President Muhammadu Buhari has given legal backing to the establishment of the Federal Competition and Consumer Protection Commission, a bill sponsored by Sen. Andy Uba.
Senior Special Assistant to the President on National Assembly Matters (Senate), Senator Ita Enang, said on Wednesday that the legal backing came with the signing into law of the Federal Competition and Consumer Protection Bill by the President.
The Act also established the Consumer Protection Tribunal to try offenders or those who would violate its provisions.
By the provisions of the Act, unfair, misleading practices and certain agreements that impede competition are punishable offences.
“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 a wide variety of quality products at competitive prices as well as prohibiting restrictive or unfair business practices in the Nigerian economy.
“This law repeals the Consumer Protection Council Act and Sections 118 – 128 of the Investment and Securities Act.”
The Director-General, Consumer Protection Council, Mr Babatunde Irukera, said Buhari’s assent to the bill would help promote economic competitiveness in the country.
The CPC boss said the new legislation would deepen the framework for encouraging and supporting small and medium scale businesses.
Irukera said the Federal Government had cemented an efficient and a transparent framework to protect consumers.
He said, “Nigeria has promulgated perhaps the most prolific legislation for promoting consumer’s confidence, choice and fair pricing.
For Senator Andy Uba who is vying for another term in office to represent Anambra South, he expressed gladness at the news, saying that his people will get even better representation from him in the 9th Senate.
In a related development Sen. Uba’s candidacy got a boost on Wednesday when stakeholders of Nnewi North Local Government Area among whom was Chief Chukwuma Innocent Ifeadiaso, Chairman of Innoson Motors, endorsed him for another term.
Andy Uba got the endorsement of the group after a meeting which lasted for a few hours.