According to a report by newtelegraphng on July 24th, the Federal Competition and Consumer Protection Commission (FCCPC) of Nigeria recently announced that it has received a $110 million fine from British American Tobacco (BAT) for violating multiple federal regulations in 2023.
Adamu Abdullahi, Acting Vice Chairman and Chief Executive of the FCCPC, confirmed the payment during a farewell press conference on Tuesday. He will take over as Chairman from former Chairman Babatunde Irukera starting in January 2024 and will officially step down shortly. The position will be filled by Mr. Olatunji Bello.
The $110 million fine is a penalty imposed on British American Tobacco and its subsidiaries for violating the Federal Competition and Consumer Protection Act and the National Tobacco Control Act in 2023. Adaam stated that British American Tobacco has completed the payment in two installments, in January and March 2023, with the funds being transferred through the Central Bank of Nigeria (CBN) at the official exchange rate, with 40% going to the federal government and 60% to the FCCPC.
It is reported that during his tenure, Adam actively promoted market competition and consumer protection, implemented the Federal Competition and Consumer Protection Act (FCCPA), reviewed mergers, conducted investigations, and carried out education. In the face of rising food prices, the FCCPC took measures such as monitoring the market, promoting cooperation, and increasing transparency, and took action against violations. He also emphasized the regulation of digital currency lending to ensure the legal operation and transparent lending of DML. In terms of enforcement, the FCCPC strengthened consumer rights investigation powers through court rulings, collaborated with the Civil Aviation Authority to investigate high air ticket prices, and punished discriminatory behavior by Meta and WhatsApp. Adam praised Dangote for investing in the Nigerian economy, calling on other wealthy individuals to follow suit to promote employment and save foreign exchange.
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