Central Bank of Nigeria (CBN) has issued a directive to four fintech companies, instructing them to halt the onboarding of new customers pending further notice.

The affected fintechs—OPay, Palmpay, Kuda Bank, and Moniepoint—have been linked to allegations of accounts being used for illicit foreign exchange transactions.

Representatives from the companies confirmed that the CBN’s order is related to these allegations.

However, they noted that the directive might be misdirected, as the majority of the implicated accounts belonged to commercial banks, not fintech platforms.

“I can confirm that 90% of the accounts implicated in the illicit forex transactions are with commercial banks, and only 10% are with fintechs. Why then has the CBN not extended this directive to the commercial banks? We face a widespread issue here, and targeting fintechs seems like an unfair focus on the more vulnerable targets,” one of the sources explained.

The Economic and Financial Crimes Commission (EFCC) recently secured a court order to freeze at least 1,146 bank accounts owned by various individuals and companies allegedly involved in illegal foreign exchange transactions.

Justice Emeka Nwite, in a decision on the ex-parte motion presented by the anti-graft agency’s lawyer, Ekele Iheanacho, also approved the commission’s request to complete the investigation within 90 days.

Yemisi Bamgbose, executive secretary of the Broadcasting Organisation of Nigeria (BON), has faulted the decision of the Federal Competition and Consumer Protection Commission (FCCPC) to review DStv and GOtv subscriptions.

In a statement on Monday, Bamgbose said the commission had remained silent following the increase in prices of goods and services by big firms and companies — but intends to review prices of the pay-tv.

“I would have given FCCPC a thumb up if they had been intervening on price matters, most especially those that have direct bearing on the livelihood of the masses,” Bamgbose said.

“If the mandate of FCCPC includes price control of goods and services in a free and deregulated economy, where was the organisation when Bakers Association in the country increased the cost of a loaf of bread more than 200% in the last one year.

“I doubt if FCCPC was aware that a sachet of pure water has been increased from five naira to twenty naira the last one year. Is the organisation on vacation?

“Perhaps the organisation is on leave when bottling companies in the country astronomically increased the cost of malt and other soft drinks. I was surprised that FCCPC didn’t call stakeholders meeting to review the new prices.

“Perhaps the cost of a bag of cement has not been increased from four thousand Naira in the last one year. That must be the reason why FCCPC did not deem it fit to invite Dangote, Bua and Lafarge cement manufacturers with relevant stakeholders to discuss the more than 100% increase on a bag of cement.

“Aviation sector, on a daily basis, increases the cost of domestic flights. This also has not attracted the attention of FCCPC.

“In the education sector, I was wondering why FCCPC could not call for the review of the cost  being charged by private educational institutions   especially those charging in dollars in a country where Naira is the legal tender.”

According to Bamgbose, if other services are allowed to increase their prices, MultiChoice should also have the freedom to determine the price of its products to maintain high-quality service.

She added that the choice of whether or not to subscribe to the service should be up to the consumer.

The secretary said subscription television is not an essential commodity and those who cannot afford the services of MultiChoice or any pay TV can decide not to subscribe.

“Anyway, on the part of broadcasting, I want to assume that FCCPC does not know what goes into the business of broadcasting, perhaps, that could inform the decision of the agency to plan the proposed review of the increase in the price of DSTV and GOTv pay TV channels respectively,” she said.

“There are free to air stations such as NTA, RADIO NIGERIA, AIT, SILVERBIRD CHANNELS, STATE OWNED RADIO AND TV STATIONS, PRIVATE RADIO STATIONS etc where consumers don’t pay to listen to radio or watch television.

“There are subscription channels such as MULTICHOICE, GOtv, TNtv, STARTIMES etc where viewers pay to watch and listen. There are choices.

“During Covid-19 pandemic, stations burnt diesel without adverts or other sources of revenue for more than twelve months in national interest.

“The cost of diesel rose from two hundred naira per litre in 2021 to one thousand seven hundred per litre in 2023/24, and broadcast stations have to transmit for twenty four hours changing from one generator to the other.

“None of the national stations such as Channels TV, Arise, TVC, AIT, Silverbird, and NTA, amongst others, commits less than one hundred million Naira on diesel on monthly basis to keep their mandate of information, education and entertainment.

“It may interest the public to know that many, if not all, of the national radio and television stations in Nigeria have not been able to break-even since 2020 when the nation’s economy was shut down as a result to Covid-19 pandemic.

“Why? Each network station that transmits 24 hours consumes not less than twelve thousand litres of diesel per week. In Nigeria, we want everything free.

“For MultiChoice to provide coverage to the nooks and cranies of the country, it maintains over three hundred sites powered with diesel generating sets in each of the sites.

“The public should also know that these PAYTV companies purchase all these contents that subscribers watch at the comfort of their homes and offices.

“Those who can not afford the services of MultiChoice and indeed any pay TV can decide not to subscribe, afterwards, there are many free to air television channels and content on satellites  OVER THE TABLE (OTT) that can be accessed through free to air decoders and wifi.”

Recall that  on April 24, Multichoice Nigeria announced an increase in the cost of subscriptions for its DStv and GOtv packages.

The pay-tv firm cited the rise in cost of operations as the rationale behind the price increase.

Competition and Consumer Protection Tribunal (CCPT) sitting in Abuja has restrained Multichoice Nigeria, a -TV operator, from implementing the DStv and GOtv subscription prices hike it announced last week

The interim order was sequel to an ex-parte motion filed before the court by Ejiro Awaritoma, counsel to the applicant, Festus Onifade.

The three-member panel of the Competition and Consumer Protection Tribunal, presided over by Saratu Shafii, issued the order on Monday.

Recall that THE management of Multichoice Nigeria Limited last week announced a fresh hike in the prices of subscriptions for its DStv and GOtv packages.

The fresh prices hike came barely four months after the previous fee adjustment.

According to an email sent to customers, the new prices on its DSTV and GOtv packages would take effect on Wednesday, May 1, 2024.

But  Onifade. in a suit marked: CCPT/OP/2/2024, had dragged MultiChoice Nigeria Limited and the Federal Competition and Consumer Protection Commission (FCCPC) before the Competition and Consumer Protection Tribunal

Onifade in the suit filed on April 29 sought  “An order of interim injunction of this honourable tribunal restraining the 1st defendant, whether by themselves, her privies, assigns by whatsoever name called from going ahead with impending price increase schedule to take effect from 1st May, 2024, pending the hearing and determination of the motion on notice

“An order restraining the 1st defendant from taking any step(s) that may negatively affect the rights of the claimant and other consumers in respect of the suit pending the hearing and determination of the Motion on Notice.”

In its ruling, the court restrained MultiChoice from implementing the announced prices increment, pending the hearing and determination of the motion on notice filed before it.

The court ruled that “The 1st defendant is hereby restrained from taking any step(s) that may negatively affect the rights of the claimant and other consumers in respect of the suit pending the hearing and determination of the motion on notice.”

The court directed all parties in the suit to appear before it on May 7 at 10am for the hearing and determination of the motion on notice.

The three-member tribunal chaired by Saratu Shafii, delivered the ruling on Monday on an ex-parte motion marked CCPT/OP/2/2024 and filed by Festus Onifade through his lawyer, Ejiro Awaritoma.

Onifade had sued Multi-Choice Nigeria Ltd, and the Federal Competition and Consumer Protection Commission (FCCPC), accusing the former of unjustly increasing subscription fees.