‘How FCCPC’s Investigations Reduced Shipping Cost Of Products In Nigeria’

The Federal Competition and Consumer Protection Commission(FCCPC), has raided five shipping companies as part of its efforts to nip in the bud  high cost of shipping products to Nigeria.

The shipping cost from China to Lagos has reduced from $14,000 to $10,500 per a container in the last six months says . Babatunde Irukera,Executive Vice Chairman of FCCPC, at a new conference on Wednesday in Abuja.

He said: “We have open large investigations into shipping companies. Before the COVID-19 pandemic, a container from China to Lagos was going for between $3,500–$5,000.Gradually, the shipping of the same container went up to $14,000. By the time we intervened in the shipping industry, it came down to $10,500.”

He said the  outcome of such investigations and interventions was not the ultimate, but the behavioural change such interventions would have on the country

He disclosed that the commission  has also frozen the bank accounts of over 30 illegal digital loan companies operating in Nigeria.

The  commission in a joint operation,he said, had on March 12, 2022, shut down the offices of some illegal online banks.

The Enforcement Team, according to him,  is made up of the personnel of the FCCPC, National Information Technology Development Agency(NITDA), and the Independent Corrupt Practices and Other Related Offences Commission, among others.

He expressed the  commitment of the commission to ensure  that consumers are treated fairly, adding that it would provide robust regulatory framework to protect over 200 million Nigerians.

He  said  the commission is developing business guidelines for them to ensure fair practice as part of measures to check the mode of operations of digital lenders in the country.

Irukera said the Commission had ordered Google LLC (Play Store) and Apple Inc. (App Store) to enforce the withdrawal of certain applications belonging to illegal online banks operating in Nigeria.

He disclosed that the FCCPC was currently engaging three major loan companies whose businesses had been affected by its raid.

According to him, “The day we conducted the raid, we have some limited information about the bank accounts that some of the loan companies operated.All the bank accounts that were provided were immediately blocked but these companies operate multiple bank accounts with multiple names.

“Between the time we raided and now, we have discovered additional 30 accounts and all have been frozen and we will continue to freeze as we discover them.

“I am certain that with the actions that we have taken and the nature of the engagement we are having with the loan companies, at least three of the major ones that their businesses have been severely affected by either our search or the account closure they are modifying.It will take some time but I can assure you that the space is changing now.”