Business
MultiChoice faces FCCPC tomorrow to defend price adjustments for DSTV, GOtv viewers
Multichoice had in a statement to customers on Monday February 24, titled, “Price adjustment on DStv and GOtv packages,” and signed by the CEO John Ugbe, attributed the price increase to the rising cost of doing business in Nigeria.
The Federal Competition and Consumer Protection Commission (FCCPC) has invited MultiChoice’s Chief Executive Officer for an investigative hearing on February 27, 2025, at its headquarters in Abuja.
The summon is inconnection with Multichoice’s recently announced increase in the prices of its DStv and GOtv packages, set to take effect from March 1, 2025.
In a statement by Ondaje Ijagwu, FCCPC’s Director of Corporate Affairs, the Commission warns: “If MultiChoice fails to provide a satisfactory justification for its pricing strategy or is found in violation of fair competition principles, the commission will take necessary enforcement actions, including sanctions and corrective measures.”
Ijagwu, said that the FCCPC remains committed to ensuring that businesses operate fairly and in line with Nigeria’s consumer protection laws.
Multichoice had in a statement to customers on Monday February 24, titled, “Price adjustment on DStv and GOtv packages,” and signed by the CEO John Ugbe, attributed the price increase to the rising cost of doing business in Nigeria.
The company cited factors such as currency depreciation and high inflation, which have significantly increased its operational expenses.
The new prices are as follows:
DStv Packages: • Compact: From N15,700 to N19,000 • Compact Plus: From N24,500 to N30,000 • Premium: From N29,500 to N44,500 GOtv Packages: • GOtv Value: From N3,600 to N3,900 • GOtv Plus: From N4,850 to N5,800 • GOtv Max: From N6,200 to N8,500 • GOtv Supa: From N9,600 to N11,400 • GOtv Supa Plus: From N13,500 to N16,800
BLACK/ PARALLEL MARKET RATES
₦1370 DOLLAR (USD)
₦1800 POUND (GBP)
₦1510 EURO (EUR)
₦970 CANADIAN DOLLAR (CAD)
₦65 SOUTH AFRICAN RAND (ZAR)
₦350 UAE DIRHAM (AED)
₦190 CHINESE YUAN (CNY)
₦100 GHANAIAN CEDI (GHS)
₦2300 WEST AFRICAN CFA F.(XOF)
₦2200 CENTRAL AFRICAN CFA F.(XAF)
₦850 AUSTRALIAN DOLLAR AUSSIE (AUD)
CBN OFFICIAL RATES
DOLLAR (USD)₦1331.61
POUND (GBP)₦1764.26
EURO (EUR)₦1490.48
SWISS FRANC (CHF)₦1608.23
JAPANESE YEN (JPN)₦8.4
CFA FRANC (XOF)₦2.27
WEST AFRICAN UNIT OF ACCOUNT (WAUA)₦1802.33
CHINESE YUAN (CNY)₦199.01
SAUDI RIYAL (SAR)₦354.83
SOUTH AFRICAN RAND (ZAR)₦80.49
Business
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.
•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.
Business
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.
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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