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Tribunal Stops MultiChoice From Increasing Tariffs On Products, Services

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A Competition and Consumer Protection (CCP) Tribunal sitting in Abuja has restrained MultiChoice Nigeria Limited from increasing its tariffs and cost of products and services scheduled to begin on April 1.

The three-member tribunal, presided over by Thomas Okosun, gave the order following an ex-parte motion moved by Festus Onifade, a legal practitioner, on behalf of himself and the Coalition of Nigeria Consumers.

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Other members of the tribunal include Sola Salako Ajulo and Ibrahim El-Yakubu.

The News Agency of Nigeria (NAN) reports that in the suit marked: CCPT/OP/1/2022, MultiChoice Nigeria Limited and Federal Competition and Consumer Protection Commission (FCCPC) are 1st and 2nd respondents, respectively.

The motion ex-parte filed by the applicants on March 29 was brought pursuant to Section 39 (1) & (2) of FCCPC Act 2018; Order 26, Rule 5 (2), (3) & 26 Rule 6 (1) & (2) Federal High Court (Civil Procedure) Rules 2019 and Section 47(a), (b), (c),(d), of Federal Competition and Consumer Protection Act 2018.

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The applicants had prayed for “an order of interim injunction restraining the 1st defendants/respondents, either by itself, agents, representatives, officers or privies, howsoever described, from carrying out the impending increase in tariffs and cost of its products and services intended to take effect from April 1, 2022, until the hearing and determination of the motion on notice already filed before this tribunal.

“An order of the Honourable Tribunal mandating the 1st defendant/respondents to maintain status quo pending the hearing and determination of the motion on notice.

“And for such further order or other orders as this Honourable Tribunal may deem fit to make in the circumstance.”

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In the ruling, the tribunal ordered MultiChoice Nigeria Limited to stop the planned hike in tariffs and cost of its products and services pending the hearing and determination of the motion.

“The 1st defendant/respondent is hereby restrained, either by itself, agents, representatives, officers or privies, howsoever described, from carrying out the impending increase in tariffs and cost of its products and services intended to take effect from April 1, 2022, until the hearing and determination of the motion on notice already filed before this Honourable Tribunal.

READ ALSO: US Embassy Lists Conditions For ‘No-interview’ Visa Renewals

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“The 1st defendant/respondent is hereby mandated to maintain status quo pending the hearing and determination of the motion on notice,” the tribunal ruled.

The matter was adjourned until April 11 for the hearing and determination of the motion on notice.

“All parties in this suit are to appear before this Honourable Tribunal on April 11, 2022,” it ruled.

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The Senate had on Wednesday constituted a seven-man ad-hoc committee to carry out a comprehensive investigation into the tariff hike by DStv (MultiChoice Nigeria) with a view to bringing the pricing activities in line with international practice.

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Naira Depreciates Against Dollar

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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.

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

READ ALSO:Naira Appreciates At Official Market

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

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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.

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JUST IN: Dangote Refinery Hikes Petrol Ex-depot Price

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Nigerians may soon pay more for petrol as the Dangote Petroleum Refinery on Friday increased its ex-depot price for Premium Motor Spirit to N880 per litre, raising fresh concerns over fuel affordability and price volatility in the downstream sector.

Checks on petroleumprice.ng, a platform tracking daily product prices, and a Pro Forma Invoice seen by The PUNCH confirmed the hike, representing a N55 increase from the previous rate of N825 per litre.

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The increment would ripple across the entire fuel distribution chain, likely pushing pump prices above N900/litre in some parts of the country, especially in areas far from the distribution hubs.

The hike comes despite global crude prices falling. Brent crude dipped by 3.02% to $76.47, WTI fell to $74.93, and Murban dropped to $76.97 on Friday. The decline in benchmarks offers little relief due to persistent fears of sudden supply disruptions.

READ ALSO: JUST IN: Dangote Refinery Sashes Petrol Gantry Price

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The refinery has increased its reliance on imported U.S. crude and operational costs amid exchange rate instability, which adds to its pricing pressure.

On Thursday, the President of the Dangote Group, Aliko Dangote, said his 650,000-barrel capacity refinery is “increasingly” relying on the United States for crude oil.

This came as findings showed that the Dangote Petroleum Refinery is projected to import a total of 17.65 million barrels of crude oil between April and July 2025, beginning with about 3.65 million barrels already delivered in the past two months, amid ongoing allocations under the Federal Government’s naira-for-crude policy.

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Dangote informed the Technical Committee of the One-Stop Shop for the sale of crude and refined products in naira initiative that the refinery was still battling crude shortages, which had led it to resort to imports from the United States.

READ ALSO:Dangote Stops Petrol Sale In Naira, Gives Condition For Resumption

On Monday, the president of the Petroleum and Natural Gas Senior Staff Association of Nigeria, Festus Osifo, accused oil marketers of exploiting Nigerians through inflated petrol prices, insisting that the current pump price of PMS should range between N700 and N750 per litre.

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He criticised the disparity between falling global crude oil prices and the stagnant retail price of petrol in Nigeria.

“If you go online and check the PLAT cost per cubic metre of PMS, convert that to litres and then to our Naira, you will see that with crude at around $60 per barrel, petrol should be retailing between N700 and N750 per litre.”

He asserted that if Nigerians bear the brunt of higher fuel costs, they should be allowed to enjoy the benefit of low pricing.

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His forecast of increased costs now appears spot on, considering the latest developments.

Marketers are already adjusting. Depot owners and fuel distributors in Lagos and other cities anticipate a domino effect, with new price bands expected to follow Dangote’s lead.

Many had held back pricing decisions since Tuesday, when the refinery halted sales and withheld fresh PFIs. The delay fueled speculation, allowing opportunistic price hikes across various depots.

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Naira Appreciates At Official Market

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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.

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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.

READ ALSO: Naira Appreciates Against Dollar At Foreign Exchange Market

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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.

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