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Exploitative Pricing: Traders reveal what’s making foodstuffs prices to go up
Some traders in the Federal Capital Territory (FCT) and environs have called on the Federal Competition and Consumer Protection Commission (FCCPC) to back down on its planned enforcement on exploitative pricing.
The traders who spoke to the News Agency of Nigeria (NAN) in Abuja on Sunday, said that transportation cost occasioned by the increase in the pump price of fuel was a driving factor on prices, especially food.
Ahmed Shehu, the Chairman of Nyanya Market Traders Association, said that traders do not just inflate prices of their goods.
Shehu listed factors that contributed to the hike in food prices to include transportation cost, insecurity and bad roads.
”If I want to go to Orange market, from Nyanya market to buy tomatoes, it cost about N2,000 to N3000 to do it before, but now, it costs about N15,000 to bring baskets of tomatoes from Orange market to Nyanya market.
”The trader will have to put all these things together and calculate their profit margin.
”What controls almost everything we do in the market is transportation, apart from the bad roads that we have,” he said.
Shehu said that the government needed to revive its refineries to help crash the prices of petroleum products and food items.
He appealed to the FCCPC to expand its meeting with traders to include representatives from Ministries of Petroleum and Transportation so that traders would voice their challenges to them.
The chairman appealed to the government to venture into mechanised farming to enable them produce some food products.
This he said would help crash down the prices of food.
”When governments (state, local) are producing tomatoes, rice and others, if they sell at a cheaper rate then, every other seller will be forced to bring down their prices”.
Mr Aloysius Oko, a cobbler at Mararaba market said the increase in the pump price of fuel had made the cost of his cobbling materials to triple.
Oko said it cost about N5,000 to make a new slippers before but the same slippers now cost about N15,000.
”I do not understand what the government is doing. They know what to do but surprisingly, they are not doing it.
”Why will they be talking about bringing down the prices of goods but they are increasing fuel pump price.
”It will not work, the government needs to do something urgently,” he said.
Mrs Fatima Hameed, another trader at Gariki market, said that no seller would sell his products below his cost price.
Mr Tunji Bello, the Executive Vice Chairman of FCCPC had said that the Commission had  identified patterns of price fixing perpetrated by some market associations, price gouging, and other anti-consumer practices.
He said the Commission had noticed the margin in the prices of imported goods which he said was very disproportionate in many cases.
For locally produced goods, Bello said the Commission had noticed that some traders were excessively inflating prices.
He said the Commission would commence enforcement on those involved in exploitative pricing.
”Such practices are against the law and constitute some of the offences the Commission is against.
”To be clear, price gouging and price fixing are not only unethical, but patently illegal also under the FCCPA.
”Section 17 of the Act empowers the Commission to eliminate anti-competitive practices, misleading, unfair, deceptive, or unconscionable marketing, trading, and business practices.
Sanctions include fine of up to N10 million and a jail term for anyone found guilty by the court,” he said.
He said the Commission would soon commence enforcement on those involved in exploitative pricing. (NAN)
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BREAKING: Dollar rain on Super Eagles despite AFCON semi final loss to Morocco

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BREAKING: Dollar rain on Super Eagles despite AFCON semi final loss to Morocco

The Chairman of BUA Group, Abdul Samad Rabiu, has commended Nigeria’s Super Eagles for their gallant display at the 2025 Africa Cup of Nations.

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He said that the monetary pledged by made him still stands in spite of the semifinal defeat by host Morocco.

Nigeria’s Super Eagles suffered a heartbreaking loss from the 2025 AFCON after losing 4-2 on penalties to host Morocco in a tense semi-final clash at the Prince Moulay Abdellah Stadium, Rabat on Wednesday.

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Rabiu praised the players’ courage, unity and determination, describing their performance as worthy of national pride and celebration.

The disclosed this in his official X handle, where he congratulated the Super Eagles for their impressive performance and national pride.

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“You fought with your hearts, gave your all, and showed true courage on the pitch. Every Nigerian is proud of you,” Rabiu said.

He noted that results do not always reflect effort, stressing that the team’s fighting spirit and passion resonated strongly with Nigerians at home and abroad.

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“Sometimes our best efforts don’t bring the outcome we desire, but the spirit and unity you displayed truly matter.

“I am going ahead with the $500,000 pledge in recognition of your hard work, dedication and the joy you brought to our nation,” he said.

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The News Agency of Nigeria (NAN) reports that Rabiu had earlier promised the reward following Nigeria’s 2-0 victory over Algeria in the AFCON 2025 quarter-final.

Rabiu urged the players to remain focused, expressing confidence that the lessons from the tournament would inspire future success.

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“Keep your heads high. This experience will fuel greater victories. Nigeria believes in you,” the BUA Chairman said.(NAN)

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Govt offers discount on Vehicle Number Plate replacement, announces new figure

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Govt offers discount on Vehicle Number Plate replacement, announces new figure

The Lagos State Government (LASG) has announced a temporary reduction in the cost of replacing faded or damaged vehicle number plates, cutting the fee from ₦30,000 to ₦20,000. The measure, part of a three-month amnesty and rebate window, will run from January to March 2026.

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Approved by Governor Babajide Sanwo-Olu, the initiative targets both private and commercial vehicle owners across Lagos, aiming to improve vehicle identification, strengthen security, and enhance road safety throughout the state.

The Permanent Secretary of the Motor Vehicle Administration Agency (MVAA), Rasheed Muri-Okunola, described the rebate as “a deliberate, citizen-focused intervention designed to encourage motorists to voluntarily replace worn, faded, or illegible number plates at a significantly reduced cost.”

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He highlighted the security implications of faded or damaged plates, explaining that their condition affects “security, traffic enforcement, and crime prevention, as unreadable plates hinder effective monitoring, investigation, and identification of vehicles.”

“Clear and readable number plates are fundamental to public safety and security. This amnesty period allows motorists to replace faded plates at ₦20,000 instead of ₦30,000, thereby reducing the financial burden while supporting collective efforts to make Lagos safer,” Muri-Okunola said.

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He stressed that the rebate is valid only within the January to March 2026 window, urging vehicle owners with faded or damaged plates to take advantage of the initiative by visiting the Pilot Centre at the Oshodi One-Stop Centre or any of the agency’s 140 stations across the state.

According to Muri-Okunola, the programme also addresses rising security concerns linked to unreadable number plates, noting that “legible and standardised plates are critical to crime detection, traffic management, digital vehicle tracking, and emergency response systems.”

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He warned that after the amnesty period ends in March 2026, “the replacement fee would revert to the original ₦30,000, while enforcement measures would be fully applied to ensure compliance.”

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Man fakes his own Kidnapping, forces Brother to sell property for N12 million ransom

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Man fakes his own Kidnapping, forces Brother to sell property for N12 million ransom

The Edo State Police Command has uncovered a staged kidnapping in Ekpoma, where a man allegedly faked his own abduction, forcing his brother to sell property to raise a ransom.

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The incident was reported to the police on January 10, according to a statement issued by the state Police Public Relations Officer, SP Eno Ikoedem.

Investigations revealed that the supposed victim, identified as Idris Isiaka, a vulcanizer based on Balogun Street in the Emaudo community of Ekpoma, conspired with two accomplices to orchestrate the fake kidnap.

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Police said Isiaka arranged for news of his “abduction” to be circulated on social media through a blogger and subsequently demanded a ransom of ₦12 million from his family.

Believing the story to be genuine, his brother reportedly sold a personal property in a desperate bid to secure his release.

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However, detectives later uncovered the deception and arrested Isiaka along with his collaborators.

The police described the act as criminal and deceitful, warning members of the public against engaging in similar schemes.

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The suspects are currently in custody and are expected to face prosecution once investigations are concluded.

The PPRO explained that the suspect “immediately engineered the circulation of his kidnap on social media through a blogger and demanded a ransom of Twelve Million Naira.

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“His family in Kogi State was further contacted, threatening that he would be killed if the ransom was not paid”.

He said the brother, however, “sold his property and paid part of the ransom money which was shared with his accomplices, one Mohammed Saliu and Godwin Mohammed, both of whom are currently at large.

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“The suspect has confessed to the crime. He will be arraigned in court after investigation”.

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