Business

DStv-GOtv Prices: MultiChoice MD, Directors Ordered To Produce 2021 Financial Report

Published

3 years ago

September 6, 2022

A Competition and Consumer Protection (CCPC) Tribunal in Abuja, has invited MultiChoice Nigeria Managing Director, John Ugbe.

The tribunal on Tuesday asked Ugbe to appear on September 8 with the company’s 2021 audited financial report.

The three-member panel headed by Thomas Okosun, also ordered directors of the company to appear on the same date.

The officials may face sanctions for the alleged breach of a restraining order on DStv and GOtv tariff hike.

On July 25, the tribunal fixed today for judgment in the suit filed by Festus Onifade, a legal practitioner, and Coalition of Nigeria Consumers.

They had sued MultiChoice and the Federal Competition and Consumer Protection Commission (FCCPC) after the company increased subscription prices on April 1.

The litigants prayed the tribunal to stop the increment pending the hearing and determination of the motion on notice dated and filed on March 30.

The tribunal granted the ex-parte motion, directing parties to maintain the status quo but MultiChoice implemented the new rates announced on March 30.

In a motion on notice, the claimants urged the tribunal to invite the MD and the directors to explain why they should not be committed to prison for willful disobedience

They also sought an order directing MultiChoice to pay 10 per cent of its annual turnover for failure to comply with the order in accordance with Section 51 (1) and 2 of the FCCPC Act, 2018.

On April 11, the tribunal again ordered the company to revert to old prices by maintaining the status quo of its March 30 order, pending the hearing and determination of the matter.

“The Managing Director and directors of the 1st defendant (MultiChoice) are to appear before this honourable tribunal with certified true copies of their audited financial report of year 2021,” the panel ruled today.

The tribunal said the report would enable it to determine “the appropriate penalty to impose on MultiChoice for being in contempt of the orders of this honourable tribunal made in March”.

Section 51 of the CCPT Act states that upon conviction for contempt, a company is liable to pay a fine not less than “N100 million or 10 per cent of its turnover in the preceding year.”

MultiChoice’s lawyer, Jamiu Agoro informed that Ugbe and others were out of Nigeria and might not be present on Thursday.

Responding, the tribunal said those invited could be represented by other senior members of staff.

Business

Naira Appreciates At Official Market

Published

3 weeks ago

May 24, 2025

Editor

The Naira, which has seen steady appreciation against the Dollar all week, closed stronger on Friday, trading at ₦1,580.44 in the official forex market.

Data from the Central Bank of Nigeria’s website show the Naira gained ₦4.51k against the Dollar on Friday alone.

This marks a 0.28 per cent appreciation from Thursday’s closing rate of ₦1,584.95 in the official foreign exchange window.

The local currency maintained consistent strength throughout the week, recording gains daily.

On Monday, May 19, it traded at ₦1,598.68; on Tuesday, at ₦1,590.45; and on Wednesday, at ₦1,584.49.

These gains suggest increased investor confidence and improved forex supply, contributing to the naira’s performance.

Meanwhile, the CBN, at its 300th Monetary Policy Committee meeting held Monday and Tuesday, retained the Monetary Policy Rate at 27.5 per cent.

Business

BREAKING: Again, Dangote Refinery Cuts Petrol Price

Published

4 weeks ago

May 22, 2025

Editor

The Dangote Petroleum Refinery has announced a nationwide reduction in the pump price of Premium Motor Spirit (PMS), commonly known as petrol, with new prices now ranging between ₦875 and ₦905 per litre, depending on location.

The ₦15 per litre cut applies across all regions and partner fuel stations, and was confirmed via an official announcement posted on Dangote Refinery’s social media channels on Thursday.

Major marketers participating in the new pricing regime include MRS, Ardova, Heyden, Optima Energy, Techno Oil, and Hyde Energy — partners in the distribution of Dangote-refined products.

Under the previous pricing structure, Lagos residents paid ₦890 per litre, while prices reached ₦920 in the North-East and South-South regions. With the latest adjustment, Lagos now pays ₦875 per litre, while the North-East and South-South will see prices drop to ₦905.

A regional breakdown of the revised prices is as follows: Lagos: ₦875, South-West: ₦885, North-West & Central: ₦895, North-East & South-South: ₦905 and South-East: ₦905.

In its announcement, Dangote Refinery encouraged consumers to purchase fuel only from authorised partner stations and urged the public to report any cases of non-compliance via its official hotlines: +234 707 470 2099 and +234 707 470 2100.

“Our quality petrol and diesel are refined for better engine performance and are environmentally friendly,” the company said.

Business

Naira Appreciates Against Dollar At Foreign Exchange Market

Published

1 month ago

May 17, 2025

Editor

The Naira ended the trading week on a positive note, recording a bullish close on Friday at the official foreign exchange market.

It appreciated N1,598.72 against the U.S. Dollar, reflecting a modest gain that suggests continued efforts to stabilise the local currency.

According to figures published on the Central Bank of Nigeria’s official website, the Naira strengthened by N0.60k against the Dollar on Friday.

This upward movement represents a 0.03 per cent appreciation compared to the N1,599.32 exchange rate recorded at the close of trading on Thursday.

The local currency had shown some resilience earlier in the week, posting gains on both Tuesday and Wednesday trading sessions.

On Tuesday, the Naira appreciated by 0.02 per cent, followed by a stronger gain of 0.21 per cent on Wednesday.

These improvements were seen as positive indicators of growing investor confidence and increased supply in the foreign exchange market.

However, Thursday’s trading session saw a minor setback, with the Naira slipping by N2.62 against the Dollar.

This loss equated to a 0.16 per cent depreciation, dampening the midweek rally seen in previous sessions.

Market analysts attributed Thursday’s dip to a brief increase in Dollar demand from importers and other market participants.

Despite this, the week still closed on a positive note, with the Naira showing signs of gradual recovery and increased market stability.

Analysts continue to monitor the Central Bank’s policies, especially interventions aimed at improving Dollar liquidity and managing demand pressures.

The Naira’s performance in the coming weeks will likely depend on consistent supply inflows and investor sentiment across the broader economic landscape.