Members of the Association of Mobile Money and Bank Agents in Nigeria (AMMBAN) have been threatened with legal action by the Federal Competition and Consumer Protection Commission (FCCPC) for allegedly fixing service prices collectively.
The Executive Vice Chairman of FCCPC, Mr. Babatunde Irukera, responded in a statement to what appeared to be AMMBAN’s adamancy and insistence on a membership-wide implementation of price fixing.
Irukera stated that the prosecution would follow the FCCP Act 2018 on Monday in Abuja.
He claimed that the Commission had sent an Order and Notice (ONC) of the Commission to AMMBAN, executives, members, and non-member PoS operators after escalating the situation in accordance with the FCCPA.
The operators are required by the Order to stop engaging in behaviour that violated the law.
Irukera claimed that in addition to the N10,000,000 charge for corporate entities and the N1,000,000 and/or a prison sentence of up to three months for individuals, violating the Order of the Commission carried additional repercussions.
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“The Commission issued an advisory warning against coordinated or concerted efforts (also known as price-fixing or cartel) by the association and Point of Sale (PoS) operators.
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The advisory is also meant to prevent the association from supporting any such coordinated or concerted efforts to consistently decide on, announce, or carry out price changes for the services they provide.
“The Commission issued and served AMMBAN with the ONC.
“The Commission has done so before and is doing so once more by making the ONC public.
However, the ONC communicates the Commission’s intention to enforce the law, up to and including prosecuting violators and affiliates who may otherwise be statutorily liable for the conduct.
According to him, “the impunity associated with continuing a course of action prohibited by law and plainly forbidden by regulators typically constitutes aggravating factors in determining penalties for illegal conduct.
He recommended that the operators follow the Commission’s Order. – #Business #Business&Economy #News
