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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.

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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.

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CBN: 60 newly recruits staff laments three years of waiting without engagement

The concerned staff appealed to the CBN Governor, President Bola Tinubu, and other stakeholders to look into their plights, as economic hardship has taken a toll on them after about three years of leaving their jobs.

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• CBN Governor, Olayemi Cardoso

A group of newly recruited staff of the Central Bank of Nigeria (CBN) have cried out over delayed posting and onboarding into various positions since August 28, 2023.

The Guardian reported that according to the employees, the Apex Bank issued the offer, which was followed by an acceptance copy and instructions to resign from their previous places of work, where applicable, as part of documentation.

“We all tendered resignation letters to our former employers at that time to enable us to proceed with the CBN process,” one of the affected employees, Emmanuel Linus Dabo, who spoke on behalf of others,, told newsmen on Monday.

According to him, the application process started in April 2023, where their resumé were submitted to the Headquarters of CBN, and after some time, they received emails from the Human Resources Department for interview and aptitude tests.

“We did a medical examination at the bank’s medical clinic, where a code was given to individual applicants before we could access the hospital.

After the interview and medical and aptitude tests, the successful applicants were contacted by the HR manager to come to CBN Headquarters in Abuja to pick up their offer letter. We filled the acceptance letter without delay,” he said.

He further stated that there was a series of e-mails from the Human Resources office requesting that they forward their credentials for the online documentation, including their acknowledged resignation letters from their previous employers…

The concerned staff appealed to the CBN Governor, President Bola Tinubu, and other stakeholders to look into their plights, as economic hardship has taken a toll on them after about three years of leaving their jobs.

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KPMG, NRS settle rifts over new tax laws

In its newsletter on January 9, KPMG said there are “errors, inconsistencies, gaps, omissions, and lacunae” in the new tax laws that require urgent reconsideration to ensure the achievement of their stated objectives.

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KPMG executives and Zaach Adedeji, chairman of the Nigeria Revenue Service (NRS), held a meeting on Monday following the disagreement over the new tax laws.

In its newsletter on January 9, KPMG said there are “errors, inconsistencies, gaps, omissions, and lacunae” in the new tax laws that require urgent reconsideration to ensure the achievement of their stated objectives

However, on January 10, the presidential fiscal policy and tax reforms committee pushed back against KPMG’s critique, noting that KPMG does not understand the laws.

The committee said a significant proportion of the issues described as “errors,” “gaps,” or “omissions” by KPMG are either the firm’s own errors and invalid conclusions, or matters not properly understood by the firm.

In a statement on Monday, the NRS said that Adedeji hosted a courtesy visit from the delegation of the tax advisory firm.

” During the visit, the KPMG team clarified that their earlier opinion on the new tax laws “had been misconstrued and expressed regret over the misunderstanding.

“They sought further clarity on the provisions of the laws and highlighted areas where recommendations could be made.”

The source said that the meeting ended with the delegation commended the NRS chairman for efficiently and promptly implementing the reforms.

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IMF to release January 2026 World Economic Outlook update on Monday

The January WEO Update is expected to provide revised global growth forecasts and insights into inflation trends, monetary policy direction, and key risks facing the global economy in 2026.

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The International Monetary Fund (IMF) will release its January 2026 World Economic Outlook (WEO) Update on Monday, January 19, 2026.

The report will be presented during a press conference hosted at the National Bank of Belgium in Brussels.

The press conference is scheduled for 10:30 a.m. The Brussels time and will be streamed live via the IMF website and Press Centre, allowing journalists to participate both in person and virtually.

The IMF’s economic assessment will be presented by Pierre-Olivier Gourinchas, Economic Counselor and director of the Research Department; Petya Koeva Brooks, deputy director of the Research Department; and Deniz Igan, Division Chief, Research Department.

The January WEO Update is expected to provide revised global growth forecasts and insights into inflation trends, monetary policy direction, and key risks facing the global economy in 2026.

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