The Federal Competition and Consumer Protection Commission (FCCPC) has revealed that a popular supermarket in Nigeria is inflating the prices of its imported products by as much as 500 percent. This was disclosed by the FCCPC’s Vice Chairman, Tunji Bello, during a stakeholders’ meeting on exploitative pricing held in Abuja on Thursday.
Bello explained that a fruit blender, branded as Ninja, was found on the shelf of a supermarket in Texas, United States, at $89, which is approximately ₦140,000. However, the same product was displayed in a well-known supermarket located in Victoria Island, Lagos, for ₦944,999.
According to Bello, the Commission is determined to take strict measures against price gouging, price fixing, and other unethical practices by businesses and traders across Nigeria.
“We have observed, for instance, that the margin in the prices of imported goods is very disproportionate in many cases; and in the case of locally produced goods, excessively inflated,” Bello said.
He further highlighted the extent of the price inflation, stating, “Our check just two days ago at a popular supermarket chain in Texas, United States, revealed that a fruit blender called Ninja is displayed on the shelf at $89 (roughly ₦140,000). Meanwhile, the same product was displayed at a popular supermarket on Victoria Island in Lagos for ₦944,999 on the same day and at the same hour. This represents more than 500 percent inflation of the cost.”
Bello also mentioned that during a visit by an undercover officer two weeks earlier, the same blender was priced at ₦750,000 in the same Lagos supermarket. “The question then arises: what is the basis for this arbitrary hike in the price of the blender compared to the United States? What business principle can justify this level of profiteering?” he questioned.
In addition to this, Bello shared further findings from the FCCPC’s investigation, revealing that several supermarkets in Abuja, Kano, Port Harcourt, and Lagos were found to be arbitrarily increasing prices without any justifiable reason.
“In one particular big supermarket in Abuja, for instance, consumers were being charged ₦2,600 for an imported toilet soap at the payment point, despite the absence of a price tag, which was earlier mandated by FCCPC. The same toilet soap was displayed for sale at ₦1,950 at a popular supermarket in Lekki, Lagos, on the same day. That already constitutes a double offense,” he added.
Bello emphasized that such practices of price fixing and exploitation are no longer acceptable, and the FCCPC will intensify efforts to crack down on those involved in these profiteering schemes.
