The warning is contained in a statement by Mr Babatunde Irukera, the Executive Vice Chairman of the commission in Abuja.

Irukera said the Commission had received information over the purported decision of AMMBAN on behalf of certain Point of Sale (PoS) operators allegedly setting uniform prices for a range of transaction services.

He said the FCCPAct has expressly prohibited price-fixing or agreement among undertakings under the aegis of an association to fix prices.

Irukera said the FCCPA also prohibited any agreement to coordinate supply or any other commercially sensitive factors that could limit or substantially prevent competition or otherwise distort the market.

According to him, the FCCPA provides stiff penalties for cartels or any similar coordinated or collusive conduct among competitors, even at association levels.

He said the Commission was also opening an investigation over the statement and where evidence proved it factual, FCCPC would take appropriate regulatory steps to address the conduct.

”FCCPA recognises; indeed encourages the prerogative of businesses to organise in, and as trade associations for acceptable purposes, such as ensuring and enforcing applicable standards and best practices.

”However, the same FCCPA copiously and extensively limits the scope of such collaboration, particularly to exclude coordination with respect to scope or supply of services and price of services.

”The Commission will seek to enforce the law to its full extent possible where there is sufficient evidence that a business has, or is participating in any such prohibited conduct,” he said.

Irukera said that price fixing distorted the market, prevented innovation and efficiency and was not to the benefit of consumers or other businesses.

He appealed to consumers to provide useful and credible information that could assist in the investigation and enforcement in this regard via fccpc.gov.ng.