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
Enugu Air Begins London Gatwick flights From December 10, 2026
The Enugu State-owned airline will use an Airbus A330-200 leased from Portugal-based EuroAtlantic under an Aircraft, Crew, Maintenance and Insurance (ACMI) arrangement.
Enugu Air will begin direct flights to London Gatwick on December 10, 2026, with four services weekly.
Tickets are already available for booking.
The Enugu State-owned airline will use an Airbus A330-200 leased from Portugal-based EuroAtlantic under an Aircraft, Crew, Maintenance and Insurance (ACMI) arrangement.
The service is being delivered through a strategic partnership with Omni-Blu Aviation (OBA).
The airline said the service will improve international travel connectivity for passengers departing from Lagos, Enugu and other parts of Nigeria.
Passengers from Enugu will be able to begin their international journey to London from their home airport, Akanu Ibiam International Airport.
The four weekly flights are expected to give travellers greater flexibility between Nigeria and the United Kingdom.
Enugu Air Chief Executive Officer Captain Tolu Ita said: “The commencement of our London Gatwick service reflects our commitment to expanding international connectivity and the vision of His Excellency, Governor Peter Mbah, to connect Enugu to more opportunities across the world.”
He added: “Of particular importance is ensuring that passengers from Enugu can begin their international journey to London from their home airport, Akanu Ibiam International Airport. We are proud to make the journey from Enugu to London Gatwick a reality for our passengers.”
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Business
NNPCL wants to sell 10% equity via IPO on NGX, LSE
NNPC is expected to spend at least the whole of 2027 preparing for the proposed offering, with the listing primarily intended to strengthen corporate transparency and governance in line with Nigerian law.
The Nigerian National Petroleum Company Limited (NNPC Ltd.) is considering selling between 5% and 10% of its equity through a potential initial public offering (IPO), with the proposed listing expected to focus primarily on Nigeria’s domestic capital market.
The Group Chief Executive Officer of NNPC Ltd., Bashir Bayo Ojulari, disclosed this in an interview with Reuters on Tuesday, November 3, 2026, adding that the company could also pursue a secondary listing in London or New York.
The disclosure comes shortly after the Dangote Petroleum Refinery’s IPO closed on October 27, following a two-week extension of its subscription period from the initial October 13 deadline.
NNPC is expected to spend at least the whole of 2027 preparing for the proposed offering, with the listing primarily intended to strengthen corporate transparency and governance in line with Nigerian law.
Ojulari indicated that raising additional capital would be a secondary consideration rather than the main reason for going public.
The company is also considering listing some of its subsidiaries separately, following a model adopted by Abu Dhabi National Oil Company (ADNOC), the United Arab Emirates’ state-owned oil company.
Beyond the potential IPO, Ojulari disclosed that Chinese companies have expressed interest in acquiring equity stakes in some of NNPC’s smaller refineries, particularly the Port Harcourt and Warri facilities, which require substantial rehabilitation.
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