The Federal Competition and Consumer Protection Commission (FCCPC) has confirmed receipt of $110 million paid as cost of various infractions by the British American Tobacco (BAT).
Outgoing Acting Vice Executive Chairman/ Chief Executive Officer of FCCPC, Adamu Abdullahi, confirmed the payment on Tuesday at a valedictory press conference in Abuja as he formally stepped down for the newly appointed EVC, Mr. Olatunji Bello.
He took over in January 2024 following the disengagement of the Commission’s pioneer head, Babatunde Irukera. The $110 million fine addresses various violations of the Federal Competition and Consumer Protection Act, the National Tobacco Control Act, and other legal instruments imposed on BAT and its affiliate companies in 2023.
Adamu, who briefed the media on FCCP activities during the short tenure he acted, said BAT completed the payment in two installments, one in January and the other in March 2023.
“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 per cent of the amount, while 60 per cent went to the FCCPC,” Abdullahi stated.
“In this period, we have actively worked to prevent anti-competitive practices, protect consumers, and foster a competitive market,” Abdullahi noted. “Our efforts included enforcing the Federal Competition and Consumer Protection Act (FCCPA), reviewing mergers, conducting investigations, and engaging in consumer and business education,” he said.
He said to address the public’s concerns over rising food prices, the FCCPC implemented measures to curb price gouging and promote fair competition.
This included monitoring markets, partnering with stakeholders, enforcing pricing transparency, and taking action against underweight bags of rice, expired goods, cement price hikes, substandard iron rods, and discriminatory practices in some supermarkets. Abdullahi emphasised the Commission’s dedication to consumer protection, especially in the digital money lending sector.