Business
DStv Subscription: Court dismisses MultiChoice suit against FCCPC
The Federal High Court in Abuja has dismissed a suit filed by MultiChoice Nigeria, the parent company of DStv and GOtv, challenging the Federal Competition and Consumer Protection Commission’s (FCCPC) intervention following a recent hike in subscription cost.
In the judgment, Justice James Omotoso ruled that the suit constituted an abuse of court process as similar proceedings were already pending elsewhere.
The judge stressed that MultiChoice should have pursued its arguments in that court. He said if that was done it would have rendered the suit at the Federal High Court procedurally inappropriate.
Justice Omotoso noted that while the Commission has investigative powers under its establishing Act, it, however, lacks the authority to fix or suspend prices unless as delegated by the President through a gazetted instrument. No such delegation was presented to the court.
“The power to fix prices is exclusively that of the President. Any decision taken without such delegation is a nullity,” the judge stated.
He added that because Nigeria operates a free market system, service providers like MultiChoice have the right to set their prices, with consumers free to accept or reject them.
The judge further ruled that FCCPC’s actions, including directing MultiChoice to suspend its price increase, is in breach of the company’s right to fair hearing and appeared selectively targeted.
He dismissed the FCCPC’s claim that MultiChoice held a dominant market position, calling the argument untenable.
“The use of services like those provided by the plaintiff is discretionary and not essential. Nigeria can do without it,” Justice Omotosho added.
The judge thereby warned that attempts to fix prices by regulatory bodies could scare off potential investors and harm the economy.
The court held that while the FCCPC may investigate market practices, it cannot impose price controls without proper legal backing.
MultiChoice had increased subscription rates by up to 25% on March 1, 2025, citing inflation and the attendant rose in operational cost.
Following public outcry, the FCCPC opposed the move, calling for regulatory review and threatening sanctions, prompting the lawsuit.
The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has retained the Monetary Policy Rate (MPR) at 26.5 per cent, maintaining the current stance after its two-day meeting that ended on Wednesday, May 20, 2026.
CBN Governor Olayemi Cardoso announced the decision, noting that the committee voted unanimously to hold all key parameters unchanged. The asymmetric corridor around the MPR remains at +500/-450 basis points, the Cash Reserve Ratio (CRR) stays at 45 per cent for commercial banks and 16 per cent for merchant banks, while the liquidity ratio is retained at 30 per cent.
The hold comes as headline inflation rose for a second consecutive month to 15.69 per cent in April 2026, up from previous levels, driven largely by food inflation at 16.06 per cent and higher transportation costs. Cardoso emphasised the need for a cautious and vigilant approach to anchor inflation expectations and safeguard macroeconomic stability.
This decision aligns with analysts’ expectations ahead of the 305th MPC meeting and follows the first rate cut in years implemented in February 2026, when the MPR was reduced by 50 basis points to the current 26.5 per cent.
The CBN Governor highlighted ongoing reforms, exchange rate stability, and efforts to improve food supply as factors supporting the disinflation process, even as global and domestic risks persist. The next MPC meeting is expected in July.
The retention signals the apex bank’s priority on taming inflation while monitoring the impact of previous policy actions on the broader economy.
Business
South African pension fund expresses interest in Dangote IPO
Dangote Group , in a statement shared on its official X handle, underscored increasing attention from African institutional investors towards projects considered critical to strengthening energy security, industrial capacity, food systems and regional economic resilience across the continent.
Photo: Aliko Dangote address representatives of South African pension fund, Tuesday May 19, 2026.
Representatives of South Africa’s Government Employees Pension Fund (GEPF) and the Public Investment Corporation (PIC) visited yesterday the Dangote Petroleum Refinery & Petrochemicals and Dangote Fertiliser Limited , and expressed interest in the upcoming Dangote IPO.
The planned IPO is expected to involve the sale of about 10 percent equity in the refinery through what the Dangote Group has described as a pan-African public offering.
Dangote Group , in a statement shared on its official X handle, underscored increasing attention from African institutional investors towards projects considered critical to strengthening energy security, industrial capacity, food systems and regional economic resilience across the continent.
According to the company, African investors and institutions are increasingly looking inward to support large-scale infrastructure projects capable of driving sustainable economic growth and accelerating industrial transformation across the region.
The engagement also comes as the refinery moves closer to its planned Initial Public Offering (IPO), which is expected to open up ownership of the facility to a broader pool of investors across Africa.
The company noted that ongoing engagements with major institutional investors reflect growing recognition of strategic infrastructure as a key driver of Africa’s long-term economic transformation and industrial expansion.
Business
NRS Enforces Unified Tax ID system for all taxable persons in Nigeria
In addition, NRS said that the Tax ID framework would harmonise taxpayer information across all levels of government.
Nigeria Revenue Service (NRS), in collaboration with the Joint Revenue Board (JRB) commences the implementation of a new Taxpayer Identification (Tax ID) system for all taxable persons in Nigeria.
The agency announced this via a public notice issued on Monday.
NRS said that the initiative is in line with Sections 6, 7 and 8 of the Nigeria Tax Administration Act, 2025, which mandate every taxable person in the country to obtain a Tax ID.
The agency explains that taxpayers will now operate with a single tax identity for all tax-related transactions and engagements across the country.
The NRS added that the initiative would simplify tax compliance processes, including registration, tax filing, and payment procedures.
It also noted that the system would improve transparency by enabling better visibility and tracking of taxpayer records while reducing leakages and improving accountability in tax collection.
In addition, NRS said that the Tax ID framework would harmonise taxpayer information across all levels of government.
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