Ever since Nigeria recorded it’s first case of Coronavirus (COVID-19) on February 27, 2020, which was brought in by an Italian national who works with a cement manufacturing company in Ogun sate, there has been some opportunist Pharmaceutical stores who have decided to use this as a footstool to making extreme profits to the detriment of the poor masses who can’t even afford the price to the disposable face mask.
However, the Federal Competition and Consumer Protection Commission (FCCPC) has vowed to clampdown on stores that manipulate price of protective and hygiene products as a result of Coronavirus.
Since the index case of the disease was recorded in Lagos, there have been reports about increase in prices of face masks, latex gloves and hand sanitisers.
While a lot of complaint on the hike of all the precautionary items, itemized by the ministry of health and WHO for the prevention of the world deadly disease, is heating up, especially in Lagos state, as even some celebrities have taken to their social handle to alert on the increase, as they have cried out to pharmaceutical stores not to use this health alarming time as profit making.
Nevertheless, another report from a social media user on the alarming hike of the prices on this item has also alerted the (FCCPC) as the twitter user on Saturday, February 29, 2020, accused a pharmacy store in Lagos of hiking the prices of a brand of sanitiser she bought for N19,950.
Replies to her tweets showed that the same sanitiser used to be sold for less than N5000, the twitter user also went as far as identifying the name of the pharmacy to the public.
See her post below;
Twitter fam, Medmark Pharmacy on Adekunle Osomo street soluyi Gbagada sold this to us at N19,950 for 500ml. Didn't look at the bill, got back opened the product then got a debit alert. They insist that's the price. pic.twitter.com/O9bny1iLvV
— Farida Ladipo-Ajayi (@MsPhareedah) February 29, 2020
Spot check on Medmark chemist Gbagada, high price, useful enforcement discoveries. Secured info bout supply chain & price history. Will modify behavior & we’ll go after supplier who is gouging. Investigation shows price from N395 to N4500 in 1 day! One down, so much more to go pic.twitter.com/AzUnSNGJhj
— Babatunde Irukera (@TundeIrukera) February 29, 2020
In a statement on Saturday, the commission maintained that manipulation of prices over coronavirus is a violation of the law.
Irukera has asked Nigerians to report “such unreasonable or arbitrary exploitative price increase or trade practices” to the commission by telephone on 08056002020 or 08056003030, or by email at contact@fccpc.gov.ng.
Price Gouging, Unreasonable and Arbitrary Increases in Prices of Protective and Hygiene Products on Account of COVID-19 (Coronavirus) Concerns
Cc: @NigeriaGov @NGRSenate @HouseNGR @nassnigeria pic.twitter.com/PNQnJKP8vW
— FCCPC Nigeria (@fccpcnigeria) February 29, 2020
The statement reads, “This unusual and inordinate practice of unreasonably increasing the price of these products in an indiscriminate manner on account of the national public health concern (Coronavirus) violates both moral codes and extant law.
“Abusing citizens’ sensitivity, apprehension, anxiety and vulnerability, especially during emergencies that could adversely affect national security is a violation of law.
“Specifically, S. 17(s) of the Federal Competition and Consumer Protection Act (FCCPA) prohibits ‘obnoxious trade practices’, or the -unscrupulous exploitation of consumers’.
“The Commission’s surveillance efforts have revealed that some otherwise reputable pharmacies and department stores are engaging in price gouging and manipulating supplies in a manner that distorts the market, or temporarily restricts availability in order to unreasonably/unfairly increase prices. Any conspiracy, combination, agreement or arrangement to unduly limit or manipulate supply, in order to unreasonably enhance price or otherwise restrain competition is a criminal offence under S.108(1)(b) and ©, FCCPA.
“Any exercise or exploitation of undue pressure in selling of the sale of goods or services, or price manipulation between displayed, and selling price are also serious violations of the FCCPA under Sections 115(3) and 124(1). Taking advantage of the possibility of infection by a dangerous communicable disease to control supply, or unilaterally increase prices is predatory as it preys on the desperation of citizens.”
