FCCPC probes metal producing companies
The Federal Competition and Consumer Protection Commission (FCCPC) has revealed plans to commence forensic audits on metal producing companies in Lagos over alleged substandard products. The commission’s acting Executive Vice chairman Dr. Adamu Abdullahi stated this after an enforcement exercise carried out in three metal producing companies in Lagos and Ogun state. The companies inspected […]
The Federal Competition and Consumer Protection Commission (FCCPC) has revealed plans to commence forensic audits on metal producing companies in Lagos over alleged substandard products.
The commission’s acting Executive Vice chairman Dr. Adamu Abdullahi stated this after an enforcement exercise carried out in three metal producing companies in Lagos and Ogun state.
The companies inspected were KAM Steel Integrated Company Limited, Monarch and African Foundries Limited.
At the end of the exercise, the acting EVC stressed that the inspection was propelled by the intelligence gathering of unfavourable practices of some organisations deceiving consumers in the market.
“Essentially, we got an intelligence and surveillance report that the companies in question are involved in anti-competitive behaviour and that is the reason why we come to the three companies to see what they do and get reports from them, look at the end of product that comes from their system here.
“There is a false, misleading, deceptive as well as unfair practice. You go into the market and buy an iron rod of 12mm for instance and what they produce is 10mm, not 12mm,” he said.
He stressed that the unscrupulous activities have contributed to the spate of building collapse in the country, reiterating the commission’s commitment to consumer protection.
He noted that after the forensic audit, metal companies found culpable would be sanctioned according to the law.
“We are still on information gathering and when we gather the information we now have to go back to the office and that is the work of the forensic experts to look at the things that we have brought out.”