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The alleged exploitative and predatory pricing practices against Nigerian businesses by foreign multinationals operating in Nigeria is set to be probe by the House of Representatives.
The House during the plenary also instructed the Federal Competition and Consumer Protection Commission (FCCPC) to immediately halt the unfair practices perpetrated by some foreign businesses operating in Nigeria.
The House of Representatives unanimously agreed to embark on the probe following a motion moved by Babajimi Benson (APC, Lagos) on Tuesday during plenary.
Rep. Benson while moving the motion stated that the International Business ethics and standards require businesses to operate in a fair, healthy, and efficient manner ensuring competitive trade practices at home and abroad adding that some of these companies have not been doing that.
He cited the example of Air Peace Airline at Gatwick Airport in the UK and the recent allegation by Dangote Oil Refinery and Petrochemicals Company against international oil companies.
“Prior to the commencement of the Lagos-London route by Air Peace Airlines for below N1 million, foreign airlines like British Airways and Ethiopian Airlines sold their one-way air tickets for as high as N4 million. 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,” he said.
The House mandated the Committees on Aviation, Commerce, Petroleum (Upstream and Downstream), and Foreign Affairs to investigate the circumstances surrounding the alleged predatory pricing practices.
Moreso, the House asked the committees to investigate the alleged unethical business competitive behaviours by foreign airlines and IOCs and report within four weeks for further legislative action.
The House also mandated the Committee on Legislative Compliance to ensure compliance.
The motion was adopted unanimously when it was put to vote by the presiding officer, Deputy Speaker Ben Kalu.
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