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.
Business
Data Centers Attract $270bn Investments in 2025 — Unctad
France, the United States and the Republic of Korea led as host countries, while emerging markets such as Brazil, India, Thailand and Malaysia also attracted major projects.
Image credit : Unctad
UN Trade and Development has reported that out of $1.6 trillion global foreign direct investment (FDI) in 2025, data centres attracted more than one fifth of global greenfield projects, with announced investment exceeding $270 billion.
In the report published this week on its website, Unctad, said that the demand for data centers investment was driven by AI infrastructure and digital networks.
The report reads:
” France, the United States and the Republic of Korea led as host countries, while emerging markets such as Brazil, India, Thailand and Malaysia also attracted major projects.
Similarly, the value of newly announced semiconductor projects rose by 35%.
By contrast, project numbers fell sharply by 25% in tariff-exposed, global value chain-intensive sectors.
Textiles, electronics and machinery were particularly affected.
While investment in technology-driven, capital-intensive projects lifts overall FDI figures, flows remain highly concentrated and generate limited spillovers.
Policies should aim to link digital infrastructure investment more closely to skills development, innovation systems and local value creation.
Seplat Energy Plc has appointed Tony O. Elumelu, the renowned Nigerian businessman and chairman of Heirs Holdings and United Bank for Africa (UBA), as a Non-Executive Director on its board with effect from January 22, 2026.
The appointment comes shortly after Elumelu’s investment entities, Heirs Holdings Limited and Heirs Energies Limited, acquired a 20.07% stake in Seplat Energy from French oil company Maurel & Prom (M&P) in a December 2025 transaction valued at approximately $500 million.
The deal positioned Heirs as the company’s largest single shareholder.In a related board change, Seplat announced the resignation of Mr. Olivier Cleret De Langavant, who had represented M&P as a Non-Executive Director since January 2020.
Both the appointment and resignation were disclosed in a filing to the Nigerian Exchange Limited.
Elumelu brings deep expertise in energy, banking, power generation, and pan-African investments.
His entry to the board is widely seen as a strategic move to support Seplat’s long-term growth ambitions and further strengthen indigenous participation in Nigeria’s upstream oil and gas industry.
The leadership transition underscores Seplat Energy’s evolving ownership structure and its continued focus on operational excellence and value creation in Africa’s energy sector.
The Economic and Financial Crimes Commission (EFCC) has called on Moniepoint, a prominent Nigerian fintech platform, to improve its regulatory compliance standards and reinforce its Know Your Customer (KYC) procedures.
EFCC Chairman Ola Olukoyede made the appeal during a recent meeting with Moniepoint’s leadership team. He highlighted the vital role that strong KYC processes play in detecting and preventing fraud, money laundering, and other illicit financial activities, while protecting the overall integrity of the financial system.
The chairman reportedly stressed that full adherence to existing regulations is mandatory for all fintech operators. He encouraged Moniepoint to exceed the baseline requirements set by the Central Bank of Nigeria (CBN) by putting in place more rigorous internal controls and enhanced due diligence measures to ensure only legitimate customers access its services.
This directive is part of wider regulatory attention on Nigeria’s fintech industry. It follows previous enforcement actions, including the CBN’s imposition of ₦1 billion fines on Moniepoint and several other digital payment providers in 2024 for identified compliance gaps.
Those incidents also led to temporary restrictions on new customer onboarding for some platforms.
In response, Moniepoint has stated its commitment to further strengthening internal controls and upholding the highest standards of compliance in order to deliver secure and transparent financial services to its users.
The EFCC’s position reflects the Nigerian authorities’ continued efforts to tighten supervision of digital financial platforms amid growing concerns over financial crime and illicit flows in the sector.
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