The Federal Competition and Consumer Protection Commission (FCCPC) recently conducted raids on three steel manufacturing companies in Ogun State to investigate alleged substandard production and anti-competitive practices. The affected companies include African Foundries Limited (AFL), Monarch Steel Mill Limited, and Kam Steel Integrated Company.
Acting Executive Vice Chairman of FCCPC, Adamu Abdullahi, stated that the commission’s visit was prompted by intelligence suggesting anti-competitive behavior. Abdullahi highlighted concerns about misleading labeling practices, such as manufacturers selling 10mm iron rods as 12mm, contributing to building collapses in Nigeria.
During the raids, samples of products and records were collected for forensic analysis. FCCPC emphasized the importance of ensuring the safety of consumers and vowed to take legal action if any wrongdoing is discovered.
The investigation is ongoing, with the commission focusing on gathering information before determining any company’s liability. The crackdown on substandard production and unfair market practices reflects FCCPC’s commitment to protecting consumers and upholding industry standards.