The Federal Competition and Consumer Protection Commission (FCCPC) has confirmed that British American Tobacco Nigeria Ltd (BATN) has paid the $110 million fine imposed by the Commission in 2022.
Acting Executive Vice Chairman of FCCPC, Adam Abdullahi, told reporters on Tuesday that BATN made the payment in two installments between January and March 2023.
In December 2022, the FCCPC fined BATN and other associated companies $110 million for “infractions” of several laws.
Abdullahi said at a press conference that the payment was made at the prevailing official exchange rate through the Central Bank of Nigeria (CBN).
“The full $110m was paid at the official exchange rate at that time through the Central Bank of Nigeria (CBN). The Federal Government received 40 percent of the amount, while 60 per cent went to the FCCPC,” he said.
Abdullahi further spoke about his achievements since assuming office, saying the Commission has been working aggressively over the past seven months to prevent anti-competitive practices, protect consumers, and create a competitive market.
“Our efforts included enforcing the Federal Competition and Consumer Protection Act (FCCPA), reviewing mergers, conducting investigations, and engaging in consumer and business education, among others,” he said.
“To address public concerns over soaring food prices, the FCCPC implemented measures to curb price gouging, promote fair competition, and protect consumers. We monitored markets, partnered with stakeholders, enforced pricing transparency, and sensitized consumers.”
“We also took action against underweight bags of rice, the sale of expired goods, cement price hikes, substandard iron rods, and alleged discriminatory practices in a Chinese supermarket. These efforts underscore the government’s dedication to safeguarding Nigerian consumers and fostering a fair marketplace”, he concluded.
The commission said it had collaborated with the Nigerian Civil Aviation Authority (NCAA) to launch investigations into international airlines over high fares.
According to the FCCPC boss, this led to the release of rock-bottom stock into the Nigerian market, which was geographically blocked as funds were tied up.
