Business
FG to fine PoS operators N1m for illegal pricing
The Federal Government, through the Federal Competition and Consumer Protection Commission, has issued a cease-and-desist order to Point of Sale operators from conduct that constitutes an infringement of the law.
This follows the move by PoS operators, under the umbrella of the Association of Mobile Money and Bank Agents in Nigeria, to fix new prices for PoS transactions.
The new pricing model began on July 17, 2023.
According to the commission, PoS operators that are found in violation of the order will pay N10m for corporate entities and N1m and, or, a prison sentence of up to three months for individuals.
The FCCPC, in a statement signed by its Executive Vice Chairman/ Chief Executive Officer, Babatunde Irukera, on Monday, said, “The Commission advises PoS operators that violation of an order of the Commission attracts additional consequences apart from the underlying illegal conduct that is the subject of the order such as up to N10,000,000 for corporate entities; and N1,000,000 and or a prison sentence of up to three months for individuals.”
The commission noted that it has not sought to limit the prerogative of PoS service providers to determine and set prices for services in a manner of their choosing, subject to Section 127 of the Federal Competition and Consumer Protection Act 2018, which prohibits manifestly unjust or exploitative prices.
It stated that it respects and encourages a pricing methodology that is the product of market forces in a free, competitive, and undistorted market. However, it said there is no evidence that the PoS market lacks sufficient players or competition in Lagos or anywhere else.
The commission said, “While the Commission continues to provide consideration to, and for small businesses, enforcing the law must remain non-negotiable.
“Accordingly, the Commission, in escalating this in accordance with the FCCPA and ancillary instruments, has entered an Order & Notice (ONC) of the Commission to AMMBAN, persons identified as executives, members, and non-member PoS operators to Cease and Desist from conduct that constitutes an infringement of the law.”
It said the ONC had been served on AMMBAN. It was also noted that not all members can be personally served or will become aware through service on AMMBAN.
It further stated, “In addition, some persons, such as non-AMMBAN members, may become subject to the ONC. Accordingly, the Commission has, and is by this again publicly disseminating the ONC. Members are however invited to consider sufficiency of service of the ONC under Section 158(4) of the FCCPA which deems such service on their association or executives as adequate and acceptable.”
According to the commission, it had tried the cautious and collaborative approach but has now adopted the ONC to convey its will to enforce the law, including, and up to prosecuting violators and affiliates who may otherwise be statutorily liable for the conduct of a violating company or business.
It added, “In addition to stipulated statutory consequences, although the Commission prefers not to disrupt the business and operations of small enterprises, it will (if it becomes necessary) prohibit merchant services and privileges to PoS operators or AMMBAN members who persist in conduct that is inconsistent with law and economic efficiency.”
Business
Royal African Society marks 125 years of Africa – Britain Businesses
The anniversary featured the Closing of Markets Ceremony and ringing of the exchange’s closing bell, alongside high-level sector discussions, fireside chats, the presentation of philanthropy awards and the unveiling of the Top African Brands in the UK and Top British Brands in Africa.
• Arunma Oteh, Chairperson of the Royal African Society
The Royal African Society has marked 125 years anniversary of Africa and Britain businesses and investments at a ceremony held at the London Stock Exchange.
The Wednesday event brought together the Emir of Kano, Muhammadu Sanusi II; President and Chief Executive Officer of Africa Finance Corporation, Samaila Zubairu; Chief Executive Officer of British International Investment, Leslie Maasdorp; Founder and Chief Executive Officer of Flutterwave, Olugbenga “GB” Agboola; Director and Chief Executive Officer of the Royal African Society, Stella Okotete; and other business, diplomatic and policy leaders.
Chairperson of the Royal African Society, Arunma Oteh, said that the organisation had spent 125 years fostering partnerships between both regions.
Oteh said that the celebration was aimed at deepening collaboration between Africa and the UK while promoting investment, innovation and shared prosperity.
The anniversary featured the Closing of Markets Ceremony and ringing of the exchange’s closing bell, alongside high-level sector discussions, fireside chats, the presentation of philanthropy awards and the unveiling of the Top African Brands in the UK and Top British Brands in Africa.
Business
US subjects imports from Nigeria to 12.5% tariff
The tariff affects imports from 60 economies that Washington says have not “imposed and effectively enforced a prohibition on the importation of goods produced with forced labour.”
The United States has imposed a 12.5 per cent tariff on imports from Nigeria as part of a new trade measure targeting countries it says have failed to prohibit the importation of goods produced with forced labour.
The tariff affects imports from 60 economies that Washington says have not “imposed and effectively enforced a prohibition on the importation of goods produced with forced labour.”
The measure was announced in a statement posted on the website of the Office of the United States Trade Representative on Thursday.
Nigeria is among the countries subject to the 12.5 per cent tariff, while India, Indonesia, Malaysia, Mexico and the United Kingdom will face a lower 10 per cent rate after adopting or committing to implement bans on imports linked to forced labour.
The move follows investigations launched by the USTR in May 2026 into 60 of the United States’ largest trading partners under Section 301 of the Trade Act.
According to the agency, it received more than 1,600 written submissions, held public hearings involving over 100 witnesses, and consulted more than 45 governments before announcing the tariffs.
Business
MTN Nigeria asks customers to trade old SIM packs for prizes
MTN named eight collection centres across the country where customers can deposit their items. The locations cover Lagos, Abuja, Kano, Jos, Delta, Port Harcourt, and Ibadan.
MTN Nigeria has invited customers to bring in old SIM packs, recharge cards, booster cards, dongles, and MTN-branded phones in exchange for prizes.
The telecom giant is running the campaign the under the hashtag #YelloMoments.
MTN launched the campaign on Wednesday, July 23, via its official social media pages, telling followers that items kept in drawers over the years could be worth something.
Customers who participate will also be featured on what MTN described as a “Memory Wall.”
Collection centres across Nigeria
MTN named eight collection centres across the country where customers can deposit their items. The locations cover Lagos, Abuja, Kano, Jos, Delta, Port Harcourt, and Ibadan.
In Lagos, customers can visit MTN Plaza at No. 1 Awolowo Road, Falomo, Ikoyi, or the office at 43 Allen Avenue, Ikeja. In Abuja, the collection point is at No. 4, Medeira Street, Maitama.
In Kano, it is at 2, Civil Centre Road. In Jos, Plateau State, the centre is at Plot 3119, Royalfield Road.
In Asaba, Delta State, the location is KLM 129, Benin–Asaba Expressway. In Port Harcourt, Rivers State, customers can go to 234, Old Aba Expressway, Opposite Hannah Fast Food.
In Ibadan, Oyo State, the drop-off point is at MTN Regional Office 1, Olubadan Avenue and Up/Zartech Road, Oluyole Estate.
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