Thread by @UgochiJaneTrump

Pres, @MBuhari today assented to the Bill establishing the Federal Competition and Consumer Protection Commission, as well as the Consumer Protection Tribunal. The new Act seeks among other things to repeal the Consumer Protection Council Act.

THREAD: All you need to KNOW!!!

This law repeals the Consumer Protection Council Act and Sections 118–128 of the Investment & Securities Act. The new 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, protect the Nigerian economy, protect the interest & welfare of consumers by providing consumers with wide variety of quality products at competitive prices as well as prohibit unfair business practices in the Nigerian economy.

Further functions of the new Commission include, among others:

a. initiate broad based policies & review economic activities in Nigeria to identify anti-competitive, anti-consumer protection & 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 FG generally on national policies & matters pertaining to all goods & services and on the determination of national norms & 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. seek ways of removing or eliminating from the market, hazardous goods & services, including emission, controversial, emerging or new technologies, products or devices whatsoever, and cause offenders to replace such goods or services with safer & 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h. publish, from time to time, list of goods and services whose consumption and sale have been banned, withdrawn, restricted or are not approved by the Federal Government or foreign governments;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.

Congratulations to @TundeIrukera; the Director General of @CPCNig and everyone who contributed to this achievement to protect the Nigerian Consumers.