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FCCPC files charges against MultiChoice over price hike

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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.

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WEF could appoint Lagarde as its next chair, sources say

The WEF’s Board of Trustees, which includes Lagarde herself, was due to meet on November 2 and could elect her as its next chair, said the people close to the organisation, who spoke on condition of anonymity due to the sensitivity of ⁠the matter.

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•European Central Bank President Christine Lagarde

The World Economic Forum could appoint Christine Lagarde as its next chair as soon as next month, four people close to the organisation told Reuters, meaning she would step down early as European Central Bank chief and trigger a wider ‌reshuffle at the top of the ECB.Lagarde’s ECB term is scheduled to end in October 2027.

Leaving early would give European Union leaders a chance to pick a new ECB President before France’s spring presidential election, which opinion polls suggest the far-right could win, and could pave the way for a deal involving two other senior ECB roles.

The WEF’s Board of Trustees, which includes Lagarde herself, was due to meet on November 2 and could elect her as its next chair, said the people close to the organisation, who spoke on condition of anonymity due to the sensitivity of ⁠the matter.

No final decision has been taken yet, they said.

A spokesperson for the WEF said the forum could not confirm when the next full Board of Trustees meeting would take place, but that the aim was to hold one before the end of the year.

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Germany plans tax on sugary drinks

The tax is expected to generate additional revenue for the federal government of €690 million in 2027 and €925 million in 2028.

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The German cabinet has approved draft legislation to tax sugary drinks in Europe’s biggest economy.

If passed by the German Bundestag, the tax will take effect on 1 July 2027.

The coalition aims to raise revenue for the federal budget while encouraging manufacturers to reduce sugar content and offer healthier products.

The levy is intended to ease pressure on the healthcare system, which faces costs of more than €2 billion every year linked to the high consumption of sugary drinks, which contributes to obesity, diabetes and tooth decay.

According to the federal government, Berlin is using the tax to implement “what associations from the fields of health, science, child protection, and consumer protection have long been demanding.”

The tax is expected to generate additional revenue for the federal government of €690 million in 2027 and €925 million in 2028.

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Naira Exchange Rates For Thursday, October 15

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BLACK (PARALLEL) MARKET RATES

₦1370 DOLLAR (USD

₦1800 POUND (GBP)

₦1500 EURO (EUR)

₦970 CANADIAN DOLLAR (CAD)

₦65 SOUTH AFRICAN RAND (ZAR)

₦350 UAE DIRHAM (AED)

₦190YUAN (CNY)

₦2300CFA F.(XOF)

₦2200CFA F.(XAF)

₦850AUSSIE (AUD)SELL₦1000

Official CBN Exchange Rates

DOLLAR (USD)₦1332.59

POUND (GBP)₦1765.55

EURO (EUR)₦1491.57

SWISS FRANC (CHF)₦1590.77

JAPANESE YEN (JPN)₦8.39

CFA FRANC (XOF)₦2.27

WEST AFRICAN UNIT OF ACCOUNT (WAUA)₦1802.33

CHINESE YUAN (CNY)₦199.10

SAUDI RIYAL (SAR)₦354.92

SOUTH AFRICAN RAND (ZAR)₦80.37

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