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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.

Business

Elumelu Abruptly Ends UNGA Visit Following Afriland Tower Fire

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The Chairman of Afriland Properties Plc, Mr. Tony Elumelu, has abruptly ended his trip to New York for the ongoing United Nations General Assembly (UNGA) following a devastating fire at Afriland Towers in Lagos that claimed the lives of several staff members.

In a statement released on Wednesday, Elumelu expressed profound sorrow over the incident, describing the loss as heartbreaking for the Afriland family.

He wrote, “I am shattered by yesterday’s devastating incident at Afriland Towers, that took the lives of our dear colleagues. No words can capture the magnitude of this loss – not for their families who loved them, not for the friends who valued them, and not for those of us who worked beside them.”

Elumelu revealed that he was en route to New York when he received news of the tragedy, prompting his immediate return to Lagos as a mark of respect to the departed staff.

“As we navigate this grief, I urge you all to reach out to those who are receiving care. In the coming days, we will convene colleagues in a memorial to honour the memories of the departed, as we provide support to their families,” he added.

He also thanked emergency responders, first aid workers, and members of the public for their swift and compassionate response to the disaster.

To honour the victims, a minute of silence will be observed at 12:00 noon on Wednesday across all companies within the Tony Elumelu Group.

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CBN Mandates Banks to Announce Successor MD Three Months Ahead

The CBN warned that leadership uncertainty at large banks could destabilise the entire financial sector and damage the wider economy.

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The Central Bank of Nigeria (CBN) has issued a new directive mandating all Domestic Systemically Important Banks (DSIBs) to publicly announce the appointment of a new Managing Director/Chief Executive Officer (MD/CEO) at least three months before the scheduled exit of the incumbent.

In a circular signed by Dr Rita Sike, Director of Financial Policy and Regulation, and published on the CBN’s website, the bank stated that the new rules apply to Domestic Systemically Important Banks (DSIBs) – the largest lenders that are considered “too big to fail” because of their size and importance to Nigeria’s financial system.“

Consequently, and in line with good corporate governance practice, each DSIB is hereby required to: ensure it obtains regulatory approval for the appointment of a successor Managing Director not later than six months to the expiration of the tenor of the incumbent MD/CEO,” the circular stated.

Banks must also “publicly announce the appointment of the successor MD/CEO not later than three months to the planned exit of the incumbent MD/CEO.”

Whilst stating that the move is part of broader efforts to strengthen corporate governance and maintain confidence in the financial system, the CBN warned that leadership uncertainty at large banks could destabilise the entire financial sector and damage the wider economy.

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Nigeria is gradually regaining macroeconomic stability – CPPE

Dr Yusuf listed food and alcoholic beverages, restaurants and accommodation services, as well as transport and high energy costs, as key drivers of inflation in the country.

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Dr Muda Yusuf, the Chief Executive Officer (CEO) ,Centre for the Promotion of Private Enterprise (CPPE), declared that Nigeria is gradually regaining macroeconomic stability.

He referenced the downward trend of headline inflation rate for the fifth consecutive month, reaching 20.12 percent in August 2025 from July’s 21.88 percent.

Dr Yusuf made the above comments in response to the data from the National Bureau of Statistics (NBS) for the period under review .

Dr Yusuf listed food and alcoholic beverages, restaurants and accommodation services, as well as transport and high energy costs, as key drivers of inflation in the country.

According to Yusuf the 20.12 percent recorded in August represents a notable 1.76 percentage point decline from July’s 21.88 per cent.

Month-on-month inflation also slowed sharply, with prices rising by just 0.74 percent in August compared to 1.99 per cent in July.

” This sustained moderation in inflation suggests that Nigeria is gradually regaining macroeconomic stability,” he said.

“However, consumer confidence remains fragile due to persistently high food prices and weak purchasing power. Despite this, consumer pessimism is gradually easing, suggesting that households are beginning to adjust their expectations as inflation slows.

“Several factors have contributed to the continued deceleration in inflation, including base effects from the unusually high inflation rates recorded in 2024, FX stabilisation and improved agricultural production from sub-national government interventions, which have helped boost food supply and contain price spikes,” he said.

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