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PZ Cussons Fix Over N326bn Remunerations for Directors

The Directors are Ifueko M. Omoigui Okauru (Chairperson), Dimitris Kostianis (CEO), Joyce Coker, Ballama Manu, Oluwatoyin Odutayo, Suleyman A Ndanusa, and Kareem Moustafa.

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PZ Cussons Nigeria Plc Board of Directors will be remunerated to the tune of  over N326 billion in 2025 Financial Year.

The Directors are Ifueko M. Omoigui Okauru (Chairperson), Dimitris Kostianis (CEO), Joyce Coker, Ballama Manu, Oluwatoyin Odutayo, Suleyman A Ndanusa, and Kareem Moustafa.

The company disclosed this in a statement filed with the Nigerian Exchange Limited (NGX), for its 76th Annual General Meeting (AGM) scheduled to be held at the TranscorpHilton, FCT, Abuja, on Thursday, 28 November 2024.

It said that the shareholders to  consider and, if thought fit, pass the following resolution as an ordinary resolution of the Company: “THAT the Directors’ remuneration for the financial year ending 31 May 2025 be and is hereby fixed at N326,591,094 and sitting allowance be paid for additional meetings outside the fixed remuneration.”

The Company’s Secretary  also notify the  shareholders and stakeholders that the agenda for the AGM has been amended to rephrase resolution as follows: Ordinary Business

To lay before the meeting the Financial Statements for the year ended 31 May 2024, the Reports of the Directors, the Independent Auditors and the Audit Committee thereon.

To elect/re-elect Directors.a. To re-elect Mallam Ballama Manu, who is over 70 years old but eligible for reelection as a Director pursuant to section 282 of the Companies and Allied Matters Act 2020b.

To re-elect Mrs. Toyin Odutayo as a Director

To elect Mr. Kareem Moustafa as a Director

To authorise the Directors to fix the remuneration of the Auditors, etc.

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Business

FIRS Inaugurate E- Invoicing Committee for Tax Compliance

On Tuesday, April 29, 2025, the Federal Inland Revenue Service (FIRS) formally inaugurated the National E- Invoicing Solution Inter-Agency Steering Committee at its headquarters in Abuja.

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The Federal Inland Revenue Service has inaugurated the National E-Invoicing Solution Inter-Agency Steering Committee as part of its efforts to boost tax compliance, transparency, and efficiency in Nigeria’s tax system.

This was according to a statement shared on the service’s official X handle on Tuesday.

“On Tuesday, April 29, 2025, the Federal Inland Revenue Service (FIRS) formally inaugurated the National E- Invoicing Solution Inter-Agency Steering Committee at its headquarters in Abuja”, said the statement.

The event featured a presentation of the roadmap for the implementation of the E-Invoicing Initiative, including key milestones intended to ensure a seamless rollout.

The event featured a detailed presentation outlining the roadmap and strategic milestones for the successful implementation of the E- Invoicing Initiative”, it added.

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Competition Tribunal Orders Coca – Cola to pay N190 million misleading Fines Within 60 Days

Upholding the FCCPC’s five-year investigation, findings, and imposed penalties, the tribunal ruled that NBC’s conduct constituted misleading practices in violation of Nigerian law.

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The tribunal criticised the FCCPC’s acceptance of the post-judgment settlement, saying it conflicted with the commission’s regulatory obligations.

The Competition and Consumer Protection Tribunal ( CCPT) has ordered the Nigerian Bottling Company Limited (NBC), also known as Coca-Cola Nigeria Limited to pay the N190 million administrative penalty imposed on the company for misleading packaging, within 60 days .

This was contrary to the settlement reached between the Federal Competition and Consumer Protection Commission (FCCPC) and the NBC in the case that stemmed from an August 2024 announcement by the FCCPC in which it accused Coca-Cola and NBC of engaging in unfair marketing tactics and misleading consumers.

In a judgment delivered on Monday, April 28, a three-member panel led by presiding judge Thomas Okosun dismissed NBC’s application to adopt the settlement terms as judgment, describing it as an “attempt to arrest judgment.”

NBC’s counsel, O. Ogunride, had informed the tribunal of a settlement agreement reached with the FCCPC, requesting its adoption as a consent judgment.

The FCCPC’s representative, Abimbola Ojenike, confirmed the existence of the settlement, stating that discussions had been finalised with Akoji Achimugu, the commission’s legal director.

However, the tribunal pointed out that the terms of settlement were filed after judgment had been reserved and both parties had submitted their final written arguments.

Okosun ruled that “the notion of arrest of judgment is unknown to Nigerian law,” stressing that entering a settlement at this stage exceeded the FCCPC’s statutory authority and undermined its role as a regulator.

The tribunal criticised the FCCPC’s acceptance of the post-judgment settlement, saying it conflicted with the commission’s regulatory obligations.

The tribunal emphasized its constitutional duty to the public, asserting that it could not engage in private compromises between parties.

The panel also criticized the FCCPC’s sudden shift from its earlier position, noting that the proposed settlement declared “there is no penalty,” directly contradicting the commission’s findings from its investigation.

Consequently, the tribunal rejected the settlement and proceeded to deliver its final judgment.

Upholding the FCCPC’s five-year investigation, findings, and imposed penalties, the tribunal ruled that NBC’s conduct constituted misleading practices in violation of Nigerian law.

It affirmed that the ₦190 million administrative penalty was consistent with the Federal Competition and Consumer Protection Act (FCCPA) and the 1999 Constitution (as amended).

NBC’s appeal was dismissed for lack of merit, and the company was ordered to pay the fine within 60 days.

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Nigeria’s non-oil exports climbed by 24.7% to $1.79 billion in Q1 – NEPC

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The Nigerian Export Promotion Council, NEPC, has said Africa’s most populous country’s non-oil exports increased by 24.75 percent to $1.791 billion in the first quarter of 2025.

The executive director of NEPC, Nonye Ayeni, disclosed this on Monday in Abuja.

According to her, the increase in non-export showed increased commitments and efforts towards improving the sector in the period under review.

“This year, the Nigerian Export Promotion Council (NEPC) reported the highest value of export since it was established 49 years ago, with a year-on-year increase of 20.77 percent, from $4.517 billion in 2023 to $5.456 billion in 2024.

“Nigeria’s non-oil products exported in the first quarter of 2025 were valued at US$1.791 billion.

“This is a 24.75 percent increase over and above the $1.436 billion reported in the first quarter of 2024″, Ayeni stated.

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