Business
Competition Tribunal Orders Coca – Cola to pay N190 million misleading Fines Within 60 Days
Upholding the FCCPC’s five-year investigation, findings, and imposed penalties, the tribunal ruled that NBC’s conduct constituted misleading practices in violation of Nigerian law.
The tribunal criticised the FCCPC’s acceptance of the post-judgment settlement, saying it conflicted with the commission’s regulatory obligations.
The Competition and Consumer Protection Tribunal ( CCPT) has ordered the Nigerian Bottling Company Limited (NBC), also known as Coca-Cola Nigeria Limited to pay the N190 million administrative penalty imposed on the company for misleading packaging, within 60 days .
This was contrary to the settlement reached between the Federal Competition and Consumer Protection Commission (FCCPC) and the NBC in the case that stemmed from an August 2024 announcement by the FCCPC in which it accused Coca-Cola and NBC of engaging in unfair marketing tactics and misleading consumers.
In a judgment delivered on Monday, April 28, a three-member panel led by presiding judge Thomas Okosun dismissed NBC’s application to adopt the settlement terms as judgment, describing it as an “attempt to arrest judgment.”
NBC’s counsel, O. Ogunride, had informed the tribunal of a settlement agreement reached with the FCCPC, requesting its adoption as a consent judgment.
The FCCPC’s representative, Abimbola Ojenike, confirmed the existence of the settlement, stating that discussions had been finalised with Akoji Achimugu, the commission’s legal director.
However, the tribunal pointed out that the terms of settlement were filed after judgment had been reserved and both parties had submitted their final written arguments.
Okosun ruled that “the notion of arrest of judgment is unknown to Nigerian law,” stressing that entering a settlement at this stage exceeded the FCCPC’s statutory authority and undermined its role as a regulator.
The tribunal criticised the FCCPC’s acceptance of the post-judgment settlement, saying it conflicted with the commission’s regulatory obligations.
The tribunal emphasized its constitutional duty to the public, asserting that it could not engage in private compromises between parties.
The panel also criticized the FCCPC’s sudden shift from its earlier position, noting that the proposed settlement declared “there is no penalty,” directly contradicting the commission’s findings from its investigation.
Consequently, the tribunal rejected the settlement and proceeded to deliver its final judgment.
Upholding the FCCPC’s five-year investigation, findings, and imposed penalties, the tribunal ruled that NBC’s conduct constituted misleading practices in violation of Nigerian law.
It affirmed that the ₦190 million administrative penalty was consistent with the Federal Competition and Consumer Protection Act (FCCPA) and the 1999 Constitution (as amended).
NBC’s appeal was dismissed for lack of merit, and the company was ordered to pay the fine within 60 days.
Business
FIRS Inaugurate E- Invoicing Committee for Tax Compliance
On Tuesday, April 29, 2025, the Federal Inland Revenue Service (FIRS) formally inaugurated the National E- Invoicing Solution Inter-Agency Steering Committee at its headquarters in Abuja.
The Federal Inland Revenue Service has inaugurated the National E-Invoicing Solution Inter-Agency Steering Committee as part of its efforts to boost tax compliance, transparency, and efficiency in Nigeria’s tax system.
This was according to a statement shared on the service’s official X handle on Tuesday.
“On Tuesday, April 29, 2025, the Federal Inland Revenue Service (FIRS) formally inaugurated the National E- Invoicing Solution Inter-Agency Steering Committee at its headquarters in Abuja”, said the statement.
The event featured a presentation of the roadmap for the implementation of the E-Invoicing Initiative, including key milestones intended to ensure a seamless rollout.
The event featured a detailed presentation outlining the roadmap and strategic milestones for the successful implementation of the E- Invoicing Initiative”, it added.
The Nigerian Export Promotion Council, NEPC, has said Africa’s most populous country’s non-oil exports increased by 24.75 percent to $1.791 billion in the first quarter of 2025.
The executive director of NEPC, Nonye Ayeni, disclosed this on Monday in Abuja.
According to her, the increase in non-export showed increased commitments and efforts towards improving the sector in the period under review.
“This year, the Nigerian Export Promotion Council (NEPC) reported the highest value of export since it was established 49 years ago, with a year-on-year increase of 20.77 percent, from $4.517 billion in 2023 to $5.456 billion in 2024.
“Nigeria’s non-oil products exported in the first quarter of 2025 were valued at US$1.791 billion.
“This is a 24.75 percent increase over and above the $1.436 billion reported in the first quarter of 2024″, Ayeni stated.
The Independent Petroleum Marketers Association of Nigeria has explained how the reduction in the price of Premium Motor Spirit pushed the price of liquefied petroleum gas, popularly known as cooking gas, down.
This comes after due observation that the cost of refilling a 12.5-kilogramme cylinder of cooking gas reduced to N16,250 from N17,500 in some retail outlets in the Federal Capital Territory, Abuja.
This means that 1kg of cooking gas is now sold for N1,300, from N1,400 last month in Abuja.
Meanwhile, in filling stations or gas stations, 1kg of cooking gas is sold between N1,050 and N1,150, compared to N1,200 and N1,400 in previous months, depending on the location in Abuja.
In Lagos State, the price of cooking gas fell to approximately N13,750.00 as of April 2025, depending on the area, from N17,283.58 for 12.5kg in November last year, according to National Bureau of Statistics data.
The downtrend in the price of LPG is also experienced in Edo, Delta, Niger, and other states in Nigeria, with consumers having to save at least N1,000 for refilling either a 12.55kg cylinder or a smaller quantity.
The development follows the recent drop in the price of petrol to between N910 and N950 per litre from N940 and N970 by Nigerian National Petroleum Company Limited retail outlets, petrol retailers, and retail partners of Dangote Refinery.
According to the Nigerian Midstream Downstream Petroleum Regulatory Authority, NMDPRA, the country consumes 1.4 million metric tonnes of LPG annually.
Accordingly, this translates to 1.4 billion kilogrammes. At the current average price of N1.4 billion per kilogramme, consumers will spend N1.82 trillion yearly, a reduction from N1.96 trillion.
While Nigeria produced 600,000 tonnes of cooking gas locally, the country imported 800,000 tonnes to meet the 1.4 million metric tonnes total yearly demand.
Reacting to the development, the spokesperson of the Independent Petroleum Marketers Association of Nigeria, Chinedu Ukadike, said in an interview that the marginal drop in the price of LPG is expected following the reduction in the price of petrol.
According to him, alternative energy sources in the country’s downstream sector have impacted the price of competing products.
“When the petrol price was high, liquefied petroleum gas was used as an alternative to fuel for some generators.
“Now that the price of petrol is going down, the LPG marketers and producers have dropped their prices in line with the international factor and exchange rate.
“The alternative choice of energy in the downstream sector has impacted the prices of competing petroleum products. The pricing of petroleum products affects the behaviours of consumers.
“That is the beauty of deregulation.
“The price may drop further in the coming month depending on the international and domestic market matrix,” he said.
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