Alleged Duty Payment Fraud is Discovered by FCCPC.

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According to Babatunde Irukera, the Federal Competition and Consumer Protection Commission’s executive vice chairman and chief executive officer, some importers and sellers of generating sets in the nation have been caught engaging in anti-free market activities like price fixing. He claims that the FCCPC has discovered how some businesses were underpaying the government for imported generator spare parts.

He explained that some businesses that import and sell generators in the nation have unfairly benefited from the government’s opportunity to exempt imported Completely Knocked Down generator parts from duty payment, which was meant to promote alternative energy and make generators more accessible to consumers.

He also said during the interview the commission had discovered some anti-free market practices such as price-fixing being perpetrated by some importers and sellers of generating sets in the country. He also noted that companies were fixing prices by speaking to themselves and agreeing by signalling how the prices moved, distorting the free market in the process.

Punch.

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