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

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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

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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.

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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.

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

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JUST IN: CBN Increases Interest Rate To 24.75%

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The Monetary Policy Committee of the Central Bank of Nigeria has today concluded its two-day meeting for March 2024.

This meeting marks the second MPC meeting for the year 2024 and also the 294th meeting of the CBN.

The MPC at the end of today’s meeting elected to hike the MPR by 200 basis points.

The Committee voted as follows: Raise the MPR by 200bps to 24.75 from 22.75 per cent
Increase the asymmetric corridor to +100bps/-300 basic points.

READ ALSO: JUST IN: CBN Sells Forex To BDCs At N1,251/$1

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Retain the Cash Reserve Ratio of Deposit Money Banks at 45 per cent and Adjust the CRR of Merchant banks from 10 per cent to 14 per cent.

The CBN retains a liquidity ratio of 13 per cent.

Details later…

 

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JUST IN: CBN Sells Forex To BDCs At N1,251/$1

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The Central Bank of Nigeria (CBN) has issued a circular to Bureau De Change (BDC) operators informing them that they sold $10,000 to each BDC at a rate of N1,251 per US dollar.

Nairametrics reports that the CBN, in a circular, instructed each BDC to sell the dollars to eligible customers at a rate not exceeding 1.5% above the purchase price.

READ ALSO:Tips For Online Registration Of Prospective Corps Members

It reads: “We refer to our letter to you referenced TED/DIR/CON/GOM/001/071 in respect of the above subject wherein the CB approved a second tranche of sale of FX to eligible BDCs.

“We write to inform you of the sale of $10,000 to each BDC at the rate of N1,251/$1. The BDCs are to sell to eligible end users at a spread of NOT MORE THAN 1.5 per cent above the purchase price.”

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Financial Institution Launches Indigenous Micro Insurance Software To Boost Customers Confidence

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The acting Managing Director, Prudent Choice Micro Insurance, Mrs. Gloria Onosolease, has said that the launch of its indigenous micro insurance software, named Insuretech, will help boost customers confidence and ensure accountability in the sector.

She disclosed this during the official launch of its Insuretech software in Benin.

Mrs. Onosolease said the achievement will significantly shape the nascent micro insurance landscape in Nigeria and indeed, across the African continent.

Onosolease said the newly developed software heralds a pivotal advancement in enhancing customer interaction and satisfaction, while concurrently optimizing their internal operations to foster efficiency.

She added that in a fiercely competitive industry such as insurance, embracing technology is indispensable to their continuous success and sustainability.

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READ ALSO: Tips For Online Registration Of Prospective Corps Members

She said that the micro insurance sector in Nigeria, particularly in Edo State, is undergoing a phase of unprecedented growth with a population exceeding five million people where a substantial portion of which is engaged in low income and medium sized enterprises spanning rural, urban and semi-urban areas.

She said due to this, there exists an urgent demand for accessible and inclusive insurance solutions but regrettably, this demographic has long been underserved and marginalized in terms of insurance protection.

She further said that with the launch of Insuretech, it will help mitigate the financial risks encountered by low income earners and small to medium scale enterprises.

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