FCCPC accuses Mikano of obstructing investigation
The Federal Competition & Consumer Protection Commission (FCCPC) has accused Mikano International Limited of obstructing its investigation into the operations of the company.
The FCCPC is empowered by the Federal Competition and Consumer Protection Act 2018 (FCCPA) to, among other things, promote fair business practices and safeguard the interest of
consumers.
According to a statement by Dr. Adamu Abdullahi, Acting Executive Vice Chairman/ Chief Executive Officer of the Commission, the commission obtained a search warrant on December 16th, 2022 from the Federal High Court in Abuja to execute a search on multiple generator companies.
“The Court, being satisfied that there was adequate information to show untoward behavior and business practices by certain companies requiring further investigation, issued the order.
“The Commission proceeded in the investigation and investigatory efforts including securing the order because of a high prioritization of the electricity power industry both from a primary/substantive production, and alternative power sources standpoints. Power, and the cost thereof being vital and critical to businesses, and households, particularly small businesses and vulnerable households is a major concern, and any practices in that sector that exploits or negatively affects consumers is of grave concern.
“That investigation is currently at various stages. Extensive briefings with topmost officials in government, and evidence gathering from relevant targets have also occurred.
“As part of the investigation, and to ensure compliance with the law, the Commission on March 8th, 2024 filed criminal charges against one of the targets (Mikano International Limited and Others) of investigation,”the statement read in part.
The Commission however lamented that Mikano was failing to comply with the court order and frustrating the investigation.
“The Charges allege violations of Sections 28(5), 33, 110 and 111 of the Federal Competition & Consumer Protection Act (FCCPA) which provide and mandate companies to comply and be transparent in investigative procedures.
“The Commission is strongly committed to ensuring compliance and transparency in enforcement of the law. The Commission recognises the prevailing hardship in consumers, and business operations, and as such reiterates that compliance with the law, and lawful requests under the law are vital to economic and market stability and protection of consumers.
“The Commission will continue to enforce the law in a fair and humane manner for both consumers and businesses, but will not tolerate any action by any that weakens the regulatory framework or encourages others to violate the law as that leads to exploitation of consumers,” the statement concluded.
