Mr. Niyi Adebayo, the Minister of Industry, Trade, and Investments, says the Competition and Consumer Protection Tribunal (CCPT) will reposition Nigeria as an investment destination for economic growth.
Adebayo said this at the unveiling of the CCPT (Procedure) Rules 2021 and the opening of the Adeniyi Adebayo Hearing Room on Friday in Abuja.
“In Nigeria, the CCPT is not coming as an accidental act of the administration but rather as a deliberate action plan to reposition Nigeria as an investment destination for the global community.
“It is also a veritable economic tool for the implementation of the economic reform agenda of President Muhammadu Buhari through Executive Order 001 on Ease of Doing Business.
“A strategic pursuit of the Medium-Term National Development Plan (2021-2025) and the recently signed Agenda 2050,” he said.
He said the event was a testimony to his shepherding the series of events that commenced with the passage of Executive Order 001 on Ease of Doing Business.
“As we unveil the CCPT (Procedure) Rules 2021 and open the Adeniyi Adebayo Hearing Room, it is a testimony of my expectations in shepherding the series of events that commenced with the passage of the bill.
“This further highlights this administration’s policy on starting and completing essential projects for national growth and development.
“I am deeply humbled that the hearing room has been named after me, and I am grateful for the recognition of my work and contributions’’.
He charged the staff members to put in more effort and be committed to the cause of competition and the development of the sector.
“As this administration comes to an end, I challenge you to keep the fire burning with renewed vigor and commitment to the cause of competition and development that will enhance the institutional strength of the Tribunal in the discharge of its mandate.
“Especially as Nigeria strives to implement the AFCFTA and ECOWAS Trade Liberalization Scheme (ETLS), the Ease of Doing Business, the Medium Term NDP (2021-2025), and Agenda 2050,"
Hajiya Saratu Shafi, the Chairman of the CCPT, said the establishment of the tribunal was one of the high points of Buhari’s administration in its quest to protect the Nigerian consumer and ensure an equitable business environment that works for all.
“The CCPT is a specialized judicial entity with a clear mandate to adjudicate over matters prohibited under the FCCPA 2018.
“It also has the responsibility of an appellate body to review decisions and hear appeals from the decisions of the Federal Competition and Consumer Protection Commission.
“This singular act of purposeful and visionary leadership by the Buhari administration has brought about a unified set of rules governing competition and consumer protection, which were hitherto scattered into industry-specific codes.
“We are happy to report that, having braved the odds, the Tribunal has started to hear cases and has taken decisions that have heralded our arrival on the Nigerian judicial scene as a reliable outlet to resolve competition and consumer protection matters’’.
She noted that the CCPT Procedure Rules 2021 were the product of a painstaking process of fine-tuning based on the experience in the cases so far handled and a desire to align with best practices in other jurisdictions.
“As a new tribunal, we have had to study several practice procedures from similar institutions in order to come up with rules that will ensure a speedy dispensation of justice.
“We make bold to say these rules, put together by our hardworking legal staff with the guidance of our consultants, are easy to read and apply, devoid of complex technicalities and legalese.
“By this public presentation, those who were hitherto unaware of the procedures of filing cases now have a readily available blueprint to follow,’’ she added.