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
Nigeria To Review Inflation Reporting First Time In 15 years
The agency said the expected spike in December inflation did not reflect actual price movements in the economy but was largely a statistical distortion caused by the rebasing of the Consumer Price Index.
Nigeria’s National Bureau of Statistics (NBS) has announced plans to revise its inflation reporting methodology.
This followed concerns that December’s year-on-year figure may be artificially inflated due to the impact of last year’s rebasing exercise.
The agency said the expected spike in December inflation did not reflect actual price movements in the economy but was largely a statistical distortion caused by the rebasing of the Consumer Price Index.
Reuters reported that the rebasing, the first in 15 years, adopted December 2024 as the index reference point.
Officials explained that the change is likely to exaggerate the year-on-year inflation figure for December without accurately capturing prevailing market trends.
Business
Dangote splashes N15bn on cement distributors, targets 90m tons by 2030
Dangote made this known during an event organised by the Group to celebrate its most loyal Dangote Cement customers, where CNG-powered trucks, SUVs and other items were presented to distributors across various performance categories, including regional awards, growth awards, best distributor in export sales and national awards.
Aliko Dangote, President of the Dangote Group, yesterday, rewarded his cement distributors with gifts valued at about N15 billion.
The group is targeting a cement production capacity of approximately 90 million tonnes by 2030.
Dangote made this known during an event organised by the Group to celebrate its most loyal Dangote Cement customers, where CNG-powered trucks, SUVs and other items were presented to distributors across various performance categories, including regional awards, growth awards, best distributor in export sales and national awards.
According to him, the cement expansion drive forms part of the group’s newly launched Vision 2030 strategy, which is aimed at positioning the conglomerate as a $100 billion enterprise by the end of the decade through industrial expansion and cross-border investments.
“Under this vision, we have actually signed an agreement.
But before even signing the agreement, the target that we have, our cement company, will end up being at 90 million tons by 2030 means that we are 50 per cent more than the entire production of Saudi Arabia,” Dangote said.
He said the group has also signed an agreement to expand its petroleum refinery from 650,000 barrels per day to 1.4 million barrels per day, adding that construction work would commence immediately.
Business
Nigeria, UAE scrap tariffs on over 13,000 goods
Dr Oduwole said that the tariffs removal was part of a new trade pact aimed at expanding market access for Nigerian goods, businesses, and professionals, under the Nigeria–UAE Comprehensive Economic Partnership Agreement signed in January 2026.
•Dr Jumoke Oduwole
Nigeria and the United Arab Emirates have signed an agreement to eliminate tariffs on 13,000 manufactured products.
Dr Jumoke Oduwole, Nigeria’s Minister of Industry, Trade, and Investment disclosed this, saying that while the Federal Government has eliminated tariffs on 6,243 products imported from the UAE , they have removed tariffs on 7,315 products imported from Nigeria.
Dr Oduwole said that the tariffs removal was part of a new trade pact aimed at expanding market access for Nigerian goods, businesses, and professionals, under the Nigeria–UAE Comprehensive Economic Partnership Agreement signed in January 2026.
Under the agreement, Nigeria will immediately remove tariffs on 3,949 products, representing 63.3 per cent of the total, while phasing out tariffs on 2,294 products over five years. Nigeria excluded 123 products from tariff liberalisation.
On its part, the UAE will immediately eliminate tariffs on 2,805 products, representing 38.3 per cent of the total, remove tariffs on 1,468 products within three years, and on 3,042 products within five years.
The UAE excluded or prohibited 593 products.
SHOCKING: Atiku’s Son Abba defects to APC, Pledges Support For Tinubu’s 2027 Re-election
Tinubu Commends Rema, Burna Boy, Shallipopi, Other Nigerian Stars as Nigeria Dominates 9th AFRIMA
Armed Forces Celebration and Remembrance Day 2026, in picture
Tech Expert, Zuckerberg trains with UFC champions, Adesanya, Alexander
Organ Trafficking: Ekweremadu bags 10 years in UK prison
SAINT OBI: Between his marriage and his death
-
News3 days agoAkran of Badagry’s burial rites begin with restrictions on movement
-
Politics2 days agoBreaking News: FHC Sacks Wole Oluyede, Ekiti PDP flag bearer
-
News2 days agoInsurgency: US Military supplies Nigeria with weapons to combat terrorism
-
News2 days agoUPDATE: Edo State Government Moves to Release 52 Ambrose Alli University Students Arrested Amid Ekpoma Protest
-
Sports3 days agoAFCON 2025: Osimhen to captain Super Eagles against Morocco
-
News3 days agoSokoto community empty as Bello Turji plans attack
-
Sports3 days agoAFCON 2025: Ghanaian Daniel Laryea is Nigeria–Morocco semi-final Referee
-
News2 days agoNELFUND releases N161.97bn student loans to more than 864,000 students