Business
BREAKING: FCCPC reacts to Price Control criticisms by private sector
The Federal Competition and Consumer Protection Commission (FCCPC), on Tuesday, reacted to the negative criticism by the Organised Private Sector and other interested parties regarding its recent directive to businesses to cease price gouging, price fixing, and other exploitative practices.
In a statement on its X handle, the Commission, said at the FCCPC, our mandate is to safeguard consumers from unfair and deceptive practices and to ensure robust competition across all sectors.
We categorically assert that prices in a competitive marketplace are determined solely by the forces of supply and demand. Price control is entirely outside the scope of our responsibilities.
We have never considered, nor will we ever consider, intervening in the market to regulate prices. Any claims to the contrary are baseless and unfounded.
Our recent directives are not about controlling prices but are focused on curbing exploitative practices and anti-competitive behaviours that distort the marketplace and harm consumers.
We recognise the complexities of the current economic environment, including challenges such as foreign exchange fluctuations and fuel subsidy removal.
These factors certainly impact pricing, but they do not excuse or justify exploitative practices that are anti-consumer.
The Commission’s proposed actions in the retail sector are targeted and evidence-based, responding to specific instances where consumers are vulnerable to such exploitation.
The Commission further stated : ” Discoveries made during our market surveillance and a recent disclosure by Abdul Samad Rabiu,Chairman of BUA Cement, underscore the critical need for our oversight.
Mr. Rabiu revealed that despite BUA Cement’s effort to sell cement at a fair price of N3,500 per bag, their plan was undermined by dealers who inflated prices to as much as N7,000 to N8,000 per bag.
This situation exemplifies the kind of exploitative conduct that the FCCPC is committed to addressing. Such practices make it difficult for ethical businesses to thrive.
While promoting competition is essential for economic health, as evidenced in sectors like telecommunications, it is equally important to enforce laws against practices that undermine fair competition.
The FCCPC remains committed to a balanced approach that respects the dynamics of a free market while ensuring that consumers are protected from harmful practices.
We encourage all businesses to engage in ethical and lawful practices that contribute to a fair and competitive marketplace.
The FCCPC does not seek to suppress private enterprise; our role is to ensure that the market operates on principles of fairness, transparency, and accountability.
When businesses, as illustrated by the cement sector case, engage in practices that harm consumers, the FCCPC will take decisive action.
We will continue to work collaboratively with all stakeholders; businesses, consumer groups, and other government agencies, to address both the immediate and remote causes of exploitative pricing.
Our approach combines enforcement with cooperation, aiming to protect consumers and maintain a healthy competitive environment.
We have granted a one-month moratorium before enforcement begins, providing businesses with the necessary time to adjust their practices and ensure full compliance with laws aimed at protecting consumers and fostering fair competition.”
Business
Heineken boss resigns after ‘turbulent’ six-year stint
“I believe this is the right moment,” said Van den Brink, 52, after almost six years at the helm “during which he has guided the company through turbulent economic and political times”.
• Dolf Van den Brink
Dolf van den Brink said on Monday he would step down on May 31 as the chief executive of Dutch brewer Heineken.
Van den Brink unexpectedly announced his resignation, as the company grapples with lower beer sales and job cuts in a difficult economic environment.
“I believe this is the right moment,” said Van den Brink, 52, after almost six years at the helm “during which he has guided the company through turbulent economic and political times”.
The change of leader comes at a tricky moment for Heineken, the world’s second-largest brewer after AB InBev.
Its most recent quarterly results, published in October, showed a steep decline in the amount of beer sold, with Europe and the United States driving the drop.
Van den Brink acknowledged at the time that the firm was dealing with a “challenging environment, resulting in a mixed performance”.
Heineken posted total net sales of 7.3 billion euros ($8.5 billion) for the third quarter, down from 7.6 billion in the second quarter.
Business
Global oil reserves: Nigeria down to 11th position in latest rankings
According to report, Nigerian oil reserves haven’t grown significantly for years, failing to replace daily extraction.
Stagnation in Nigeria’s crude oil reserve for decades has placed the country to 11th position on the global rankings of oil producing countries.
The United States occupy the 10th position with 45 billion barrels of proven oil reserve.
Crude oil reserve data computed from OPEC’s Annual Statistical Bulletin 2025, reveals that Nigeria sits as the 11th country with 37.28 billion barrels proven oil reserve in the world.
Likewise, official figures from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) places it at 37.28 billion barrels as of January 2025.
In a report published recently by Visual Capitalist.com, Venezuela holds the world’s largest proven oil reserves, accounting for an estimated 303 billion barrels of proven oil reserves, the largest of any country.
These reserves account for roughly 17% of the global total, well ahead of Saudi Arabia 267 billion barrels ; Iran 209 billion barrels, Canada 163 billion barrels , and Iraq 113 billion barrels.
Chart credit: Visual capitalist.com
According to report, Nigerian oil reserves haven’t grown significantly for years, failing to replace daily extraction.
Oil theft, vandalism, and insecurity hinder efforts to reach full production potential.
Nevertheless, the NUPRC aims to boost reserves and production, with plans to attract investment for new exploration and development.
Business
Wema Bank Plc launches major upgrade to its flagship digital banking platform, ALAT by Wema.
Wema Bank Plc has officially launched a major upgrade to its flagship digital banking platform, ALAT by Wema, introducing cutting-edge features including voice banking, Tap and Pay contactless payments, and predictive uptime capabilities.
Tagged “ALAT: The Evolution”, the revamped app (also referred to as ALAT 2.0) marks a significant step forward in Nigeria’s digital banking landscape. The upgrade integrates an AI-powered voice assistant called SAW (Smart ALAT by Wema), enabling users to perform banking tasks using natural voice commands—such as checking balances, transferring funds, or reviewing transactions—similar to popular assistants like Siri or Alexa.
This hands-free functionality aims to reduce friction, boost accessibility, and deliver a more intuitive experience for everyday users.
The update also rolls out Tap and Pay, a secure and convenient contactless transaction feature that allows quick payments by tapping compatible devices together. Complementing these innovations is predictive uptime, a transparency tool that forecasts service availability, helping build greater customer confidence in the platform’s reliability.
Announcing the launch, Mr. Moruf Oseni, Managing Director and Chief Executive Officer of Wema Bank, described the upgrade as more than a technical enhancement.
“ALAT: The Evolution is a clear demonstration of our commitment to redefining digital banking in Africa,” he said. “By understanding the future of banking and listening closely to our customers, we have upgraded ALAT by Wema to a digital banking platform that is smart, intelligent, and dependable.”
Mr. Olusegun Adeniyi, Chief Digital Officer at Wema Bank, emphasized the user-focused design: “With ALAT: The Evolution, we set out to enhance not just functionality but the overall banking experience. By integrating voice banking, contactless payments, and predictive reliability, we are delivering a platform that is built on powerful technology and responds intelligently to customer needs.
“The upgraded app is now available for download or update on the Google Play Store and Apple App Store. Existing users can simply update their app and log in with their current credentials—all account information and transaction history remain intact—while new customers can onboard seamlessly.
Since its debut in 2017 as Africa’s first fully digital bank, ALAT has transformed financial services for millions of Nigerians. This latest evolution reinforces Wema Bank’s position as a pioneer in innovative, customer-centric digital banking amid growing competition in the sector.
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