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.
Polaris Bank has strongly dismissed as false and misleading social media reports claiming that over 34 people died in a fire incident at its Broad Street branch on Lagos Island.
In an official statement, the bank confirmed that there were no casualties or fatalities recorded during the Thursday fire outbreak.
“The reports claiming that over 34 persons were feared dead are false and misleading. We confirm that there were no casualties or fatalities,” the bank stated.
The fire, which reportedly started from a vehicle in the building’s parking area, was swiftly contained by the Lagos State Fire Service with minimal damage to the facility. Operations at the branch are expected to resume normally soon.
The bank urged the public to rely on verified official information and disregard unconfirmed rumours circulating on social media.
This incident follows heightened public sensitivity to fire outbreaks in Lagos following previous tragic events in the area. Authorities have not yet disclosed the exact cause of the fire, but investigations are ongoing.
Business
Naira Exchange Rates To Foreign currencies Friday, June 19
Today, the Naira is exchanging at the official market at US DOLLAR (USD) ₦1,363. 30 , while the Black Market rate goes for ₦1, 400
Official CBN Exchange Rates
US DOLLAR (USD) ₦1,363. 30
GREAT BRITISH POUND (GBP) ₦1,805. 70
EURO (EUR) ₦1,563. 07
SWISS FRANC (CHF) ₦1, 697. 97
JAPANESE YEN (JPN) ₦8.47
CHINESE YUAN (CNY) ₦201. 22
WEST AFRICAN CFA (XOF) ₦2.40
WEST AFRICAN UNIT ACCOUNT (WAUA) ₦1,858.07
SAUDI RIYAL (SAR) ₦363.22
SOUTH AFRICAN RAND (ZAR) ₦83.08
BLACK MARKET RATES
US DOLLAR (USD) Buy ₦1, 400 Sell ₦1,407
GREAT BRITISH POUND (GBP) Buy ₦1,870 Sell: ₦1,890
EURO (EUR) Buy ₦1, 590 Sell ₦1, 610
CANADIAN DOLLAR (CAD) Buy ₦1,030 Sell ₦1,100
SOUTH AFRICAN RAND (ZAR) Buy ₦75 Sell ₦90
UAE DIRHAM Buy ₦350 Sell ₦370
CHINESE YUAN Buy ₦180 Sell ₦200
GHANA CEDI (GHS) Buy ₦95 Sell ₦110
WEST AFRICAN CFA Buy ₦2, 380 Sell ₦2, 460
CENTRAL AFRICAN CFA Buy ₦2, 220 Sell 2,300
AUSTRALIAN DOLLAR Buy ₦800 Sell ₦900
Business
FG Releases Tax Act 2025 Transition Guidelines
The Guidelines are intended to promote uniform implementation and support effective administration across the Nigeria Revenue Service, State Internal Revenue Services, the FCT Internal Revenue Service, Local Government Revenue Committees, tax practitioners and taxpayers nationwide.
• Minister of Finance and Coordinating Minister of the Economy, Mr. Taiwo Oyedele.
The Federal Government has issued the General Guidelines for the implementation of the Tax Acts 2025, setting out the process for transition from the repealed tax laws to the new tax framework effective from January 1, 2026.
Issued by the Federal Ministry of Finance, the Guidelines provide direction to taxpayers, tax practitioners, revenue authorities and other stakeholders on how to address various issues arising from the old regime to the new framework.
Under the Guidelines, the Tax Acts 2025 comprising the Nigeria Revenue Service (Establishment) Act, the Nigeria Tax Act, the Nigeria Tax Administration Act, and the Joint Revenue Board (Establishment) Act apply from the respective commencement dates as enacted in each law. In particular, January 1, 2026 for the Nigeria Tax Act, 2025.
Tax liabilities, assessments, audits, investigations, disputes and enforcement actions relating to periods before that date will be treated under the repealed tax laws.
Tax returns relating to accounting periods ending before January 1, 2026, will be filed under the previous tax laws, while returns falling due from January 1, 2026, onward will be administered under the new tax framework.
The document also covers the treatment of income taxes, transaction taxes, development levies, tax incentives, exemptions, record-keeping obligations and transactions that span both the old and new tax regimes.
Existing tax incentives and exemptions granted under the repealed laws will remain in place until their expiration dates. New applications and pending requests, however, will be considered under the provisions of the Tax Acts 2025.
Speaking on the release of the Guidelines, the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Taiwo Oyedele, said that the document provides a framework for managing transitional issues while ensuring that the new laws are not applied retrospectively.
He described the Tax Acts 2025 as a significant milestone in Nigeria’s tax reform programme, noting that the Guidelines set out how existing obligations, ongoing matters and future transactions will be treated under the new regime.
According to the Minister, the Guidelines are anchored on three key principles – clarity, fairness and administrative certainty.
The Guidelines are intended to promote uniform implementation and support effective administration across the Nigeria Revenue Service, State Internal Revenue Services, the FCT Internal Revenue Service, Local Government Revenue Committees, tax practitioners and taxpayers nationwide.
The Government reaffirmed its commitment to building a transparent, efficient and modern tax system that supports economic growth, strengthens revenue administration, encourages voluntary compliance and improves Nigeria’s investment climate.
LAAF Honors Sanwo-Olu, 41 Others for Advancing Men’s Mental Health
BREAKING: INEC Declares APC’s Biodun Oyebanji Winner of 2026 Ekiti Governorship Election
Tinubu Extends Tenure of Customs Boss Adeniyi by Six Months
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
-
Crime2 days agoCourt Jails Mother, Sister of Slain Terror Kingpin Battujo for 40 Years
-
Business2 days agoUPDATE : Polaris Bank Debunks Reports of 34 Deaths in Lagos Branch Fire
-
International2 days agoRussia Receives Nigeria’s New Ambassador, Pledges Stronger Bilateral Ties
-
Crime2 days agoEFCC Arrests Nigerian-American Over N434m Vehicle Import Fraud
-
News2 days agoIGP Disu Appoints CSP Anietie Iniedu As New Force PRO
-
News3 days agoIPOB Directorate Suspends Nnamdi Kanu as Leader and Director of Radio Biafra Indefinitely
-
News2 days agoJUST IN: FG to Embed Journalists with Troops During Military Operations
-
Business2 days agoNaira Exchange Rates To Foreign currencies Friday, June 19