BAT Committed to Complying with Nigerian Law with $110 million Fine
According to a report by Nigeria's The Independent newspaper on December 30th, British American Tobacco (BAT) stated its commitment to consistently abide by the laws and regulations of Nigeria.
BAT has issued a statement in response to the Federal Competition and Consumer Protection Commission (FCCPC) imposing a $110 million fine on the company.
The statement indicates that British American Tobacco (Nigeria) Limited and its marketing subsidiary, British American Tobacco Marketing (Nigeria) Limited, have made arrangements to resolve the fine.
The statement further indicated that BAT has also disclosed the investigation mentioned by FCCPC in its 2022 annual report and the recent mid-year report for 2023.
According to a statement, the FCCPC has signed a consent order in December 2022, effectively concluding the mentioned investigation and related proceedings.
BAT Nigeria has acknowledged the presence of regulatory oversight and public outreach initiatives, and has fully cooperated with the service provider designated by the FCCPC.
British American Tobacco (BAT) affirms its unwavering commitment to abiding by Nigerian laws. This statement concludes as such.
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