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 Rises In Parallel Market

Published

7 hours ago

July 15, 2025

Editor

The naira today appreciated to N1,545 per dollar in the parallel market from N1,550 per dollar last weekend.
Likewise, the Naira appreciated to N1,528.65 per dollar in the Nigerian Foreign Exchange Market (NFEM).

Data published by the Central Bank of Nigeria, CBN, showed that the exchange rate for the naira fell to N1,528.65 per dollar from N1,532 per dollar last week Friday, indicating N3.35 appreciation for the naira.

Consequently, the margin between the parallel market and NFEM rate narrowed to N16.35 per dollar from N18 per dollar last weekend.

Business

SEC Raises Alarm Over Forsman & Bodenforms, Warns Investors

Published

7 hours ago

July 15, 2025

Editor

The Securities and Exchange Commission, SEC, yesterday, has warned the investing public over the activities of Forsman & Bodenforms Limited, saying the firm is not registered to operate in the capital market or to solicit for funds from the public.

The SEC, disclosed this on its website, stressing that its attention has been drawn to the activities of Forsman & Bodenforms Limited, which has been promoting its services in the social media.

The commission said: “The attention of the Securities and Exchange Commission has been drawn to the activities of Forsman & Bodenfors Ltd also known as F&B, which is paraded by its promoters as the Nigerian Branch of a Swedish advertising company bearing that name with obvious criminal intent. The promoters of this fraudulent Nigerian entity go about promising Nigerians automatic employment in the company as compensation for recruiting more members who are lured to pay various sums of money for various positions in the company.”

The commission noted that preliminary investigations reveal that Forsman & Bodenfors Ltd has been actively promoted on social media platforms and online forums, adding that its operations exhibit the typical indicators of a fraudulent (Ponzi) scheme.

“The Commission hereby informs the public that Forsman & Bodenfors Ltd is not registered by the Commission nor authorized to solicit funds from the public or to operate in any capacity in the Nigerian capital market.

“Accordingly, the public is advised to refrain from engaging with Forsman & Bodenfors Ltd or its representatives in respect of any business in the Nigerian capital market, as the potential risk of losing funds to the fraudulent promoters of the entity is very high.

“The investing public is further advised to verify the status of companies and entities offering investment opportunities on the Commission’s dedicated portal – http://www.sec.gov.ng/cmos, before transacting with them”.

Business

Naira Depreciates Against Dollar

Published

2 weeks ago

July 4, 2025

Editor

The Naira experienced a slight depreciation on Friday at the official market, trading at N1,528.56 to the dollar.

Data obtained from the website of the Central Bank of Nigeria (CBN) showed that the Naira lost N2.73.

This represents a 0.17 percent loss compared to the N1,525.82 recorded on Thursday.

The Naira, which opened the week on Monday with a gain of N9.52 against the dollar, held steady gains until Thursday.

On Wednesday, the local currency gained N3.42 against the dollar and received commendation from the International Monetary Fund (IMF).

The IMF, in its 2025 Article IV Consultation report on Nigeria, commended the CBN for its reforms to the foreign exchange market, which supported price discovery and liquidity.