Nigerian Reps pass federal competition commission bill
The House of Representatives has passed a bill that seeks to, among other things, establish the Competition and Consumer Protection Tribunal.This is to ease the Nigerian business environment for investors.
The House adopted the recommendation of the report on the bill sponsored by the Speaker, Yakubu Dogara, to repeal the Consumer Protection Act and establish the Federal Competition and Consumer Protection Commission and Consumer Protection Tribunal.
The bill when concurred by the Senate and assented to by the President, apart from developing business, will also promote fair, efficient and competitive markets in the Nigerian economy, facilitate access by all citizens to safe products, secure the protection of rights for all consumers in Nigeria.
The law proposes a five-year jail term and N50 million for individuals who violate the competition law and a fine not exceeding ten percent turnover in the preceding business year of a defaulting company.
Also, the House yesterday waded into the clash between the Yoruba and Hausa communities in Ile Ife, Osun State.At the plenary presided by Speaker Yakubu Dogara, the lawmakers agreed to deliberate on the issue as a matter of urgent national importance on Tuesday, next week.
Nonetheless, the House Deputy Speaker, Yusuf Sulaimon Lasun appealed to the warring parties to sheath their sword and live together as brothers. Lasun said that nothing could be achieved by fighting one another, adding there is the need for the warring parties to live together for the unity and growth of the country.
Meanwhile, in a bid to ensure transparency and accountability, the House mandated its Committee on Sports to particularly investigate the terms/conditions of agreement under which the Federal Ministry of Youth and Sports is seeking to transfer the National Stadium to Lagos State Government.
Besides, the lawmakers directed the committee to probe into the usage of the huge budgetary allocations appropriated for the maintenance of the stadium in the last five years and report back to the House within two weeks.
Some members described the initiative as worthwhile but was not supposed to be shrouded in secrecy. However, members from Lagos State took exception to such argument on the basis that there was nothing untoward about the deal since it was aimed at reviving the stadium, which was unutilised over the years.
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