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.

Nigerian banks lost a total of N2.09 billion to frauds in Q4 2023 with mobile emerging as the top channel through which the largest amount was lost, according to report by Nairametrics.

This was revealed in the latest Fraud and Forgeries report released by the Financial Institutions Training Centre (FITC).

According to the report, the N2.09 billion loss recorded in Q4 was a 77.58% increase compared with N1.18 billion lost by the banks in Q3 2024.

FITC in the report also revealed that a total of 12,405 cases of fraud were recorded in Q4 2024. When compared to the 12,066 cases recorded in Q3, this shows a 2.81% increase.

“The data for the last quarter of 2023 indicates that computer/web fraud, mobile fraud, and POS-related fraud were the three most prevalent types of fraud, continuing the trend observed all year round in 2023,” the report added.

However, in terms of the actual loss through the channels, FITC said mobile fraud accounted for the highest loss at 17.039% with a value of N356.57 million, while suppression of cash entries accounted for 3.75%, totaling N78.45 million.

The report noted that there was an overall increase in the amount lost across all channels except for Bank Branch which recorded a decline and Van and Agents which didn’t record any fraud cases, while the amount lost via the web, bank branch, and PoS channel decreased.

“In their order of magnitude, the amount lost through the ATM channel grew by 711.15%, raising the value to 40.47 million from N4.99 million in Q3. POS fraud also witnessed a surge in the amount lost by 95.01% from N7.5 million to N14.6 million.

“For Web fraud, the amount lost increased significantly by 50.49%, rising from N19.12 million to N28.77 million. However, bank branch-related frauds saw a decline of 59.73%, with the amount lost shrinking from N884.96 million in the previous quarter to N356.34 million in Q4 2023,” it said.

Strengthening security in banks

Advising the banks to respond adequately to the rising cases of fraud, FITC said Nigerian banks will need to invest heavily in upgrading and fortifying their digital infrastructure. This, it said, involves implementing cutting-edge cybersecurity measures, robust identity verification systems, and real-time transaction monitoring.

According to the organization, regular security audits and penetration testing are essential for promptly identifying and addressing system vulnerabilities.

“Furthermore, banks should prioritize customer and employee education to raise awareness about prevalent fraud schemes and promote effective prevention practices. Collaborating closely with law enforcement agencies is crucial to enhancing the capacity for investigating and prosecuting fraud cases.

“Regulatory compliance should be a top priority, requiring banks to stay current with evaluating regulations related to fraud prevention and data security.

Compliance not only ensures adherence to legal standards but also demonstrates a commitment to safeguarding customers’ financial assets,” FITC advised.

It added that following these recommendations would empower Nigerian commercial and merchant banks to better protect themselves and their customers against fraud and forgeries in the current situation.

LG Electronics, a global leader in technology and innovation, is delighted to announce the launch of the highly anticipated K-POP Fiesta contest in Nigeria.

This exciting event offers fans a unique platform to showcase their passion for Korean pop music and dance, while providing an opportunity to engage with fellow enthusiasts from all corners of the country.

The contest will be to four major cities in Nigeria, including Lagos, Abuja, Port Harcourt, and Ibadan. The K-POP Fiesta contest aims to bring the electric energy and vibrant culture of K-POP to Nigeria, a country known for its love of music and dance.

The K-POP Contest invites talented individuals and groups to contest in various categories, including singing, dancing, and performance. As part of its commitment to fostering cultural exchange and embracing diversity

“We are excited to bring the K-POP Contest to Nigeria and provide a platform for talented individuals to shine,” said Mr. Hyoungsub Ji, Managing Director at LG Electronics West Africa.

“By taking the contest to multiple cities, we aim to reach a diverse range of participants and celebrate the rich cultural exchange between Korea and Nigeria. Contestant will have the opportunity to win exciting prizes and recognition for their talent”.

“We are thrilled to bring the K-POP Fiesta contest to Nigeria, a country with a rich musical heritage. This event is a testament to LG’s dedication to providing unique and exciting experiences for our customers. We believe that K-POP has the power to unite people from different backgrounds and create a sense of joy and unity.” Mr. Hyoungsub added

The K-POP Contest tour will kick off in Ibadan on the 2nd and 3rd of May, where fans can experience the electrifying energy of K-POP through dance and singing competitions, and also interactive experiences. From there, the tour will travel to Lagos, Port Harcourt, and Abuja, giving aspiring performers in each location the chance to showcase their talent on a grand stage at the finale which will take place in Lagos sometime in June.

The K-POP Fiesta contest will provide participants with a platform to showcase their talent, creativity, and love for K-POP. Participants will have the opportunity to compete in various categories, including singing, dancing, and even creating their own K-POP-inspired music videos. The contest will be judged by a panel of industry experts, ensuring a fair and unbiased evaluation.

Three winners in music and dance will emerge at the regional contest in these four cities with five hundred thousand naira up for grabs while the winner at the grand finale gets two million naira plus other exciting prizes.

In addition to the contest, attendees will also have the opportunity to experience LG’s latest innovations in entertainment technology. From high-quality sound systems to immersive displays, LG continues to push the boundaries of what’s possible in entertainment and lifestyle.

LG Electronics is committed to supporting and nurturing talent in Nigeria, and the K-POP Fiesta contest is just one of the many initiatives undertaken by the company to empower individuals and encourage artistic expression. By bringing the K-POP phenomenon to Nigeria, LG aims to create a memorable experience for both participants and fans alike.

To participate in the K-POP Fiesta contest, fans can register online at https://www.lg.com/africa/LG-Kpop-Fiesta or Join the conversation on social media (Instagram) using the hashtag #LGKPOPNigeria.

The contest is open to all K-POP enthusiasts in Nigeria, regardless of age or background.

The event had in attendance Management of LG Electronics, Nigeria Video Jockey & TV Presenter, V.J Adams, Akunna Okechukwu, 2021 Nigerian Idol finalist, among others.