Business

Tribunal Stops MultiChoice From Increasing Tariffs On Products, Services

Published

3 years ago

March 31, 2022

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.

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.

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.”

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.

“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.

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.

Business

NNPCL Increases Fuel Price

Published

5 days ago

August 5, 2025

Editor

The Nigerian National Petroleum Company Limited, NNPCL, has increased the pump price of premium motor spirit across its retail outlets.

It was gathered that NNPCL retail outlets in Abuja have adjusted their fuel pump price to N955 per litre from N890.

This is the case in NNPCL retail outlets along Kubwa Expressway, Wuse and other parts of Abuja.

Similarly, the pump price hike has been implemented at filling stations in Kogi and Nasarawa.

This means that the petrol pump price was increased by N65.

This comes after independent petroleum product marketers and filling station owners in Abuja increased petrol pump prices to between N950 and N971 per litre at the weekend. Their decision followed an upward review of the ex-depot petrol price by Dangote Refinery to N858 per litre, up from N820.

Business

Naira Appreciates Against Dollar As External Reserves Swell

Published

5 days ago

August 5, 2025

Editor

The naira appreciated against the dollar at the official foreign exchange market on Monday to begin the week on a bullish note amid swelling external reserves.

According to the Central Bank of Nigeria’s exchange data, the naira appreciated to N1,531.95 against the dollar on Monday from N1,533.74 traded last week Friday.

This showed that the Naira strengthened by N1.79 when compared to the N1,533.74 exchanged at the close of work last week.

Meanwhile, at the black market, the naira remained stable at N1560 per litre, the same exchange rate traded on Friday.

The development comes as Nigeria’s external reserves had maintained a modest rise to $39.54 billion as of August 1st, 2025, up from $39.36 billion on July 30th.

Business

Naira Continues To Appreciate Against Dollar On Official Market

Published

1 week ago

August 1, 2025

Editor

The naira continued its appreciation against the dollar at the foreign exchange market on Tuesday.

Accordingly, the naira strengthened further to N1,533.18 against the dollar on Tuesday, from N1,534.21 traded the previous day.

This represents a gain of N1.03 against the dollar on a day-to-day basis and marks the second consecutive day of appreciation at the official FX market.

Meanwhile, on the black market, the naira depreciated further to N1,545 per dollar on Tuesday from N1,537 traded on Monday.

Recall that the naira had similarly closed Monday’s trading session with mixed sentiments, recording gains at the official market but depreciating at the parallel market.