The bill sponsored by the Speaker of the House, YAKUBU DOGARA, is designed to strengthen the business environment in the country.
The Bill also seeks to establish Competition and Consumer Protection Tribunal to promote healthy business competition and strengthen consumer rights.
The approved legislation prescribed five year jail term and fifty million fine for individuals who violate the competition law and a fine not exceeding ten percent turnover in the preceding business year of a defaulting company.
For anyone caught in breach of consumer rights, the legislation provides for imprisonment for a term not exceeding five years, or a fine not exceeding ten million naira or both.
And in the case of corporate convicted of breaching consumer rights, it impose a fine of not less than one hundred million naira or ten percent of its turnover in the preceding year.
The Bill requires the concurrence by the Senate and the assent by the President before it can become operational as a law.
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