The Federal Competition and Consumer Protection Commission (FCCPC) has announced that British American Tobacco Nigeria (BATN) Limited has paid the $110 million fine imposed on it in 2022.
Adamu Abdullahi, acting executive vice-chairman (EVC) of FCCPC, informed journalists on Tuesday that BATN completed the payment in two installments between January and March 2023.
In December 2022, the FCCPC fined BATN and other affiliated companies $110 million for various legal infractions.
Abdullahi explained that the payment was made at the official exchange rate through the Central Bank of Nigeria (CBN).
“The full $110 million 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 percent went to the FCCPC,” he said.
Discussing his achievements since assuming office, Abdullahi highlighted the commission’s efforts over the past seven months to prevent anti-competitive practices, protect consumers, and enhance market competition.
“Our initiatives included enforcing the Federal Competition and Consumer Protection Act (FCCPA), reviewing mergers, conducting investigations, and engaging in consumer and business education,” he said.
To address public concerns over rising food prices, the FCCPC implemented measures to curb price gouging, promote fair competition, and protect consumers. These measures included market monitoring, stakeholder partnerships, pricing transparency enforcement, and consumer education.
The commission also took action against underweight bags of rice, expired goods, cement price hikes, substandard iron rods, and discriminatory practices in a Chinese supermarket. These efforts demonstrate the government’s commitment to safeguarding Nigerian consumers and ensuring a fair marketplace.
In collaboration with the Nigerian Civil Aviation Authority (NCAA), the FCCPC initiated investigations against international airlines over high airfares, resulting in the release of their lowest inventories in the Nigerian market, previously blocked due to trapped funds
