Probe unfair competitors by airline operators, IOCs, Reps inform FG

The House of Representatives on Tuesday known as on the Federal Government to research what it known as the exploitative and predatory pricing practices in opposition to Nigerian companies by their overseas counterparts working in Nigeria.

The movement moved by the member representing Ikorodu Federal Constituency, Lagos State, Babajimi Benson, famous that International Business Ethics and Standards just like the United Nations Global Compact, OECD Guidelines for Multinational Enterprises, and ISO 26000 for social accountability, amongst others, “Require businesses to operate in a fair, healthy, and efficient manner while ensuring competitive trade practices in the operation of their businesses at home and abroad.”

Benson famous {that a} truthful and wholesome aggressive market promotes financial effectivity and protects the curiosity and welfare of shoppers by offering vast choices of high-quality services at aggressive costs

He mentioned, “Some Nigerian businesses have suffered harsh and unfair competition and business relations with their foreign business counterparts,” stressing that “Before the graduation of the Lagos-London route by Air Peace Airlines under a million Naira, overseas airways like British Airways, Ethiopian Airlines, Virgin Atlantic, and so on. bought their one-way air tickets for as excessive as 4 million Naira.

“As soon as Air Peace Airlines commenced the sale of their tickets at a lower price, other airlines dropped their prices far below that of Air Peace Airlines, supposedly with the intention of frustrating Air Peace Airlines’ London route operations.”

The lawmaker additionally alleged that Dangote Oil Refinery and Petrochemicals Company “Is also currently being frustrated by International Oil Companies in Nigeria by denying them crude and other unfair business practices, thereby threatening its survival.”

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He additionally famous that “Whenever they agree to sell crude to Dangote Refinery, the IOCs sell at high premium prices far above the market price, thereby forcing Dangote to import crude from countries as far as the United States, with its attendant high costs.”

He continued, “Apart from these predatory pricing practices and different unethical enterprise practices adopted by the overseas airways and IOCs, Nigerian companies have additionally been subjected to different unfair remedy each dwelling and overseas to disrupt their clean operation.

“The House is anxious that it seems that the target of those overseas multinationals is to make sure Nigeria stays at their mercy by patronizing solely their companies or exporting crude oil and importing refined petroleum merchandise, thereby making Nigeria and Sub-Saharan Africa perpetually going through unemployment and poverty, whereas they create wealth for themselves at our expense.

“We are worried that these acts of unfair and unfavourable businesses have led to the closure of some erstwhile thriving businesses that provided better alternatives to Nigerian customers at cheaper prices,” including that if left unchecked, “Nigerian businesses like Air Peace Airlines will continue to suffer these unfair competitive practices that will adversely affect their operation and the ability of customers to get quality services at affordable prices.”

Following the adoption of the movement, the House at a plenary presided over by the Deputy Speaker, Benjamin Kalu, urged the Federal Competition and Consumer Protection Commission to instantly halt the unfair enterprise practices perpetrated by sure overseas companies working in Nigeria.

It additionally mandated the Committees on Aviation, Commerce, and Petroleum (Upstream and Downstream) to research the circumstances surrounding the predatory pricing practices and unethical enterprise aggressive behaviours by overseas airways and IOCs and report inside 4 weeks for additional legislative motion.



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