THE PRESIDENT SIGNS THE FEDERAL COMPETITION AND CONSUMER PROTECTION BILL INTO LAW

On 6th February 2019, President Muhammadu Buhari signed the Federal Competition and Consumer Protection Bill into law.

The new Act establishes the Federal Competition and Consumer Protection Commission (‘the Commission”) as well as the Consumer Protection Tribunal. It also repeals the Consumer Protection Council Act and sections 118-128 of the Investment and Securities Act 2007. The law seeks to eliminate monopoly and ensure competitive trade in the country. Amongst other functions, the Commission has the responsibility of initiating broad based policies and review economic activities in Nigeria. It is also meant to identify and deal with anti-competitive, anti-consumer protection and restrictive practices which may adversely affect the economic interest of consumers.