Business
DStv-GOtv Prices: MultiChoice MD, Directors Ordered To Produce 2021 Financial Report
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.
READ ALSO: COVID-19: NBC Orders GOTv, DSTV, Startime, Others To Allow Local Stations Run Without Subscription
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”.
READ ALSO: Lawyer Sues South Africa’s MultiChoice For ‘Misusing Power’ In Nigeria Market
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 Records Massive Appreciation Against US Dollar Into Christmas Holidays
The Naira gained massively against the United States dollar in the last three days at the official foreign exchange as trading ended for the Christmas holidays.
Central Bank of Nigeria data showed that the Naira strengthened further on Wednesday to N1,443.37 per dollar, up from N1,449.99 on Tuesday.
This means that since Monday this week, the Naira has recorded a significant N13.18 gain against the dollar, according to the apex bank data.
READ ALSO:Naira Records Depreciation Against US Dollar Across Official, Black Markets
Similarly, at the black market, the Naira traded on Wednesday at N1,490 per dollar, an appreciation from the N1,500 exchanged on Monday but the same rate as on Tuesday.
The uptrend comes amid the rise in the country’s external reserves to $45.24 as of December 23rd, 2025.
DAILY POST reports that the Naira gained against the dollar at the official market on Monday and Tuesday.
Business
Report Any MRS Filling Stations Selling Fuel Above N739 Per Liter — Dangote Refinery To Nigerians
Dangote Refinery has urged Nigerians to report any MRS filling station outlets nationwide selling fuel above the N739 per liter announced price.
The company disclosed this in a statement on Sunday.
The refinery insisted that its petrol being at retail outlets remain N739 per liter while the gantry price is N699.
It further called on other filling station owners to patronize its refined petroleum products at the N699 rate.
“We also call on other petrol station operators to patronize our products so that the benefits of this price reduction can be passed on to Nigerians across all outlets, ensuring broad-based relief and a more stable downstream market.”
READ ALSO:Dangote Sugar Announces South New CEO
Recall that Aliko Dangote, the president of Dangote Refinery, had pegged the retail price of his petrol at a maximum of N740.
DAILY POST reports that MRS filling and other filling stations had reduced fuel prices to between N739 and N912 per liter in Abuja.
However, reports emerged that some MRS filling stations were selling above the N739 per liter announced price benchmark.
Business
Naira Records Significant Appreciation Against US Dollar
The Naira recorded significant appreciation against the United States dollar on Monday at the official foreign exchange market to begin the week ahead of Yuletide on a good note.
The Central Bank of Nigeria’s data showed that the Naira strengthened to N1,456.56 per dollar on Monday, up from N1,464.49 traded on Friday last week, 19th December 2025.
This means that the Naira gained N7.93 against the dollar when compared with the N1,464.49 was exchanged as of Friday, December 19, 2025. DAILY POST reports that Monday’s gain at the official FX market is the first since December 15th.
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Meanwhile, at the black market, the Naira remained stable at N1500 per dollar on Monday, according to multiple Bureau De Change operators in Wuse Zone 4, Abuja.
The development comes as the country’s external reserves stood at $44.66 billion as of last week Friday.
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