Business

FG to fine PoS operators N1m for illegal pricing

Published

3 years ago

July 24, 2023

335 Views

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.”

Related Topics:Featured FG Illegal Pricing PoS

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Business

Presidency replies Emir Sanusi on “Why are we still borrowing and borrowing?”

Bwala wrote on X, “Your Royal Highness, we are simply borrowing to invest in the critical sectors of our economy, the chiefest of which is INFRASTRUCTURE.
The infrastructure deficit requires a yearly investment of at least $30B-100B, and what we have is insufficient, hence the borrowing “

Published

1 hour ago

April 24, 2026

OCHEFA

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•Emir of Kano, Muhammadu Sanusi II

The Special Adviser to the President on Policy Communication, Daniel Bwala, on Friday, responded to a question asked by the Emir of Kano, Muhammadu Sanusi II, about a fresh $516 million foreign loan President Bola Tinubu was seeking the Senate ‘s approval to borrow.

Emir Sanusi’s remarks come amid reports that the Federal Government has increased its 2026 borrowing plan by ₦11.31 trillion, pushing total projected borrowing to ₦29.20 trillion.

Speaking during an interview published by News Central TV on Friday, the former Governor of the Central Bank of Nigeria, said : ” We’ve removed the subsidy. We’re now spending it. .. If you’re not paying the subsidy and you’ve got the money, why are we still borrowing and borrowing? What are we borrowing for?”

In response, the presidency stated that the Tinubu administration is borrowing to invest in the critical sectors of the economy, especially infrastructure.

Bwala wrote on X, “Your Royal Highness, we are simply borrowing to invest in the critical sectors of our economy, the chiefest of which is INFRASTRUCTURE. The infrastructure deficit requires a yearly investment of at least $30B-100B, and what we have is insufficient, hence the borrowing “

Business

Dangote proposes to build refineries in East Africa if …

Dangote made the pledge at the infrastructure summit – the Africa We Build Summit 2026 – on Thursday in Nairobi, Kenya.

Published

10 hours ago

April 24, 2026

OCHEFA

37 Views

Africa’s leading industrialist and President of the Dangote Group, Aliko Dangote, has said the refinery in Lagos can be replicated in East Africa with the right support.

Dangote made the pledge at the infrastructure summit – the Africa We Build Summit 2026 – on Thursday in Nairobi, Kenya.

The proposed refinery Dangote was referring to would be built in Tanga, Tanzania. A pipeline would be linked to Kenya’s Mombasa port to serve the entire East African region. Kenya, Uganda, and neighbouring eastern African countries would benefit

Dangote said: “I can give commitment to the two presidents that were here; if they will support the refinery, we’ll build the identical one that we have in Nigeria – 650,000 barrels per day.”

The presidents he was referring to are Kenya’s President William Ruto and Uganda’s President Yoweri Museveni.

The proposed refinery Dangote was referring to would be built in Tanga, Tanzania. A pipeline would be linked to Kenya’s Mombasa port to serve the entire East African region. Kenya, Uganda, and neighbouring eastern African countries would benefit.

On the readiness, Dangote said: “There is nothing that can stop it. We have done the one in Nigeria and that’s why we are taking the bold move which was started already. Piling has started, while building to a scale – 1.4 million barrels per day will give us the largest refinery – world number two.

“It is 10% of entire United States of America’s refining capacity.
And this is coming with lot of, you know, petrochemicals. If we look at it today in Nigeria, if not because we have polypropylene, all the plants, all businesses would collapse.

“Cement is packed in polypropylene, flour, rice, grains, everything. So nothing… and the cost now has shot up between just 45 days – from $900 to 3$3,000. There is no way you can afford that. You can’t afford it.

“So, that is why we must learn how to build self-sufficiency. Right now, we have big financial institutions that are very hungry for big ticket items. And we’re also big in terms of our own vision.

“So, it is possible. Africans can do it. Let us not be scared. No. Let us not come and be convinced, as I know somebody needs to carry our own material to go and produce and bring the items here.

“I must really thank the President of Uganda for taking this bold move: stopping the export.

They will be forced. They would come (and) produce. Why do you have to take your material (away), then you’ll bring it back? We have educated people. We have big financial institutions. It’s not like before. Things have changed.”

Business

CBN increases ATM card issuance fee by 50% to N1,500

CBN disclosed this in its Exposure draft of the Guide to Charges by Banks and Other Financial Institutions, OFIs, in Nigeria 2026.

Published

11 hours ago

April 24, 2026

OCHEFA

35 Views

The Central Bank of Nigeria, CBN, has increased the fee for issuance and replacement of Automated Terminal Machine (ATM) debit/ credit cards by 50 percent to N1,500 from N1,000.

The apex bank also scrapped the N50 monthly charges for Naira Debit/ Credit Card maintenance which usually includes 7.5 percent Value Added Tax but said customers with Foreign Currency denominated debit/credit cards will continue to pay maintenance fee of $10 per annum.

CBN disclosed this in its Exposure draft of the Guide to Charges by Banks and Other Financial Institutions, OFIs, in Nigeria 2026.

The apex bank also reiterated among other things that the cost of ATM transactions on Merchants PoS will be borne by the Merchant and not the customers.

CBN said: “ATM card Issuance/Replacement charges for regular/basic debit/credit card is N1, 500. “Charges for Premium Debit/Credit/Hybrid Card are negotiable Virtual cards at no charge. “Merchant Service Charge (MSC) (charge to be borne by the merchant).

There shall be no charge to the cardholder paying the merchant.

“All card transactions done by cardholders at a merchant location shall be free of charge to the cardholder, i.e. the MSC shall be borne by the merchant.

The MSC payable by a merchant (0.5 percent) subject to a cap of N10,000 shall be the same irrespective of the technology or payment methods.”

In a circular to Banks, Other Financial Institutions and the Public signed by the Director Financial Policy and Regulation Department, CBN, Dr. Rita Sike, CBN said that the review of the guide to charges by banks and OFIs and non bank Financial Institutions was to fulfill its mandate to promote a safe and sound financial system in Nigeria accelerate the adoption of innovative financial services, financial inclusion and micropayments/transaction.

(Vanguard)