The Federal Competition and Consumer Protection Commission (FCCPC) says the British American Tobacco Nigeria (BATN) Limited has paid the $110 million fine imposed on the company in 2022.
Speaking to journalists on Tuesday, Adamu Abdullahi, acting executive vice-chairman (EVC) of FCCPC, said the BATN completed the payment in two installments between January and March 2023.
In December 2022, the FCCPC had fined BATN and other affiliated companies $110 million for the “infractions” of several laws.
Abdullahi, at the press briefing, said the payment was made at the prevalent official exchange rate through the Central Bank of Nigeria (CBN).
“The full $110m was paid at the official exchange rate at that time through the Central Bank of Nigeria (CBN). The Federal Government received 40 percent of the amount, while 60 per cent went to the FCCPC,” he said.
Speaking further on his achievements since he assumed office, Abdullahi said in the last seven months, the commission actively worked to prevent anti-competitive practices, protect consumers, and enhance a competitive market.
“Our efforts included enforcing the Federal Competition and Consumer Protection Act (FCCPA), reviewing mergers, conducting investigations, and engaging in consumer and business education, among others,” he said.
“To address public concerns over soaring food prices, the FCCPC implemented measures to curb price gouging, promote fair competition, and protect consumers. We monitored markets, partnered with stakeholders, enforced pricing transparency, and sensitised consumers.
“We also took action against underweight bags of rice, the sale of expired goods, cement price hikes, substandard iron rods, and alleged discriminatory practices in a Chinese supermarket. These efforts underscore the government’s dedication to safeguarding Nigerian consumers and fostering a fair marketplace.”
He said the commission, in collaboration with the Nigerian Civil Aviation Authority (NCAA), initiated investigations against international airlines over high airfares.
This, according to the FCCPC boss, led to the release of their lowest inventories in the Nigerian market, which had been geographically blocked due to trapped funds. (The Cable)
