Business
MultiChoice to pay N25m for disobeying tribunal orders
The Competition and Consumer Protection (CCPC) Tribunal sitting in Abuja, on Thursday, awarded a N25 million fine against MultiChoice Nigeria Ltd, the operator of the satellite televisions, DStv and Gotv, for violating its restraining order.
The three-member tribunal, headed by Thomas Okosun in a ruling, held that having been found culpable of breaching its order, the company was liable to pay the penalty.
“The 1st defendant (MultiChoice) is in contempt of this tribunal.
“So we have reviewed the position of Section 51(3) of FCCPC Act, 2018 and in compliance with the provision of Subsection 2 of the same Section 51, we hereby order the 1st defendant, MultiChoice Nigeria Ltd, to pay the sum of N25 million only as administrative penalty for contempt of this honourable tribunal,” Okosun declared.
Shortly after the ruling, counsel for MultiChoice, Jamiu Agoro, however, pleaded for a date to hear his motion which, he said, was not due for hearing, but the tribunal declined to grant his plea.
“Until we are informed by the registry of your motion and once it is brought to our notice, if it is necessary, it will be heard,” he said.
The News Agency of Nigeria (NAN) reports that the tribunal had, earlier, disagreed with MultiChoice over a notice of appeal the company brought to stay execution of the panel’s judgment.
The tribunal rejected the request by counsel for the firm, Jamiu Agoro, to hear his notice of appeal seeking an order of the panel staying execution of its judgment delivered on Tuesday pending the hearing and determination of the appeal before the Court of Appeal, Abuja.
Agoro, upon resumed of the proceedings, had informed that after the company reviewed the tribunal’s judgment delivered, the firm decided to appeal the said decision.
He said two applications were filed and “one is an application seeking for staying of execution.”
He, however, said that though an appeal had been filed, MultiChoice was already taking steps to comply with the judgment, directing its Managing Director, John Ugbe, and directors to appear with the 2021 audited financial report on Sept. 8 (today).
The lawyer explained that there was no management staff of the company in Abuja at present that could have brought the report.
“In view of our motion for stay of execution which has been served on all parties, we pray that you set the motion down for hearing for the tribunal to look at our application if it is meritorious or not,” he said.
But the tribunal disagreed with Agoro, saying the business of the day was for the company’s management to appear before it with the audited report.
Besides, the panel said there was no motion on appeal before it.
“You know the law counsel. First, those papers are not with us. The only reason we are here this morning is to make pronouncement on the penalty the 1st defendant (MultiChoice) is to pay.
“It is your right to appeal. The only point I took from you is that you don’t have your details here, rather than raising issues of appeal,” Okosun said.
The tribunal then stood down the matter to take it decision.
The News Agency of Nigeria (NAN) reports that the tribunal, had, on Tuesday, delivered it judgment in a suit filed by a lawyer, Festus Onifade and Coalition of Nigeria Consumers, on behalf of himself and others.
The claimants had sued the MultiChoice and the Federal Competition and Consumer Protection Commission (FCCPC) as 1st and 2nd respondents, shortly after the company, on March 22, announced its plan to increase price of its products from April 1.
The claimants prayed the tribunal for an order, restraining the firm from increasing its services and other products on April 1, pending the hearing and determination of the motion on notice dated and filed on March 30.
And the tribunal granted the ex-parte motion, directing parties to maintain status quo ante bellum.
But despite the tribunal’s order, the company was alleged to have gone ahead with the price increase on DStv and Gotv subscriptions and other products.
Against this backdrop, the claimants, in a motion on notice asked the tribunal for an order directing the MD and the directors of MultiChoice to appear and show cause why they should not be committed to prison for willful disobedience of the order of the tribunal granted on the March 30.
They also sought an order, directing MultiChoice to pay 10 per cent of its annual turnover for failure to comply with the order in accordance with Section 51 (1) and 2 of the FCCPC Act, 2018 and under the inherent jurisdiction of the tribunal.
Onifade averred that MultiChoice had a penchant for disobeying order of court.
The lawyer, who was the 1st claimant, said he was a loyal and long time customer of MultiChoice with DStv account number: 41353565835.
And on April 11, the tribunal again ordered MultiChoice to revert back to the old prices by maintaining status quo of its March 30 order, pending the hearing and determination of the substantive matter, but to no avail.
But while delivering the judgment on Tuesday, the tribunal ruled that the MD of the firm and the directors should appear with the 2021 audited financial report of the company before it on Sept. 8 (today).
“The Managing Director and directors of the 1st defendant (MultiChoice) are to appear before this honourable tribunal on Sept. 8 with certified true copies of their audited financial report of year 2021,” the panel declared.
The tribunal said that the audited financial report would “enable the tribunal determine the appropriate penalty to impose on MultiChoice for being in contempt of the orders of this honourable tribunal made on March.”
NAN reports that Section 51 of the CCPT Act states that a corporate body is liable upon conviction for contempt of a fine not less than “N100 million or 10 per cent of its turnover in the preceding year.”
The panel refused to grant the claimants’ prayer to direct the firm to adopt a pay-as-you-view model of billing for all its products and services.
However, it directed FCCPC to investigate if the firm adopts the package for its products and services in other countries, especially South Africa, and see how same could be adopted in Nigeria, and publish its findings within six month of the order.
The tribunal, in the judgment, also refused to grant the prayers of the claimants, seeking for an order directing the firm to revert to old price regime.
The three-member panel held that the power to regulate prices of goods and services neither resides in the FCCPC, the regulatory agency, nor the tribunal, saying only the president of Nigeria could do so.
The tribunal also dismissed the claimants’ demand for a N10 million damages for unable to prove how they had suffered psychologically from the company’s act.
The panel, in the judgment, rebuked FCCPC over act of negligence to complaints by the consumers.
“The 2nd defendant (FCCPC) must also improve on its management of complaints from the public that it is established to serve .
“A situation where an aggrieved consumer does not get feed back on a duly filed complaint does not speak well for the country,” it said.
The tribunal, therefore, charged the commission to resolve all lingering issues between MultiChoice and numerous consumers of the products and services of the company.
NAN reports that Onifade, in an amended originating summons, granted by the tribunal on June 20, had sued the firm for N10 million damages.
The lawyer also sought the order directing and mandating MultiChoice to adopt a pay-as-you-view model of billing for all its products and services forthwith.
He further urged the tribunal to make an order directing the firm to make the local television stations in the country free and stop the company from cycled content.
But counsel for MultiChoice, Agoro, in a motion on notice, challenged the jurisdiction of the tribunal to hear the matter as the claimant lacked the locus to institute the action.
Jamiu had argued that the order of the tribunal made on April 11, asking MultiChoice to revert to old rates was made against a completed act, the firm, having increased its tariffs on April 1.
The lawyer argued that MultiChoice with had already configured all their devices for the increase in tariff to take effect before the tribunal made its order.
Agoro added that there was no evidence presented before the tribunal of damage that the claimant had suffered.(NAN)
…Meets CBN Capital Requirements, to Open Eight New Branches in 2026.
NOVA Bank Limited has announced the appointment of Jude Anele as its Managing Director and Chief Executive Officer, following the approval of the Central Bank of Nigeria.
The appointment comes at a pivotal moment in the Bank’s evolution, following its transition from merchant banking to commercial banking and the successful completion of its recapitalisation programme ahead of the March 31, 2026, regulatory deadline.
Anele brings more than 33 years of banking experience across West and Central Africa, with deep expertise in retail /commercial banking, corporate banking, risk management, institutional transformation and executive leadership. Over the course of his career, he has led complex banking operations, strengthened governance frameworks, delivered sustainable revenue growth and built high-performance teams.
The appointment reflects the Board’s strategic commitment to consolidating NOVA Bank’s commercial banking platform while accelerating growth across its Corporate, Commercial and Retail segments, as well as priority markets.
Speaking on his appointment, Anele said he was honoured to assume leadership of the Bank at a defining stage of its growth.
“Nova Bank has built a strong institutional foundation defined by regulatory compliance, capital strength, disciplined governance and a clear commercial mandate. Our focus now is execution — deepening customer relationships, expanding responsibly across priority markets, strengthening risk discipline and delivering sustainable value to our shareholders,” he said.
The Bank’s Chairman, Phillips Oduoza, also expressed confidence in the new leadership.
“The Board is pleased to welcome Mr. Jude Anele as Managing Director and Chief Executive Officer. His depth of experience, strategic clarity and proven leadership record align strongly with NOVA Bank’s growth ambitions,” Oduoza said. He added that with recapitalization completed ahead of the regulatory timeline, the Bank is entering a new phase defined by scale, stability and structured expansion.
NOVA Bank also confirmed that it has met the recapitalization requirements set by the Central Bank of Nigeria ahead of the regulatory deadline, reinforcing its capital adequacy and long-term financial stability. The capital raise, supported by new and existing shareholders, further strengthens the Bank’s balance sheet and positions it for disciplined growth.
In 2025, Global Credit Rating reaffirmed NOVA Commercial Bank’s national scale long- and short-term issuer ratings of BBB(NG) and A3(NG) respectively, while Agusto & Co. reaffirmed the Bank’s “Bbb” rating with a stable outlook, reflecting its strong capital base, sound liquidity position and resilient asset quality relative to its risk profile.
NOVA Bank currently maintains operations in Lagos, Abuja, Owerri and Port Harcourt, with plans to open eight additional branches across key commercial hubs in 2026 as part of its expansion strategy.
The commissioning of the Bank’s regional office in Owerri marked a significant milestone in its South-East and South-South growth strategy. The event attracted government officials’business leaders and Nigerians in diaspora and underscored NOVA Bank’s commitment to supporting enterprise development and economic growth.
NOVA Bank Limited is a commercial bank licensed and regulated by the Central Bank of Nigeria. Commencing operations in 2018 as a merchant bank, the institution transitioned to a commercial bank in 2024 and provides retail, SME, corporate and commercial banking services through its Phygital model—an integrated approach combining physical branch presence with digital banking infrastructure.
The Dangote Refinery on Tuesday reduced its petrol gantry price by N100, from N1,175 to N1,075 per litre.
The move followed a slump in global oil prices, with Brent crude dropping to $89 per barrel from over $100 on Monday.
Officials of the refinery confirmed the development to newsmen, adding that diesel prices have also been reduced.
They stated that petrol supplied via coastal distribution channels will now sell for N1,050 per litre, reflecting a slight differential for marine logistics.
Similarly, diesel is now N1,430 per litre at the gantry, representing a N190 reduction from the earlier price of N1,620 per litre.
According to oilprice.com, Brent crude prices witnessed a dramatic reversal on Tuesday, plunging nearly 27 per cent from the previous day’s high of $119 per barrel to as low as $87 per barrel.
The Dangote Refinery reportedly blamed global crude volatility for the repeated price hikes, citing tensions arising from the US-Iran conflict.
Anambra State Governor, Professor Chukwuma Soludo, has ordered the closure of the Onitsha Main Market for one week following traders’ failure to comply with the state government’s directive to disregard the Monday sit-at-home order.
The governor gave the directive on Monday during an on-site visit to the market, along with some of his aides and other government officials.
Soludo warned that the closure could be extended if traders fail to comply with the directive, adding that security agencies have sealed the market to enforce the order.
Anambra state governor, Chukwuma Soludo
The governor described the development as the latest—and perhaps most drastic—salvo in a protracted struggle over control of economic life in the South-East on Monday.
Soludo said that despite repeated assurances of enhanced security and appeals to reclaim public spaces, many traders at the iconic market once again chose to keep their stalls locked.
According to him, their absence amounted to a quiet rebellion that nonetheless spoke volumes about the lingering climate of fear.
Soludo said, “The government cannot stand by while a few individuals willfully undermine public safety and disregard official directives meant to restore normalcy. This is plain economic sabotage.
“We are not going to allow this. The closure is a protective measure for law-abiding citizens.”
He, however, issued a stern warning that if the market fails to reopen after the one-week shutdown, it will be sealed for one month.
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“You either decide that you are going to trade here or you go elsewhere. I am very serious about this,” the governor added.
The scene at the market on Monday was marked by tense enforcement, as a joint task force comprising police, army, and other security agencies was seen securing the perimeter.
As the gates remain locked this week, the standoff in Onitsha highlights the broader struggle to abolish the Monday sit-at-home.
When the market is scheduled to reopen next Monday, attention will be on the traders—whether they will return to their stalls following the state’s show of force, or whether empty aisles will deliver a different verdict.
The outcome may determine not just the fate of the market, but the rhythm of economic life in Anambra State on Mondays.
The state government had earlier directed traders and businesses to continue normal activities on Mondays as part of efforts to restore economic stability and end disruptions caused by recurring sit-at-home observances.
Meanwhile, PUNCH Online had reported on Saturday that the state government would begin pro-rata salary payments for workers across the state as part of efforts to end the Monday sit-at-home.
The state Commissioner for Information, Law Mefor, disclosed this to journalists in Awka, noting that effective February 2026, civil servants’ salaries would be paid according to attendance on Mondays.
Mefor said the decision was reached during the end-of-tenure retreat of the Anambra State Executive Council held in Awka, which reviewed the administration’s activities over its concluding four-year tenure and outlined priorities for the new term beginning on March 17, 2026.
According to government sources, the shutdown will initially last one week. However, authorities warned that if the market fails to fully reopen by next Monday, the closure will be extended to one month, a move that could have far-reaching economic consequences for traders and supply chains across the South-East and beyond.
“This is no longer about fear or compliance under duress. It is about restoring law, order, and economic sanity,” a senior government official said.
Onitsha Main Market serves as a commercial nerve centre for millions of traders and consumers nationwide.
The state government insists that continued observance of sit-at-home undermines public safety efforts, emboldens criminal elements, and projects Anambra as unsafe for business and investment.
The government also issued a stern warning to market unions, transport operators, and individuals suspected of enforcing or promoting the sit-at-home order, stating that anyone found aiding or abetting the practice would face legal and regulatory sanctions.
Security agencies have reportedly been placed on alert to ensure compliance and protect traders willing to open their shops.
While some traders welcomed the government’s firm stance, describing it as long overdue, others expressed fear and uncertainty, citing security concerns and past incidents of violence linked to defiance of sit-at-home orders.
The Anambra State Government, however, reassured residents that adequate security measures are being put in place to protect lives and property, urging traders to cooperate in the interest of collective economic survival.
As the countdown to next Monday begins, all eyes are now on Onitsha Main Market—where the decision to reopen or remain shut could shape the economic direction of Anambra State in the weeks ahead.
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