No quote or expression succinctly explains the theme of this Competition Series better than the timeless words of Adam Smith when he said
“People of the same trade seldom meet together, even for merriment and diversion, but the conversation ends in a conspiracy against the public, or in some contrivance to raise prices”.
Section 59(1) of the Federal Competition and Consumer Protection Act No. 1 2018 (“the Act”) provides as follows:
“Any agreement among undertakings or a decision of an association of undertakings that has the purpose of actual or likely effect of preventing, restricting or distorting competition in any market is unlawful and, subject to section 61 of this Act, void and of no legal effect”
Section 59(1) of the Act applies when the conduct under examination:
- is an agreement or a decision; and
- the agreement is between undertakings or a decision made by an association of undertakings;
- The purpose or effect of such agreement or decision must be the prevention, distortion or restriction of competition in a market.
In this article “restriction of competition” shall be used as short-hand for the expression “preventing, restricting or distorting competition” and the term “restricting competition” shall be construed accordingly.