Fifteen years after the Bureau for Public Enterprise (BPE) proposed an anti-trust law to checkmate monopoly in the Nigerian Economy, President Muhammadu Buhari has signed the Federal Competition and Consumer Protection bill.
The law seeks to eliminate monopoly and ensure competitive trade in the country.
Ita Enang, Senior Special Assistant to the President on National Assembly (Senate), disclosed this in a statement on Wednesday.
Enang said the new law repeals the Consumer Protection Council Act and sections 118-128 of the Investment and Securities Act.
The new Act establishes the Federal Competition and Consumer Protection Commission as well as the Consumer Protection Tribunal to try violations.