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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.

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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.

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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

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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.

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CAC To Cancel Certificates Of BDCs With Revoked Licences

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The Corporate Affairs Commission (CAC) has said it would cancel the certificates of incorporation of Bureaux De Change(BCDs) whose licences have been revoked by the Central Bank of Nigeria( CBN).

The Nation reported in February the CBN revoked the licences of 4,173 Bureau De Change operators over their failure to meet regulatory guidelines.

In a statement by its acting Director, Corporate Communications, Sidi Hakama, CBN explained that the regulatory provisions flouted include nonpayment of all necessary fees within the stipulated period.

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CBN said: “The affected institutions failed to observe at least one of the following regulatory provisions: Payment of all necessary fees, including licence renewal, within the stipulated period in line with the guidelines.

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“Rendition of returns in line with the guidelines; compliance with guidelines, directives, and circulars of the CBN, particularly Anti-Money Laundering, Countering the Financing of Terrorism and Counter-Proliferation Financing regulations.”

However, in line with the above directive by the CBN, the CAC in a notice on its website on Wednesday, said the certificates would be cancelled within three months if the affected companies do not change the names and objects of such companies.

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The general public is hereby informed that following the revocation of the operational licenses of 4,173 Bureau De Change companies by the Central Bank of Nigeria vide a Federal Republic of Nigeria Official Gazette (Vol. 111) No. 37 of February 27, 2024 for noncompliance with Regulatory Standards, the Corporate Affairs Commission in the exercise of its powers under section 8(1)(e) of the Companies and Allied Matters Act, 2020 advises these companies to within three months from the date of this publication, change the names and objects of such companies.

“Failure to change the names and objects within the stipulated time frame shall result in cancellation of certificate of incorporation and dissolution. It is to be noted that it is unlawful for a company whose certificate has been deemed dissolved to carry on business,” the CAC notice reads.

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FG Suspends Taxes On Maize, Wheat, Rice, Others

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The Federal Government has suspended duties, tariffs and taxes on some essential food items imported through land and sea borders.

Minister of Agriculture and Food Security, Abubakar Kyari, announced this at the National Press Centre, Abuja.

Kyari also said the Federal Government has also inaugurated the Renewed Hope National Livestock Transformation Implementation Committee to develop and implement policies that prioritize livestock development and align with the National Livestock Transformation Plan.

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He stated that the listed food items, which include maize, wheat, husked brown rice and cowpeas, will enjoy a 150-day Duty-Free Import Window.

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He added that the move is part of the Presidential Accelerated Stabilization and Advancement Plan, which is aimed at achieving food security and economic stability in the country.

According to him: “The Federal Government has announced a 150-day Duty-Free Import Window for Food Commodities, suspension of duties, tariffs and taxes for the importation of certain food commodities (through land and sea borders). These commodities include maize, husked brown rice, wheat and cowpeas.

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READ ALSO: Court Orders Buhari’s Minister To Account For N729bn Payment To Poor Nigerians

“Under this arrangement, imported food commodities will be subjected to a Recommended Retail Price (RRP).

“I am glad to reiterate that the Government’s position exemplifies standards that would not compromise the safety of the various food items for consumption.

“In addition to the importation by the private sector, the Federal Government will import 250,000MT of wheat and 250,000MT of maize. The imported food commodities in their semi-processed state will target supplies to the small-scale processors and millers across the country.”

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CAC Extends PoS Registration Deadline 

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The Corporate Affairs Commission has announced the approval to extend the mandatory Point of Sales agents, super agents and sole agents registration to September 5th, 2024.

The commission made the announcement in a statement signed by its management and posted on its Facebook page on Saturday, giving a 60-day extension.

It said the extension is to give sufficient time to operators particularly those in remote areas who might have encountered network challenges to so register and continue with their businesses.

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The statement read, “The Corporate Affairs Commission wishes to notify Fintech Operators also known as Point of Sales Operators that the initial deadline of 7th July 2024 given for the registration of sole Agents, Super Agents and Agents has been extended for sixty days beginning from 7th July 2024 to the 5th September 2024.

“This is to give sufficient time to Operators particularly those in remote areas who might have encountered network challenges to so register and continue with their businesses.”

It added operators who continue to disobey after the new deadline will risk losing their businesses and facing prosecution for assisting criminal activities.

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“Operators who fail or refuse to register at the end of the extended deadline run the risk of losing such businesses and prosecution for aiding and abetting criminal activities,” it said.

 

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