Inimical Trade Practices Prohibited By The Federal Competition & Consumer Protection Bill 2016 No. SB257

Abstract

The passing of the Federal Competition & Consumer Protection (hereinafter referred to as ‘’FCCP’’) Bill 2016 No. SB257 by the Nigerian Senate is a clear indication of the intention of the Nigerian Government to finally birth a nation-wide competition regime in Nigeria. This step follows years of agitation by several individuals (including scholars) and organisations. At the heart of the FCCP Bill is the protection of competition and consumers. It seeks, amongst others, to prohibit and criminalize certain trade practices which are generally termed ‘anti-competitive behaviors’. Although the FCCP Bill has two broad parts with the first part focusing on competition law regime in Nigeria and the second part focusing on consumer rights, this article is focused on the first part of the FCCP Bill which deals with the competition law regime it seeks to establish in Nigeria. This article will highlight specific trade practices prohibited under the competition law regime some of which are presently being adopted or practiced by companies and organisations in Nigeria in their drive to increase sales/turnover, increase market share and satisfy shareholders and investors. It is projected that this article will generate attention enough to incite discussions in Board Meetings, Executive Meetings, Functional/Departmental Meetings as well as Association Meetings in anticipation of the Bill becoming an Act of the Nigerian National Assembly.