Business
FCCPC files charges against MultiChoice over price hike
The Federal Competition and Consumer Protection Commission has filed charges against MultiChoice Nigeria Limited and its Chief Executive Officer, John Ugbe, for defying regulatory directives to suspend a subscription price hike.
FCCPC’s Director of Corporate Affairs, Ondaje Ijagwu, disclosed this in a statement on Wednesday.
On February 27, the FCCPC directed MultiChoice to suspend its planned price increase for DStv and GOtv services pending the conclusion of an investigation into the hike.
However, the company went ahead with the price adjustments on March 1, disregarding the directive.
The regulator said the charges, filed at the Federal High Court in Lagos, were based on three counts: obstructing the Commission’s inquiry, failing to comply with directives, and attempting to mislead the regulatory body.
Part of the statement reads, “Following the blatant disregard for regulatory oversight, the FCCPC has filed charges against MultiChoice Nigeria and John Ugbe at the Federal High Court, Lagos Judicial Division, on three counts of offences under the FCCPA 2018.
“Specifically for willfully obstructing the Commission’s inquiry by implementing a price hike contrary to directives (Section 33(4)), impeding the ongoing investigation by ignoring instructions to suspend the hike (Section 110), and attempting to mislead the Commission by proceeding with the increase without objection (Section 159(2), punishable under Section 159(4)(a) and (b)).”
The Commission described MultiChoice’s actions as a deliberate attempt to undermine regulatory authority, disrupt market fairness, and deny Nigerian consumers the protection guaranteed under the law.
“By disregarding the FCCPC’s directive and implementing the price hike before appearing before the Commission’s investigative hearing on March 6, 2025, MultiChoice has not only flouted regulatory processes but also demonstrated a pattern of conduct that undermines consumer rights and fair competition,” the statement added.
In addition to the legal action, the FCCPC said it is considering further enforcement measures, including sanctions and regulatory interventions, to ensure compliance and accountability.
MultiChoice had earlier informed customers of the impending price review, set to take effect on March 1, 2025, attributing the adjustment to rising costs of delivering premium content.
According to the notice titled “Price Adjustments for DStv and GOtv Packages,” the company said, “Dear Customer, please note that effective March 1, 2025, there will be a price adjustment on all DStv packages.
This is to enable us to continue offering our customers world-class homegrown and international content, delivered through the best technology.
”While the Compact Plus and Premium bouquets will remain at N30,000 and N44,500, respectively, the DStv Compact package is among the subscriptions expected to be affected by the price increase.
Business
Africa’s Top Five Strongest Currencies
Tunisia continues to lead as Africa’s strongest currency. The Tunisian Dinar’s strength is largely supported by strict exchange control measures and inflation management, even amid ongoing political and economic challenges
According to the Forbes currency calculator, the following are the five strongest African currencies as of October 2026 against the US Dollar.
5. Botswana – Botswana Pula (BWP) Exchange Rate: 13.76 BWP per USD
The Botswana Pula stands out as one of Sub-Saharan Africa’s strongest currencies. Sound governance, effective fiscal policies, and a balanced reliance on diamond exports have helped maintain its strength.
4. Ghana – Ghanaian Cedi (GHS) Exchange Rate: 11.58 GHS per USD While the Ghanaian Cedi has been volatile, recent economic reforms and IMF support have introduced some stability. Government initiatives to rein in inflation and manage public debt are beginning to yield positive outcomes.
3. Morocco – Moroccan Dirham (MAD) Exchange Rate: 9.81 MAD per USD
The Moroccan Dirham benefits from the country’s stable macroeconomic policies, economic diversification, and prudent monetary governance. Morocco’s growing appeal to foreign investors, especially in renewable energy, also bolsters its currency.
2. Libya – Libyan Dinar (LYD)Exchange Rate: 6.39 LYD per USD
Despite years of political unrest, the Libyan Dinar remains notably strong. This resilience largely stems from Libya’s abundant oil reserves, which generate substantial foreign exchange revenue.
- 1. Tunisia – Tunisian Dinar (TND)Exchange Rate: 2.98 TND per USD
- Tunisia continues to lead as Africa’s strongest currency. The Tunisian Dinar’s strength is largely supported by strict exchange control measures and inflation management, even amid ongoing political and economic challenges
PARALLEL MARKET RATES
₦1382 DOLLAR (USD)
₦1815POUND (GBP)
₦1515EURO (EUR)
₦970DOLLAR (CAD)
₦65RAND (ZAR)
₦350DIRHAM (AED)
₦190YUAN (CNY)
₦100G.CEDI (GHS)
₦2300CFA F.(XOF)
₦2200CFA F.(XAF)
₦850AUSSIE (AUD)
OFFICIAL CBN EXCHANGE RATES
DOLLAR (USD)₦1346.26
POUND (GBP)₦1803.58
EURO (EUR)₦1503.23
SWISS FRANC (CHF)₦1634.20
JAPANESE YEN (JPN)₦8.56
CFA FRANC (XOF)₦2.28
WEST AFRICAN UNIT OF ACCOUNT (WAUA)₦1821.09
CHINESE YUAN (CNY)₦202.35
SAUDI RIYAL (SAR)₦358.71
SOUTH AFRICAN RAND (ZAR)₦80.67
Business
African Energy Bank Headquarters Operation in Nigeria
The $5bn financial institution is designed to fund oil, gas and other energy projects across Africa as traditional international lenders reduce financing for fossil fuel investments.
Pic:L-R: Sen. Heineken Lokpobiri, Hon. Minister for State Petroleum Resources (Oil), Federal Government of Nigeria, Dr. George Elombi, President and Chairman of the Board of Directors at Afreximbank and Hon Mamadou Sangafowa-Coulibaly, Minister of Mines, Petroleum and Energy of Côte d’Ivoire during the first General Meeting of the Africa Energy Bank in Abuja, Nigeria.
African Export-Import Bank and the African Petroleum Producers’ Organisation have formally announced the establishment of the Africa Energy Bank (AEB).
The $5bn financial institution is designed to fund oil, gas and other energy projects across Africa as traditional international lenders reduce financing for fossil fuel investments.
The announcement was made during the AEB’s inaugural general meeting held in Abuja, Nigeria, on 31 October 2026.
The bank will provide financing for petroleum exploration, production, transportation, refining and distribution, while supporting Africa’s efforts to reduce dependence on imported petroleum products.
Afreximbank and APPO estimated the continent’s energy investment requirements at `$200bn, indicating a substantial funding gap that the new institution is expected to help address.
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