“We are not attempting to shut down businesses, but they must understand that if you snooze, you lose. You can’t manipulate the market and expect nothing to happen.”
That’s Babatunde Irukera, the Executive Vice Chairman of the Federal Competition and Consumer Protection Commission (FCCPC).
He cited a substantial fine of $110 million to be paid by British American Tobacco to the Nigerian government, for having violated both the Federal Competition & Consumer Protection Act and the National Tobacco Control Act.
Irukera stated that corporations must be held accountable and made to face the consequences when they make mistakes.
“A distorted market benefits only those who engage in malfeasance, is at the expense of others, and exploitation of consumers while undermining a stable economy.
It compromises a constitutional and national priority of economic growth and shared prosperity,” he said.
The FCCPC stated that on August 28, 2020, it opened an active investigation with respect to BAT, which was based on the Commission’s satisfaction that a series of credible pieces of information and intelligence were actionable enough for broader and deeper inquiry with respect to certain conduct, for, by and on behalf of BAT parties.
The sanctions were determined after careful analysis of the evidence, new articulation submissions from BAT Parties, and correspondence.
A part of the investigation’s verdict read as follows: “That BAT Parties shall pay a penalty of $110,000,000 under and pursuant to Section 155 of the FCCPA, Clause 11 of the Federal Competition and Consumer Protection Commission’s Administrative Penalties Regulations, 2020 and Clause 4.2 of the Federal Competition and Consumer Protection Commission’s Investigative Cooperation/Assistance Rules and Procedures, 2021.”
The commission declared that it would continue to promote and ensure fair market practices while safeguarding consumer interests.