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.

Published

1 year ago

April 29, 2025

OCHEFA

581 Views

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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IEA ratifies Nigeria as an Association Country

In response, Nigeria’s Minister of State for Petroleum Resources (Gas) Ekperikpe Ekpo, said : “I am elated with the decision of the IEA Members to officially welcome Nigeria to the IEA Family as an Association country;

Published

2 days ago

July 13, 2026

OCHEFA

46 Views

Photo: Nigerian Minister of State for Petroleum Resources ( Gas) Ekperikpe Ekpo (left) and the IEA Executive Director Fatih Birol, at the event. Credit: IEA

The Governing Board of the International Energy Agency (IEA) has unanimously agreed for Nigeria to join the IEA Family as an Association country.

“I am thrilled that Nigeria is joining the IEA – it is Africa’s most populous country and a major international energy player. Nigeria becoming part of the world’s energy authority marks a milestone for global energy governance. I am very thankful to President Tinubu and Minister Ekpo for their trust in the IEA,” said IEA Executive Director Fatih Birol.

Emphasising that Nigeria is home to over 240 million people and one of Africa’s largest economies, Faith Birol acknowledged that Nigeria is a major producer of oil and natural gas and is one of the continent’s most dynamic renewable energy markets.

“As Nigeria works to strengthen energy security, support economic growth and expand energy access, deeper cooperation with the IEA will bring important benefits for both sides. We look forward to building on our already strong partnership and welcoming Nigeria to the IEA, ” he said

“It is an honour for Nigeria to join this leading energy agency and I will take this opportunity to encourage the African continent to embrace the IEA, as we all work together to achieve key development goals including universal energy access and industrialisation.”

The IEA Governing Board’s decision builds on a strong history of engagement and collaboration between Nigeria and the IEA since 2014.

In September 2025, the IEA, Nigeria’s Minister of Petroleum Resources and the African Energy Commission (AFREC) jointly convened a Regional Roundtable on “Turning Methane Pledges into Action” in Abuja, bringing together energy stakeholders from across the region to advance efforts to reduce methane emissions from the energy sector.

As an Association country, Nigeria and the IEA will work more closely across a wide range of energy issues, including on the Agency’s engagement in sub-Saharan Africa.

Business

Naira Exchange Rates Monday, July 13

Published

3 days ago

July 13, 2026

OCHEFA

59 Views

BLACK MARKET RATES

US DOLLAR (USD) Buy ₦1, 427 Sell ₦1,435

GREAT BRITISH POUND (GBP) Buy ₦1,880 Sell: ₦1,900

EURO (EUR)Buy ₦1, 585 Sell ₦1,605

CANADIAN DOLLAR (CAD) Buy ₦1,020 Sell ₦1,080

SOUTH AFRICAN RAND (ZAR) Buy ₦75 Sell ₦90

UAE DIRHAM Buy ₦350 Sell ₦370 CHINESE YUAN Buy ₦190 Sell ₦205

GHANA CEDI (GHS) Buy ₦95 Sell ₦110

WEST AFRICAN CFA Buy ₦2, 300 Sell ₦2, 400

CENTRAL AFRICAN CFA Buy ₦2,150 Sell 2,250

AUSTRALIAN DOLLAR Buy ₦800 Sell ₦900

CBN OFFICIAL EXCHANGE RATES

US DOLLAR (USD) ₦1,379.62

GREAT BRITISH POUND (GBP) ₦1,850.62

EURO (EUR) ₦1,575.66

SWISS FRANC (CHF) ₦1,707.45

JAPANESE YEN (JPN) ₦8. 52

CHINESE YUAN (CNY) ₦203.56

WEST AFRICAN CFA (XOF) ₦2.40

WEST AFRICAN UNIT ACCOUNT (WAUA) ₦1,871. 05

SAUDI RIYAL (SAR) ₦367.44

SOUTH AFRICAN RAND (ZAR) ₦84.53

Business

BREAKING: Nigeria Surpasses OPEC Quota at 104%, Hits 74-Month Crude Oil Production High

Published

3 days ago

July 12, 2026

Charles Flames

52 Views

Nigeria has recorded a significant milestone in its oil sector, surpassing its OPEC production quota by 4% and achieving its highest crude oil output in nearly six years, according to recent industry data.

The country’s average crude oil production reached approximately 1.53 million barrels per day (bpd) in the latest reported period, exceeding the Organisation of the Petroleum Exporting Countries (OPEC) allocated quota of 1.5 million bpd. This performance marks a strong recovery driven by improved pipeline security, reduced vandalism, and enhanced operational stability across key facilities in the Niger Delta.

Combined with condensates, total output climbed to around 1.7 million bpd, representing the highest level in months and underscoring Nigeria’s position as Africa’s leading oil producer. Industry reports highlight peak daily production hitting as high as 1.86 million bpd during the period, reflecting robust performance with minimal major disruptions.

This achievement ends a prolonged period of underperformance relative to the quota and signals positive momentum in the sector. Month-on-month, production increased by roughly 2.7–2.8%, building on steady gains over recent months. In crude-only terms, the figures represent one of the strongest showings since early 2025.

Stakeholders, including the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and operators like Pipeline Infrastructure Nigeria Limited (PINL), attribute the gains to better collaboration with host communities, enhanced surveillance of critical infrastructure such as the Trans Niger Pipeline, and government reforms aimed at curbing oil theft.

Experts view the development as a boost for government revenues, foreign exchange earnings, and broader economic stability amid ongoing efforts to attract investment and ramp up capacity toward higher targets. Nigeria has historically produced well above 2 million bpd, and officials remain optimistic about further growth.

The news comes as OPEC+ continues phased adjustments to production levels, with Nigeria demonstrating resilience and compliance-plus performance even as the cartel manages global supply dynamics.

Analysts caution that sustaining this trajectory will require continued investment in infrastructure, security, and upstream activities to fully realize the sector’s potential.