Investigation Launched By Reps Into Alleged Exploitation Of Air Peace, Dangote By Foreign Enterprises....CONTINUE READING THE ARTICLE FROM THE SOURCE
The House of Representatives has directed the Federal Competition and Consumer Protection Commission (FCCPC) to immediately intervene against unfair business practices targeting Air Peace, Dangote, and other Nigerian enterprises by certain foreign firms operating within the country.>>>CONTINUE FULL READING HERE
In response to a motion presented by Babajimi Benson during plenary in Abuja, the House mandated the committees on aviation, commerce, and petroleum (upstream and downstream) to investigate the predatory pricing and unethical competitive behaviors exhibited by foreign airlines and International Oil Companies (IOCs).
Benson highlighted that Nigerian businesses engage in global competition under international ethical standards like the United Nations Global Compact, OECD Guidelines for Multinational Enterprises, and ISO 26000. He emphasized the importance of fair, healthy, and efficient business practices both domestically and internationally, as enshrined in the Federal Competition and Consumer Protection Act of 2018, aimed at curbing restrictive and unfair business practices that distort competition or abuse market dominance.
The motion underscored the role of a fair and competitive market in promoting economic efficiency and safeguarding consumer interests by offering diverse, high-quality products and services at competitive prices. Benson noted instances where Nigerian businesses faced unfair competition from foreign counterparts, citing the example of Air Peace’s Lagos-London route. Initially offering tickets below N1 million, Air Peace encountered price undercutting by foreign airlines such as British Airways, Ethiopian Airlines, and Virgin Atlantic, which dropped their prices significantly to hinder Air Peace’s operations.
The House of Representatives’ action aims to address these disparities and ensure a level playing field for Nigerian businesses against exploitative practices by foreign entities operating in the country.>>>CONTINUE FULL READING HERE
