Buhari Assents To Federal Competition And Consumer Protection Act, 2019

*Repeals Sections 118 – 128 Of The Investment And Securities
Act
*Remits Bill To National Assembly

His Excellency, President Muhammadu Buhari has finally Assented
to the Federal Competition and Consumer Protection Act, 2019, which
seeks among other things to repeal the Consumer Protection Council
Act and sections 118 – 128 of the Investment and Securities
Act.

This was made known in a press statement signed by Senator Ita
Enang, the Presidential Liaison to the National Assembly – Senate.
The statement which was dated the 5th day of February, 2019, and
made available to TheNigerialawyer (TNL), reveals that the Act upon
assent has been remitted to the National Assembly.

According to the statement, the Act establishes the Federal
Competition and Consumer Protection Commission as well as the
Consumer Protection Tribunal to try violations.

The law is to promote economic efficiency, maintain competitive
market in the Nigerian economy, protect the Nigerian economy,
protect the interest and welfare of consumers by providing
consumers with wide variety of quality products at competitive
prices as well as prohibit restrictive or unfair business practices
in the Nigerian economy.

This law repeals the Consumer Protection Council Act and
sections 118 – 128 of the Investment and Securities Act.

Further functions of the Commission include, among
others:

(a) initiate broad based policies and review economic activities
in Nigeria to identify anti-competitive, anti-consumer protection
and restrictive practices which may adversely affect the economic
interest of consumers and make rules and regulations under this Act
and any other enactment with regards to competitions and protection
of consumers;
(b) advise the Federal Government generally on national policies
and matters pertaining to all goods and services and on the
determination of national norms and standards relating to
competition and consumer protection;
(c) report annually on market practices and the implications for
consumer choice and competition in the consumer market;
(d) eliminate anti-competitive agreements, misleading, unfair,
deceptive or unconscionable marketing, trading and business
practices;
(e) resolve disputes or complaints, issue directives and apply
sanctions where necessary;
(f) create public awareness through seminars, workshops, studies
and make available information with regard to the exercise of its
powers and performance of its functions to the public;
(g) regulate and seek ways and means of removing or eliminating
from the market, hazardous goods and services, including emission,
untested, controversial, emerging or new technologies, products or
devices whatsoever, and cause offenders to replace such goods or
services with safer and more appropriate alternatives;
(h) publish, from time to time, list of goods and services whose
consumption and sale have been banned, withdrawn, restricted or are
not approved by the Federal Government or foreign governments;
(i) encourage trade, industry and professional associations to
develop and enforce in their various fields quality standards
designed to safeguard the interest of consumers.
This Act has accordingly, upon Assent been remitted to the National
Assembly/Appropriate Authorities as law of the Federation.