In a shocking revelation, the Federal Competition and Consumer Protection Commission (FCCPC) has exposed a popular supermarket in Lagos for inflating the prices of imported goods by a staggering 500%. This revelation came to light during a stakeholders’ meeting on exploitative pricing held in Abuja, where Tunji Bello, Vice Chairman of FCCPC, disclosed the Commission’s findings.

Bello explained that a fruit blender called Ninja, which retails for $89 (approximately N140,000) in the United States, was being sold for an eye-watering N944,999 at the Lagos supermarket. The FCCPC’s investigation revealed not only price gouging but also patterns of price fixing and other anti-consumer practices across various retail segments.

He noted that the FCCPC’s investigation extended beyond Lagos to include supermarkets in Abuja, Kano, and Port Harcourt, where similar unjustifiable price hikes were observed.

This discovery comes as Nigerians grapple with the rising cost of living, with inflation rates hitting alarming levels. The Commission has vowed to take strict action against such unwholesome practices, but the crackdown has sparked mixed reactions from the public.

The  FCCPC has vowed to intensify its efforts to curb these exploitative practices and ensure that businesses operate within ethical and fair guidelines, protecting consumers from being taken advantage of in the marketplace.