Section 107 Federal Competition and Consumer Protection Act 2018
Section 107 of the Federal Competition and Consumer Protection Act 2018 is about Price-fixing. It is under Part XIV (Specific Offences Against Competition) of the Act.
(1) An undertaking shall not directly or indirectly –
(a) by agreement, threat, promise or any other means, attempt to influence or conspire to influence upward or discourage the reduction of, the price at which any other undertaking supplies, offers to supply or advertises any goods or services; or
(b) refuse to supply goods or services to or otherwise discriminate against any undertaking because of the pricing policy of that undertaking.
(2) The provision of subsection (1) (a) shall not apply if the undertaking attempting to influence the conduct of another undertaking and that other undertaking are interconnected undertakings as defined by this Act or, as the
case may be, principal and agent.
(3) For the purposes of subsection (1) (a), the publication by an undertaking, other than a retailer, of any notice or advertisement that mentions a resale price of any goods or services constitutes an attempt to influence upward the selling price of those goods or services, unless the resale price is so expressed as to make it clear to a reasonable person that the goods or services may be sold at a lower price.
(4) An undertaking that violates any of the provisions of this section commits an offence and –
(a) where the undertaking is a natural person, is liable on conviction to imprisonment for a term not exceeding three years or to payment of a fine not exceeding N10,000,000.00 or to both the fine and imprisonment;
(b) where the undertaking is a body corporate, is liable on conviction to a fine not exceeding 10% of its turnover in the preceding business year; and
(c) in the case of a corporate body referred to in paragraph (b), each director of the body corporate is liable to be proceeded against and on conviction dealt with as specified in paragraph (a).
