Business

FCCPC insists on Air Peace investigation over violations

Published

2 years ago

December 5, 2024

568 Views

The Federal Competition and Consumer Protection Commission has insisted that it is investigating Air Peace for allegedly exploiting customers.

FCCPC disclosed this in a statement by its spokesperson, Ondaje Ijagwu, on Thursday.

The Commission was clarifying reports making the round that it is not investigating Air Peace.

However, the FCCPC told Nigerians to disregard the claim as it does not emanate from the Commission.

“The Federal Competition and Consumer Protection Commission (FCCPC) categorically refutes a story entitled “FG not investigating Air Peace—FCCPC” making the rounds on some media platforms, particularly online, which has been falsely attributed to the Commission.

The referenced story, which seems syndicated and sponsored, did not emanate from the FCCPC, and we advise the public to disregard it in its entirety.

The FCCPC stands firmly by its official release dated December 1, 2024, which announced enquiries into widespread consumer complaints in the banking, telecommunications, and aviation sectors.

As stated, Air Peace is one of the entities being engaged to address allegations of exploitative ticket pricing, including significant price hikes for advance bookings on specific domestic routes.

These enquiries, being conducted under the Federal Competition and Consumer Protection Act (FCCPA) 2018, are focused on addressing poor service delivery, exploitative practices, and potential consumer rights violations.

The enquiries are structured engagements aimed at ensuring compliance with regulatory standards, improving transparency, and protecting consumer interests.

“The FCCPC reaffirms that the enquiry into Air Peace commenced as scheduled on December 3, 2024, and remains ongoing.

The Commission is reviewing information and responses being provided by Air Peace and other entities under inquiry.

Appropriate determinations will be made, and necessary actions taken to address any identified violations.

“We urge the public to rely solely on verified communications from the FCCPC,” the Commission stated.

Business

Naira Exchange Rates Thursday, August 27

Today, the Naira Black Market exchange rate for 1 US Dollar is 1405 Naira, while the Central Bank of Nigeria (CBN) sets the official exchange rate for the Nigerian Naira against dollars at N1,343.59.

Published

20 hours ago

August 27, 2026

OCHEFA

17 Views

Today, the Naira Black Market exchange rate for 1 US Dollar is 1405 Naira, while the Central Bank of Nigeria (CBN) sets the official exchange rate for the Naira against dollars at N1,343.59

BLACK MARKET RATES

US Dollar (USD) Buy ₦1,405 Sell ₦1,410

Great British Pound(GBP) Buy ₦1,895 Sell: ₦1,915

EURO (EUR) Buy ₦1,595 Sell ₦1,615

Canadian Dollar (CAD) Buy ₦1,020 Sell ₦1,080

South African Rand (ZAR) Buy ₦75 Sell ₦90

Ghana CEDI (GHS) Buy ₦95 Sell ₦110

West African CFA Buy ₦2, 300 Sell ₦2, 400

CENTRAL AFRICAN CFA Buy ₦2,150 Sell 2,250

CBN Exchange Rates

US Dollar (USD) ₦1,343.59

Great British Pound (GBP) ₦1,827.96

EURO (EUR) ₦1,566.09

Swiss Franc (CHF) ₦1,668.44

Chinese Yuan (CNY) ₦199.87

Japanese Yen (Yen) ₦8.43

West African CFA (XOF) ₦2. 39

West African Unit Account (WAUA) ₦1,847.86

Saudi Riyal (SAR) ₦357.84

South African Rand (ZAR) ₦84.16

Business

Meta U.S. agrees to pay $18bn lawsuits over children’s social media addiction

Meta agreed for the next decade to restrict teenagers’ use of Facebook and Instagram to two hours a day and block all usage from midnight to 6 a.m., absent parental consent.

Published

1 day ago

August 26, 2026

OCHEFA

21 Views

Meta Platforms on Wednesday agreed to make major changes to Facebook and Instagram and pay up to $18 billion to resolve claims by most U.S. states that it designed those platforms to addict children and misled consumers about their safety.

Reuters reported that the settlements end a federal trial that had been one of the highest-profile tests of allegations that social media companies harm children.

It said that while Meta will not undergo a fundamental overhaul, the ‌accords represent a sweeping effort to define how it serves young users.

The focus of this case was to protect our kids,” Colorado Attorney General Phil Weiser said in a statement.

“The relief we are getting in this settlement is very meaningful and well beyond what any court has ordered or is likely to order.”

Meta agreed for the next decade to restrict teenagers’ use of Facebook and Instagram to two hours a day and block all usage from midnight to 6 a.m., absent parental consent.

These limits could be tightened if other social media companies adopt similar terms.

Meta will also enhance measures to prevent children from accessing age-restricted content.

The settlement does not require Meta, which denied wrongdoing in agreeing to settle, to abandon personalized recommendations or targeted advertising.

The total payout represents about three to four months of profit for the Menlo ⁠Park, California-based company.