exploitative pricing on Thursday August 29th, 2024 in Abuja.
According to Bello, the Commission will begin enforcement after the moratorium.
He said that the meeting was to address the growing trend of unreasonable pricing of consumer goods and services and the unwholesome practice of market associations.
Bello gave a description of the Commission’s finding that a fruit blender known as Ninja was being sold at a popular supermarket in Texas for 89 dollars (N140,000.00) but the same product was displayed for N944,999.00 in a supermarket in Victoria Island, Lagos.
Bello wondered the basis for the arbitrary hike in the price of the blender compared to the Texas, United States of America.
He said the unwholesome practices including price fixing was threatening the stability of the economy.
”Under Section 155, violators whether individuals or corporate entities face severe penalties including substantial fines and imprisonment if found guilty by the court..
”This is intended to deter all parties involved in such illicit activities.
”However, our approach today is not punitive. I, therefore, call on all stakeholders to embrace the spirit of patriotism and cooperation.
”It is in this spirit that we are giving a moratorium of one month (September) before the Commission will start firm enforcement, ” he said.
Bello said the government was aware of most of the problems raised by the market stakeholders.
”We have heard and you have genuine issues and government has the responsibility to address the problems but generally, let us talk to ourselves too.
”There are also gang ups to exploit consumers by traders,” he said.
Some of the market stakeholders who spoke at the engagement said that high cost of transportation, insecurity, multiple taxation among others were reasons for the continuous increase in prices of goods and services.
Mr Ifeanyi Okonkwo, the Chairman, National Association of Nigerian Traders, FCT Chapter, said that charges on imported goods at the Ports also contributed to the hike in prices.
Okonkwo appealed to the Commission to set up a taskforce and involve the association in its enforcement.
Mr Emmanuel Odugwu from Kugbo Spare Parts market, said the initial cost of transportation of a trailer load of tyres from Lagos to Abuja was N450,000 but now, it costs over one million naira to transport same.
Ms Kemi Ashiri, the Liaison Manager, Flour Mills, said that fines by regulators needed to be harmonised for businesses to thrive.
Ikenna Ubaka, who spoke on behalf of supermarket owners, alleged that banks’ interest rates to them were over 30 per cent, rent increment and hike in prices by distribution/supply chains were reasons for the high cost of goods.
Ubaka also alleged that electricity distribution companies were charging supermarkets exorbitantly.
Mr Solomon Ukeme who represented Master Bakers Association, said that rapid increment of major ingredients like flour, sugar and butter contributed to the high cost of confectioneries.
He said that a bag of flour formerly sold for N34,000 was now being sold for N74,000.
He said that multiple taxation was also the major cause of the high cost of bread.
The News Agency of Nigeria (NAN) reports that various market associations also attended the engagement.
Source: NAN
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Abdulrahman Obaje
Abdulrahman Obaje
Prince Abdulrahman Obaje is a Media, Information and Computer Technology Consultant. A quintessential Journalist, online marketer, social media strategist, Mathematician and Computer Scientist is based in Abuja, Nigeria. He is the Founder and the Publisher of The Informavores!. You can reach me on +234 805 939 5252 or send i-witness report directly to me on news@informavores.com.ng.
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NGIJ Demands Independent Probe of Controversial PFIPC, Rejects Premature Exoneration

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NGIJ Demands Independent Probe of Controversial PFIPC, Rejects Premature ExonerationThe Nigerian Guild of Investigative Journalists (NGIJ) has called on President Bola Ahmed Tinubu to immediately constitute an independent panel of inquiry to investigate the unfolding scandal surrounding the controversial Presidential Foreign Investment Promotion Council (PFIPC), insisting that the gravity of the allegations and the institutions reportedly involved make an ordinary investigation inadequate.

In a statement jointly signed by its National President, Mallam Abdulrahman Aliagan, and National Secretary, Rowland Olonishuwa, the Guild faulted the Presidency’s swift public exoneration of the Chief of Staff to the President by the President’s spokesman, Mr. Bayo Onanuga, describing it as premature and inconsistent with the principles of natural justice.

According to the Guild, declaring any public official innocent before the conclusion of an impartial investigation undermines public confidence in the process and creates the impression that the outcome has already been predetermined.

“The hasty exoneration of any public official before a comprehensive investigation has been concluded negates the principles of justice, fairness and good conscience.

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Every Nigerian deserves to see that justice is not only done but is manifestly seen to have been done,” the statement said.

NGIJ said the controversy surrounding the controversial Presidential Foreign Investment Promotion Council (PFIPC) has become one of the most significant governance scandals in recent years, alleging that the sequence of events surrounding the Council points to a level of official backing that requires a truly independent investigation.

The Guild argued that several developments associated with the Council have raised serious questions that cannot be ignored.

According to the statement, available information indicates that an account was reportedly opened for the Council at the Central Bank of Nigeria (CBN), the controversial PFIPC was reportedly captured in the 2026 Appropriation Bill presented to the National Assembly, office accommodation was allocated to the Council within the Federal Secretariat Complex in Abuja, and more than 300 personnel, including eight directors, were reportedly recruited or sourced to work for the Council.

NGIJ noted that these developments, if established through investigation, suggest that the activities attributed to the Council went far beyond the actions of a few individuals and may have involved approvals or support from influential actors within government.

“The establishment of banking arrangements, budgetary provisions, office allocation, recruitment of hundreds of personnel and appointment of directors are not processes ordinarily executed without official authorisation and institutional support. These issues raise legitimate public interest questions that deserve thorough and independent scrutiny,” the Guild stated.

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It added that the scale of the allegations has created widespread public concern and, if left unresolved, could erode confidence in Nigeria’s governance institutions and anti-corruption framework.

The Guild expressed reservations over allowing the Independent Corrupt Practices and Other Related Offences Commission (ICPC) to solely investigate the matter, arguing that given the alleged involvement of powerful figures and the institutional implications of the case, a broader and more independent mechanism would inspire greater public confidence.

According to NGIJ, the investigation should be handled by an independent judicial panel comprising retired judicial officers, forensic auditors, representatives of relevant anti-corruption institutions, professional bodies and civil society organisations, with full powers to examine documents, invite witnesses and recommend appropriate actions based on its findings.

The Guild further urged the National Assembly to commence a public legislative inquiry into the establishment, funding, operations and legal status of the controversial Presidential Foreign Investment Promotion Council.

It maintained that no public official, irrespective of rank or political influence, should be insulated from investigation where credible allegations exist.

NGIJ stressed that the circumstances surrounding the controversial PFIPC have made the matter unprecedented and deserving of the highest level of independent scrutiny.

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The Guild said only a transparent, credible and independent investigation can establish the true facts, identify any wrongdoing where it exists, protect innocent persons where appropriate, and restore public confidence in the administration’s commitment to accountability, transparency and the rule of law.

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Abdulrahman Obaje
Prince Abdulrahman Obaje is a Media, Information and Computer Technology Consultant. A quintessential Journalist, online marketer, social media strategist, Mathematician and Computer Scientist is based in Abuja, Nigeria. He is the Founder and the Publisher of The Informavores!. You can reach me on +234 805 939 5252 or send i-witness report directly to me on news@informavores.com.ng.
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MeCure Industries Plc Closes H1 2026 with Stable BBB GCR Outlook, Halal Certification, Launches New Product

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By AbdulRahman Obaje

Lagos, Nigeria — July 2026 — MeCure Industries Plc closed the first half of 2026 on a strong note, marked by the affirmation of its national scale issuer ratings by GCR Ratings, the award of Halal certification, and the launch of two new products. adsbygoogle || []).push({});

GCR Ratings affirmed MeCure Industries Plc’s long-term issuer rating at BBB(NG) and short-term issuer rating at A3(NG), with the company’s long-term outlook revised to Stable. The rating agency said the decision was supported by improvements in MeCure’s competitive position, sound earnings performance, ongoing expansion, product innovation, and wider market penetration. GCR also noted the company’s diversified portfolio of more than 140 formulations across five therapeutic classes, its extensive distribution network, and its relationships with suppliers and technical partners.

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During the period, MeCure also received Halal certification, reinforcing the company’s commitment to quality, compliance, and broader consumer accessibility. For the everyday consumer, Halal certification means that the certified products have been reviewed to ensure that their ingredients, sourcing, handling, and production processes comply with recognised Halal requirements. In practical terms, it gives Muslim consumers greater confidence that the medicines they use are permissible, while also providing an additional layer of assurance around transparency, product integrity, and manufacturing discipline.

The certification is expected to support trust among customers, healthcare professionals, distributors, and institutional partners, while strengthening MeCure’s positioning in markets where Halal-compliant products are an important consideration.

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In June 2026, MeCure further expanded its product portfolio with the introduction of Fluconazole Capsules and EBU Suspension. Fluconazole Capsules add to the company’s antifungal offering, while EBU Suspension, an ibuprofen oral suspension, strengthens MeCure’s paediatric and family care range. The launches reflect the company’s continued focus on affordable, locally manufactured medicines across key therapeutic needs.

As MeCure enters the second half of 2026, the company said it remains focused on deepening local manufacturing, improving access to quality medicines, expanding its product pipeline, and delivering sustainable value to shareholders.

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Abdulrahman Obaje
Abdulrahman Obaje
Prince Abdulrahman Obaje is a Media, Information and Computer Technology Consultant. A quintessential Journalist, online marketer, social media strategist, Mathematician and Computer Scientist is based in Abuja, Nigeria. He is the Founder and the Publisher of The Informavores!. You can reach me on +234 805 939 5252 or send i-witness report directly to me on news@informavores.com.ng.
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Family Seeks Information on Missing Sergeant After Reported Drowning Incident at Seme Border

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Family Seeks Information on Missing Sergeant After Reported Drowning Incident at Seme Borde

By Usman Aliyu | June 27, 2026

Ajaka, Kogi State — The family of Sgt. Benjamin Etuh, a native of Ajaka in Igalamela/Odolu Local Government Area of Kogi State, has appealed to the public for information regarding his whereabouts following reports that he may have been involved in a drowning incident at the Seme Border area of Lagos State.

According to information available to the family, Sgt. Etuh, who was last known to be serving at the Seme Border Patrol, was reportedly involved in an incident on the water around the border community. However, relatives say they have not received any official confirmation regarding his condition or whereabouts.

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The uncertainty surrounding the incident has left family members distressed and searching for answers. Efforts to contact the officer through his mobile phone numbers have also proved unsuccessful, as the lines have reportedly remained unreachable for several days.

Family sources expressed concern over the lack of verified information and appealed to the relevant authorities to provide clarity on the officer’s status. They also called on security agencies, colleagues, residents of the Seme Border area, and members of the public with any useful information to come forward.

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Efforts by reporters to obtain official confirmation from the Ikeja Command were unsuccessful, as no response had been received at the time of filing this report.

As of the time of publication, there has been no official statement confirming Sgt. Benjamin Etuh’s whereabouts or condition. The family continues to appeal for credible information that may help establish the facts surrounding the incident.

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Abdulrahman Obaje
Abdulrahman Obaje
Prince Abdulrahman Obaje is a Media, Information and Computer Technology Consultant. A quintessential Journalist, online marketer, social media strategist, Mathematician and Computer Scientist is based in Abuja, Nigeria. He is the Founder and the Publisher of The Informavores!. You can reach me on +234 805 939 5252 or send i-witness report directly to me on news@informavores.com.ng.
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