President Bola Ahmed Tinubu has approved a new directive to promote crude oil trade using the local currency.
He directed that the Dangote refinery and other companies should be sold crude oil in Naira.
The Federal Inland Revenue Service (FIRS) chairman, Zacchaeus Adedeji, disclosed this to State House correspondents yesterday after the federal executive council meeting at the Presidential Villa.
According to him, the Nigerian National Petroleum Corporation (NNPC) will immediately engage with local refineries in transactions dominated by naira.
Adedeji, the special adviser to the president on revenue, said this move is also extended to the sale of crude oil to Dangote, with the subsequent sale of Dangote’s products to others also to be conducted in naira.
He said the decision aims to mitigate the heavy reliance on foreign exchange for crude oil imports, accounting for roughly 30 to 40 percent of Nigeria’s forex expenditure.
He said, “Today, at the Federal Executive Council, there was a memo by Mr President, which is to promote the sale of crude oil within local refineries and Nigeria National Petroleum Corporation (NNPC), to deal in our local currency.
“Mr. President’s attitude is to think outside the box to solve Nigeria’s problems and actually localise the solutions to Nigeria’s problems.
“He has approved through the Council that NNPC engage with local refineries effective immediately, and we are starting that with Dangote Refinery; that crude oil sales to Dangote Refinery be denominated in Naria and that byproducts from Dangote Refinery sales to distributors be conducted in Naira. And what does it mean to our economy? One, the pressure on foreign exchange will be reduced.”
Adedeji said that, at the moment, Nigeria spends between 30 percent and 40 percent of its foreign exchange on importing PMS that it consumes.
He said, “Monthly, we spend roughly $660 million on this exercise, and if you analyse that, that will give us $7 .92 billion annually.”
The FIRS boss said, “With this approval today through the FEC led by Mr President, this has been reduced by a minimum of 90 percent, because what we have today, the transaction will now be done in our local currency; not only to Dangote Refinery but to all local refineries for all our local consumption, and this will stabilise the pump price.
“With the new approval that we have, this will reduce to a maximum of $50 million per month which is annualised to be only $600 million. This is a total reduction of 94 percent and saving us $7.32 billion.”
He revealed that as part of the implementation, Afreximbank has been selected as the pilot settlement bank to facilitate these transactions.
“So, this is a major innovation in solving Nigeria’s problem permanently. Not only will we have more employment but we will be in charge of one of the mainstays of our economy.”
The Nigerian Communications Commission (NCC) yesterday, ordered telecom operators to reactivate lines affected by the linking of the National Identification Numbers (NINs) with their Subscriber Identification Modules (SIMs) (NIN-SIM) verification issues.
LEADERSHIP checks reveal that at least 20 million subscribers to the MTN Nigeria network were disconnected.
Prior to the NCC announcement, Nigerians in their thousands had besieged the offices of the telecommunications service providers to express anger and frustration over the mass deactivation of their mobile lines following their alleged inability to link their National Identity Numbers (NINs) with their Subscriber Identification Modules (SIMs) as demanded by the law.
In a press statement, made available to LEADERSHIP, and signed by the director, Public Affairs, NCC, Reuben Muoka, the Commission said consumer is its priority, while directing all operators to reactivate all lines that were disconnected over the weekend in view of the short time available for consumers to undertake the verification of their NINs with their SIMs.
The press statement partly reads: “The consumer is our priority; therefore, considering the challenges the blockages have caused, the Commission has directed all operators to reactivate all lines that were disconnected over the weekend in view of the short time available for consumers to undertake the verification of their NINs with their SIMs. Reactivated consumers are to note that this is for a limited period to allow them to properly link their NIN to their SIM.”
The Commission therefore tasked members of the public who are yet to verify their SIMs to do so as soon as possible to maintain access to their lines.
LEADERSHIP checks showed as early as 5am on Monday morning, typically the busiest day of the week for workers and other business people, many abandoned their work and trooped to the offices of the service providers to protest what they called a sudden blockage of their lines “without prior notice”.
At the office of the Mobile Telecommunications Network (MTN) in Maitama District of the nation’s capital, a massive crowd had gathered and tension mounted so high as subscribers defied the presence of a detachment of the men of the Nigerian Police Force stationed there, threatening to pull down the fence of the service provider when it became apparent that officials of the MTN where not ready to attend to them or let anyone into the main building.
It took a while before the angry subscribers heeded the appeal for calm but many expressed their confusion over the NIN-SIM linkage having already done so as prescribed by the law and demanded by the service providers.
Subscribers to MTN Line were lamenting loss of time and businesses, yesterday, as they besieged the telco’s offices nationwide over barring their Subscriber Identification Modules(SIMs).
This is even as the Association of Licensed Telecommunication Operators of Nigeria (ALTON) had debunked rumour on social media platforms that telecoms operators only blocked the lines of those they considered as threat to the country amid imminent protests slated for 1st of August, 2024.
Over the weekend, many telecom subscribers/consumers were unable to access their phone lines because of the inability of many telecom consumers to verify their NINs with their Subscriber Identification Modules (SIMs). This meant that their numbers were blocked by their telecom service providers in keeping with laws and policies of the NIN-SIM linkage.
Subscribers flooded the MTN Office in different parts of Lagos to enquire about the status of their NIN-SIM linkage as their MTN lines were blocked at the weekend.
A visit to the National Identity Management Commission(NIMC) in Ikeja, Lagos and some telecommunications companies customer service centres on Monday, showed that many subscribers visited the service centres in droves to rectify the issues with their linkage or to link their NIN to their SIMs.
Our correspondent witnessed hundreds of people storming the Ojodu-Berger area office of MTN as they lamented that the line blockage has affected their programmes for the week and also their businesses.
A subscriber named, John Buchi, told our correspondent that she woke up to notice her line stopped working over the weekend. “I woke up and I couldn’t make calls, I tried to link my NIN to my SIM but I couldn’t. That is why I came, but I have rectified the problem with the help of the customer care representative,” she said.
Other subscribers also corroborated her. According to some of them, they have been trying to make calls but can’t, while claiming that they had earlier done the linkage of NINs to SIMs.
“I have linked my NIN to SIM in January 2024. I was shocked to notice that I could not make calls over the weekend. I thought it was a general issue, but later realised that my line has been barred. The process is tedious, and I don’t think I want to go through the stress of queuing and wasting my whole day,” a trader at Ojota market, Goodnews Dafinone lamented.
A middle aged woman, Morenikeji Salau also noted that she had done the NIN linkage to her SIM in March, only to find out that her number was blocked because of non- completion of the process which she thought had been done. She accused the firm of unsettling her and her business because of this as she was scheduled to disburse goods to her client but this has been hampered.
Another subscriber who wants to be addressed as Mr Mike noted that he had planned to link his NIN to his line last week but the persistent outage in his area had hindered him from doing so. He noted that the queue he witnessed today showed why many had delayed in undergoing the process. He lamented that this ought not to be so and beckoned on officials of the telecommunication company to come to their aid.
Other subscribers who stormed the offices in Lagos lamented the lack of time to accomplish the process.
Recall the compulsory linkage of NIN with SIM which began in December 2020 when the government directed telecommunication companies to ban unregistered SIM cards and SIMs that were not linked to NIN.
Since December 2023, the commission has since reviewed the deadline a few times; April 15, 2024 was set as the deadline for the full network barring of subscribers with four or fewer SIMs that had unverified NIN details. This deadline was then reviewed to July 31, 2024, to give consumers more time to ensure their submitted NIN details are properly verified. Despite these extensions, many phone lines are yet to be linked with verified NINs.
The objectives of this exercise by the Federal Government of Nigeria include enhancing national security and ensuring the national SIM ownership database is accurate. The NIN-SIM linkage policy aids in verifying and protecting users’ identities while also providing a critical infrastructure that assures access to the benefits of a robust digital economy for the citizenry.
In a press statement, made available to LEADERSHIP, and signed by the director, Public Affairs, NCC, Reuben Muoka, the commission said, consumer is its priority, while directing all operators to reactivate all lines that were disconnected over the weekend in view of the short time available for consumers to undertake the verification of their NINs with their SIMs.
The press statement partly reads: “The consumer is our priority; therefore, considering the challenges the blockages have caused, the Commission has directed all operators to reactivate all lines that were disconnected over the weekend in view of the short time available for consumers to undertake the verification of their NINs with their SIMs. Reactivated consumers are to note that this is for a limited period to allow them to properly link their NIN to their SIM.”
The commission, therefore, tasked members of the public who are yet to verify their SIMs to do so as soon as possible to maintain access to their lines.
Recall that social media platforms were awash with rumours that telecom operators only blocked the lines of those they considered as threats to the country. In his reaction, the chairman, Association of Licensed Telecommunication Operators of Nigeria (ALTON) Chairman,, Engr. Gbenga Adebayo, said there is absolutely no connection between the two.
“The NIN/SIM link registration deadline has earlier been set for 31st July, 2024. The fact of the matter is that the harmonisation exercise of the SIM Registration database and National Identity Database has been ongoing for several months.
“This is aimed at improving the integrity of the National SIM registration database. Customers who had their lines blocked recently are those whom their service providers found a mismatch between their records on both databases,” Adebayo explained.
He said, operators have put in place measures to ensure that anyone whose line is blocked can unblock it by following some easy steps, while urging customers to contact their service providers through communicated channels for resolution of the issue.
He, however, reiterated that ALTON is committed to supporting the government of Nigeria, and upholding the rights of citizens. “As an industry, we respect and commit to protecting the rights of all people to communicate, to share information freely
and responsibly, and to enjoy privacy and security regarding their data and their use of digital communications,” he added.
A female civil servant, who gave her name as Cecil, expressed her frustration while speaking with LEADERSHIP on Monday over the issue. She said “this thing is causing a lot of damage to many people especially business people as this has truncated their transactions. One of my friends is calling somebody to bring goods for him but the lines were not going, now he does not even know the state of things and he borrowed money to get these goods.
“I had to leave my office to come here but nobody has addressed us. I don’t understand why they blocked my line when I have done everything they asked us to do. I cannot communicate, I cannot receive any message, and I don’t know what is going on. People are not happy with this development and I believe people will sue them for damages.
She also threatened to stop using the MTN line because of how she was shabbily treated.
Another young woman who does not want her name on print told LEADERSHIP that she does not understand the reason her number was barred because she had earlier done the biometric and linked her mobile line with the NIN and received confirmation from the service providers only for her line to be blocked.
She said “it is definitely annoying to have my line blocked when I have already done the biometrics in the MTN office here in Maitama, where they linked my NIN to my SIM. They sent me a message confirming that my line has been linked only for me to wake up this morning to get a message that I cannot make calls with my line because it has been blocked over this NIN-SIM issue. I don’t understand this.”
She lamented the frustration of going through the tedious process of the linkage again, stressing that she has wasted so much time and lost money in the process because a lot of the transactions she would have done have now been suspended with great risks to her businesses.
Another young man who claimed to be a communications engineer said the issue may be attributed to “technical hitches” He said “What I see here is a technical issue, maybe the fiber connecting Nigeria has been affected. They (service providers) might be hiding the real issues from Nigerians” even as he urged the service providers to do the needful to restore the lines.
Another Nigerian public servant who does not want his name on print claimed that he subscribes to two MTN mobile lines, stressing that while one of the lines is working, the other with which he does most of his transactions was blocked making him to lose money and uncertain about his account details which he feared might be affected.
At the time of filing this report on Monday, no MTN official was around to speak to the press as they were all holes inside their offices leaving the security men at the entrance to battle with the surging crowd.
LEADERSHIP also visited the Globacom office at the Wuse 2 District and that of the Airtel near the popular Banex Plaza in Abuja and it was the same stories of lamentation, frustration, anger and protests by subscribers.
A middle-aged man believes that the blockage of subscribers’ lines may be connected to the August 1 protests, even as he insinuated that the government may have planned to cut communication in order to thwart the looming #EndBadGovernance protests.
However, an official of the Globacom mobile provider told LEADERSHIP on condition of anonymity because he was not authorized to speak, that the subscribers are to blame because many failed to follow the appropriate guidelines in linking their NINs and SIMs.
He said “some of them have inconsistencies in their names and their photographs and many others did not do their biometric linkage as required by the law”.
Less than 48 hours after the Nigerian Airspace Management Agency (NAMA), announced an increase in navigational charges by 800 percent, the minister of Aviation and Aerospace Development, Festus Keyamo, has suspended the increment.
In a statement by the director, public affairs and consumer protection, Abdullahi Musa, the suspension by the minister was in recognition of the current economic challenges faced by Nigerians.
According to Musa, the minister emphasised the need for further consultation before implementing any changes, highlighting the importance of being sensitive to the plight of Nigerians amidst current economic challenges
“In response to the directive from the minister of Aviation and Aerospace Development, Festus Keyamo, NAMA has suspended its earlier announced increase in navigational charges. This decision follows the Minister’s recognition of the current economic challenges faced by Nigerians.
“The minister emphasised the need for further consultation before implementing any changes, highlighting the importance of being sensitive to the plight of Nigerians amidst these economic challenges.
However, the statement stated that the agency would continue to engage the airlines, who have been responding to the prevailing economic situation since 2008.
The statement further chided the airlines for not taking NAMA into consideration, saying the agency was supposed to be a cost recovery agency in line with global practices.
“The directive from the Minister and the subsequent suspension of the planned increase underscore the government’s commitment to addressing the concerns of Nigerian citizens and stakeholders in the aviation sector.
“The suspension of the fee increase is a testament to the government’s responsiveness to public concerns and its commitment to balancing economic sustainability with the needs of its citizens.”
LEADERSHIP reports that the managing director of NAMA, Engr. Farouk Umar, at the League of Airports and Aviation Correspondents Annual Conference held in Lagos, tittled, ‘Aviation Survivability amidst a Challenging Macro-Economic Environment,’ had highlighted the significant economic pressures faced by the aviation industry, exacerbated by global economic volatility, fuel price hikes, and currency instability. He outlined strategies for survival and growth, including operational efficiency, embracing innovation and technology, strengthening infrastructure, and fostering collaboration and partnerships.
Farouk also discussed the financial challenges NAMA faces, noting that the agency relies on statutory fees and charges for managing the airspace. The Nigerian airspace management agency had proposed an increase in its fees and charges to sustain its operations and ensure the safety and efficiency of Nigeria’s airspace. The new unit rate/minimum charge for en-route was set to increase to N18,000 from N2,000 per flight while the unit rate/minimum charge for terminal navigation charge(TCN domestic) were to rise to N54,000 from N6,000 per flight with effect from the 1st of September.
Motorists in Abuja and Lagos are facing significant hardship as fuel scarcity leads to long queues at petrol stations. Since last week, many filling stations have either closed or are selling petrol at inflated prices, with some charging up to N850 per litre.
The Nigerian National Petroleum Company Limited (NNPC) attributes the crisis to supply chain disruptions caused by adverse weather conditions and logistical challenges. Commuters report transport fares have surged by 20 per cent, and many are turning to black market sellers, who charge as much as N1,300 per litre, exacerbating the situation further
Petroleum products marketers have called on the Nigerian National Petroleum Company Limited (NNPC) to resolve the ship-to-ship loading challenges that is creating a supply gap for Premium Motor Spirit (PMS) called petrol, in the country.
The challenge has created bottleneck leading to long queues at petroleum dispensing outlets in Lagos and neighbouring states as this has also triggered profiteering among marketers and resurgence of black market.
The marketers association who spoke to our correspondent denied scarcity reports but only confirmed that short draft channels of our ports have been challenging supply to depots.
The general secretary of Petroleum Dealers Association of Nigeria (PEDAN), Ibrahim Yahaya, confirmed to our correspondent that there is petrol availability but reaching the depots has been the problem. Yahaya said, the NNPC is making frantic efforts to normalise the situation.
On his part, the executive secretary of the Major Energy Marketers Association of Nigeria (MEMAN) Clement Isong, expressed concerns about the scarcity.
He told our correspondent he was not aware of any scarcity but there could be some sort of supply hitches.
Also reacting to the situation, the president of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), Billy Gillis-Harry attributed the issue to subsidy removal which is very costly to the NNPC to manage.
Gillis-Harry also said, the cost of hiring marine vessels by marketers to evacuate products from big vessels on the high sea is expensive as they charge in dollars.
At the same time, he said, apart from high exchange rate scarcity of forex is equally compounding the situation.
He further stated that, the varied pump price being experienced is as a result of landing cost, logistics costs which raises cost to over N1, 300 a litre and government would want pump price not exceeding N600 a litre.
This, he said, is putting enormous pressure on the NNPC and exacerbates the situation more.
However, the NNPC, in a statement signed by its chief Corporate communications officer (CCCO), Olufemi Soneye, read: “The NNPC Ltd wishes to state that the tightness in fuel supply and distribution witnessed in some parts of Lagos and the FCT is as a result of a hitch in the discharge operations of a couple of vessels.”
Escapade and other major brands in Africa are set to jointly sponsor the Hotel Expo Nigeria 2024 scheduled to hold on August 1 and 2, at the Landmark Event Centre, Lagos.
They will be joining forces with Air Peace, Ebonylife Cinemas, Floorkraft, Burger King, Ikogosi Resort, Valujet, Leadway, amongst other notable African brands, to be a part of West Africa’s biggest hospitality event.
Escapade is an ultimate app designed exclusively for Africans seeking exciting short-term getaways and it offers a unique platform where users can search for and book shortlets with the confidence of HD and 3D views.
Escapade, in a statement signed by its Communication Officer, Dolapo Ojabowale, is committed to providing an unparalleled booking experience that enhances trust and satisfaction for African travellers as well as supporting the broader goals of the hospitality industry in Africa.
By offering a platform that makes it easier for travellers to find and book quality shortlets, Escapade is helping to boost tourism and stimulate economic growth.
“As a major sponsor and participant at the 2024 edition of the Hotel Expo Nigeria, we are thrilled to share how Escapade is changing the hospitality game and meet the people who matter most in the industry.
“Escapade’s participation in Hotel Expo Nigeria 2024 is a strategic move to enhance brand awareness, establish industry connections, and drive user acquisition for the app,” the Escapade Brand Manager, Mr Emmanuel Etim, stated.
“Our app is designed to cater to the unique needs of Africans seeking memorable and hassle-free short-term getaways. By offering HD and 3D views of our shortlets, we ensure that what you see is what you get, enhancing trust and satisfaction among our users,” he added.
Hotel Expo Nigeria is a leading exhibition, sales, networking, and conference event providing unparalleled networking opportunities, brand exposure, and business development opportunities.
The expo gathers top players in the hospitality industry, including decision-makers, procurement managers, SMEs, owners/operators, industry executives and end-users.
The two-day event will present attendees great opportunities for networking, brand exposure, and business development.
Maritime experts have expressed optimism that the fixing of Customs exchange rate for clearance of cargoes at the nation’s seaports will reduce inflation, increase cargo importation into the country. LEADERSHIP reports that the Comptroller General of Customs, Bashir Adewale Adeniyi, had recently announced that the Central Bank of Nigeria (CBN) and the Nigeria Customs Service (NCS), in support of the minister of Finance and Coordinating minister of the Economy, Wale Edun, are collaborating to achieve a stable rate for import of goods to enable business plan activities.
“With the support of the minster of Finance, NCS is working in close collaboration with the Central Bank of Nigeria to achieve a stable rate for import of goods to enable business plan activities,” the Customs CG said.
Speaking on the development, the the former acting president, Association of Nigerian Licenced Customs Agents (ANLCA), Dr Kayode Farinto, said the only solution to low volume of cargoes at the nation’s seaports is for the CBN to have predictive exchange rate for Customs purposes alone.
According to Farinto, in the last few months, there have been significant drop in the volume of cargoes in the country over the non stability of the exchange rate.
“The only solution is for us to have predictive exchange rate for Customs purposes alone. It’s not too much to ask. We pegged the exchange rate for pilgrims going to Saudi Arabia and Jerusalem during Buhari’s era. Why can’t we do the same for importers?”
Also speaking, a clearing agent, Ikechukwu Anaba, said importers are currently unable to import due to fluctuating exchange rate.
The economy has been experiencing a decline in cargo volume in recent months, with many importers and clearing agents struggling to cope with the fluctuating exchange rate. The situation has also been difficult for freight forwarders, with many losing their jobs,” Anaba stated.
Anaba, however, suggested fixing a permanent Customs exchange rate for cargo clearance between N800/$ and N1,000/$, for a specified period, such as three months, six months, or a year.
He argued that fixing a static exchange rate for cargo clearance over three months to one year would not only foster economic stability but also ensure predictability in international trade within the maritime sector.
Arewa Youth Assembly has urged Dangote Refinery’s Chief Executive Officer (CEO), Aliko Dangote, to comply with guidelines and standards of Nigerian National Petroleum Company (NNPC) Limited as the country’s regulatory body for the oil and gas industry.
The speaker of the Assembly, Mohammed Salihu Danlami, at a press conference in Abuja yesterday, said it would be selfish for Dangote to expect the NNPCL to bend the regulations to serve them.
Dangote and the Nigerian Midstream and Downstream Petroleum Regulatory Authority, alongside the NNPCL, have been embroiled in a dispute recently, ranging from monopoly allegations to crude oil supply for the refinery, substandard fuel imports, and ownership of blending plants in Malta.
However, Danlami said before establishing the Aliko Dangote refinery, the NNPCL, NUPRC, and NMDPRA existed to carry out their duties as regulatory bodies.
He said Dangote should understand that these are sectors dealing with regulations.
“Therefore, the bodies expect him to abide by the rules and nothing more. Even the Dangote Group has rules and regulations that all stakeholders must adhere to.
“It is surprising that Aliko Dangote, as a businessman, has forgotten that competition is inevitable in business.
“Our findings show that he wants NMDPRA not to license anyone else to bring in products. They said no! He blackmails them and is trying to incite Nigerians against NMDPRA, claiming they are giving licenses to marketers who bring in substandard products into the country.
“We are calling on the National Assembly to make public the laboratory results from his own refinery because information we are getting from different sources indicates that the products are substandard.
“We know Mr. Dangote has been operating all his life in an industry without regulation, but the oil and energy industry has rules and regulations,” he said.
Business community has urged the government and the Central Bank of Nigeria (CBN) to consider a more balanced approach to monetary policy.
They noted that while controlling inflation is crucial, mitigating adverse effects on business operations and economic growth is imperative.
They noted with concern the recent decision by the CBN to raise the Monetary Policy Rate (MPR) by 50 basis points, bringing it from 26.25 per cent to 26.75 per cent. Following the 296th Monetary Policy Committee (MPC) meeting, this increment comes amid escalating inflation and surging food prices.
Speaking, the director-general of Lagos Chamber of Commerce and Industry (LCCI), Dr. Chinyere Almona recommended that the government should release more capital expenditure to reflate business activities and support the contribution to economic growth, saying that the capital expenditure released so far is too small in the face of the magnitude of the infrastructural deficit that businesses suffer from.
“With the new capital expenditure component of N12.2 trillion and a release of only N1.84 trillion at mid-year, we definitely need to speed up the release of funds for capital projects in the next quarter to boost economic growth,” she added.
She also said “we should diversify our approach to controlling inflation beyond interest rate hikes. Policies that directly address supply-side constraints, such as improving agricultural productivity and stabilising energy prices, can help reduce inflationary pressures more effectively.
“Increased investment in infrastructure can alleviate production bottlenecks and reduce business costs. This will enhance productivity and competitiveness, helping to tame inflation from the supply side.”
The director-general of Manufacturers Association of Nigeria (MAN) Segun Ajayi-Kadir said that “we recognize the efforts made by the MPC to stabilise price, as well as the rationale behind its decisions. However, it is expedient that the survival of manufacturing in Nigeria is prioritised when making monetary policy decisions.
“This will enable the sector to effectively play its role as the key driver of employment creation, productivity, stable foreign exchange earnings, and economic sustained growth.” He implored CBN to be domestic production centric by taking a detour from continuous hike in MPR and allow time for the real sector to recover from the impact of previous hikes.
Ajayi-Kadir also directed the CBN to collaborate with the Ministry of Finance to facilitate stronger handshake and coherence between monetary and fiscal policies, calling for fiscal support system that will enable the manufacturing sector import raw materials, spares and machines that are not available locally at concessionary duty rate.
“Minimise pressure on foreign exchange reserves by incentivize backward integration and local sourcing to decrease reliance on imported products and raw materials.
“Enforce Executive Order 003 to enhance support for local industries and ramp-up domestic production by restricting access to forex for the importation of products manufactured locally.
“Address the issue of low manufacturing productivity and food production caused by the high-level of insecurity across the country to curb the persistent rise in inflation,” he added.
The Federal Competition and Consumer Protection Commission (FCCPC) has reveived a total of 294 merger applications since its inception, approving 22 in 2024, while eight applications remain under review.
The former acting executive vice chairman of the FCCPC, Dr. Adamu Abdullahi, shared this update during a briefing in Abuja, reflecting on his seven-month tenure. He emphasised that the Commission’s rigorous review process aims to prevent large companies from unjustifiably acquiring smaller competitors, thereby preserving consumer choices,
preventing
anti-competitive practices, protecting consumers, and fostering a vibrant and competitive marketplace.
Dr. Abdullahi said by scrutinising mergers and acquisitions, the FCCPC aims to maintain a level playing field and promote fair competition.
He also highlighted the FCCPC’s efforts to strengthen consumer protection frameworks through collaborations with both domestic and international bodies. He disclosed strategic partnerships with the ECOWAS Regional Competition Authority (ERCA), the Central Bank of Nigeria (CBN), and the Nigeria Data Protection Commission (NDPC).
Additionally, he revealed that the FCCPC has signed a Memorandum of Understanding (MoU) with the Russian Competition Authority (FAS) to enhance international cooperation.
Dr Abdullahi said these partnerships are vital for creating a fair and competitive market environment that is transparent.
