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FCCPC Can’t Control Prices, Says Irukera

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Dr. Babatunde Irukera, executive vice chairman of the Federal Competition and Consumer Protection Commission (FCCPC), has stated that the agency has no power to regulate consumer prices because it is not a price regulator and that Nigeria operates a free market economy.

Irukera stated this in a recent interview with journalists in Abuja. According to the FCCPC boss, the law establishing the commission has a limited provision on price regulation which, if even it allows the government to get involved in prices, requires the commission to conduct research and make a recommendation to the President for a limited time of controlling price in a specific sector.

“When the President accepts the recommendation and adopts it, it will be gazetted. It will only be for a limited period of time. Other than that, we don’t regulate price,” he said.

While stating that the FCCPC Act has provisions that prohibit exploitative or unjust contract terms, including prices, they do not give the commission authority to say just say prices are too steep.

 “Does that give us the authority to just say this thing is too high; this price is going too high? No, it doesn’t. What is not reasonable is not a subjective thing. It’s based on objective standards. What is unjust and manifestly so is based on objective standards not arbitrary. And it’s not just a number.

“That something cost N100,000 doesn’t make it unreasonable or unjust. And our regulatory approach must be methodical, and must be transparent and clear,” he explained.

To buttress his point, Irukera gave an example of how the commission prevented the exploitation of consumers by a supermarket selling hand sanitisers and face masks at manifestly unjust prices during the Covid-19 saga.

 “We investigated one popular supermarket and what they had done, a hand sanitiser that was sold for N490 in the morning by noon, the price had increased to N1,400. By 5pm it was N3,400.

“We looked at their inventory, it was showing that they had 45 pieces left, but we couldn’t find it on the shelf or store. They hoarded that for the next day when the prices would keep going up.

“It wasn’t difficult to come to a determination that was exploitative, manifestly unjust and unreasonable, because there was no rational explanation for that progressive increase.

“You could find a circumstantial evidentiary basis, which is important for controlling COVID-19 and COVID-19 is now in town. So, there’s a method and a matrix to decide whether something is excessive,” he recalled.

When asked about the recent price adjustments by pay television provider, MultiChoice, the FCCPC boss stated that the company was compelled to introduce a one-year price lock that enables subscribers to pay the same tariff for one year as long as subscription renewal is made before the due date.

He added that the company was also made to introduce toll-free customer care lines and allow subscribers to suspend their accounts up to four times a year as against the previous twice per annum.


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How Hackers Manipulated, Stole N622m from Interswitch within Minutes- Police

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Justice Yellim Bogoro of the Federal High Court in Lagos has heard how Daniel Ikeoha and Sylvester Ebeta, two alleged hackers, manipulated Interswitch Nigeria Limited’s Payment Gateway  switch and siphoned N622 million within minutes.

How Hackers Manipulated, Stole N622m from Interswitch within Minutes- Police

Police intelligence operatives from Special Fraud Unit, Ikoyi, Lagos State, who later uncovered the two alleged, arraigned before Justice Bogoro for causing multiple fraudulent transfers and withdrawals of N622 million from various bank accounts of other customers to their own accounts.

Justice Bogoro, the presiding judge, ordered both Daniel and Sylvester remanded in the Ikoyi facility of the Nigerian Correctional Services (NCoS), after they pleaded not guilty to the charges of alleged conspiracy, hacking into the Interswitch’s server and unlawful conversion/taking possession of proceeds of an unlawful acts.

The offences which contravened Sections 27(1)(b) and 14(1)of the Cyber Crimes (Prohibition, Prevention Etc.) Act, 2015 as Amended in 2024, read along with Section 14(1) of the same Act.

The offence also contravened Section 18(2)(b)(d) and punishable under Section 18(3) of the Money Laundering (Prevention and Prohibition) Act, 2022.

Justine Enang, the prosecutor and a chief superintendent of police at the Legal Department of PSFU, Ikoyi, Lagos, alleged that the defendants and others at large have between January 2022 and October 12, 2023, conspired among themselves to commit illegal acts.

Enang told the Court that the two defendants and others at large, unlawfully suppressed the Interswitch Payment Gateway Merchants to interchange the system switch and caused multiple fraudulent transfers and withdrawals of N622 million, from various bank accounts of other customers to their own accounts.

The prosecutor told the court that the defendants wired the N622 million to their under-listed banks and accounts: Kuda Microfinance Bank, account no. 2012900334; UBA Plc, account no. 2259918436; Zenith Bank Plc, account no, 225135546; Eco Bank Nigeria Limited, account no. 4360057510 and 4360057503; GTB Plc account nos. 0025473624, 0560512839; FCMB, account nos. 7358218027, 7358218010; Moniepoint Microfinance Bank, account no. 5397559320; GTB Plc, account no. 0167915358; Stalonvee Concept, Stalonvee Concept, account no. 6397559320, 5397602542 and Zenith Bank Plc, account no. 240753383.

  1. S. Hart, their lawyer, informed the court that she had two applications before the Court for the Court to determine.

She told the court that the first application is challenging the court’s jurisdiction in entertaining the charges against her client, because her clients have been charged before a magistrate court. Hence, the charges against them before the Court was an abuse of court process.

She also told the Court that the second application is the bail application of her clients.

In response, the prosecutor told the Court that the charge before the Magistrate Court has been withdrawn.

On the application for bail, the prosecutor told the court that he has responded to same, by filing a counter-affidavit.

Based on the submissions of the parties, Justice Bogoro ordered parties to move the bail application. And upon taking arguments on the bail application, Justice Bogoro adjourned ruling till 14th November, 2024, while ordering that the two defendants be remanded in the custody of the Nigerian Correctional Services (NCoS) pending when the bail application will be determined.

 

 


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Standard Chartered, BII Renew $350 million Commitment to Support Trade Finance in Emerging Markets

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Standard Chartered, a leading international cross-border bank, and British International Investment (BII), the UK’s development finance institution (DFI) and impact investor, announce the signing of a USD350 million risk participation agreement. This facility aims to bolster the trade finance needs of SMEs and corporates across Africa and South Asia and to boost economic growth in these regions.

Since the initial agreement in 2013, Standard Chartered and British International Investment have enabled over USD10 billion in trade volumes in over 10 countries across Africa and South Asia including Kenya, Tanzania, Nigeria, Bangladesh, Pakistan and Nepal. In the past year, approximately USD450 million of trade has been supported via this facility.

The renewed facility will cover an expanded number of dynamic markets and seek to provide much needed support in trade and economic growth in Africa and South Asia by further enabling trade finance access and liquidity across Standard Chartered’s extensive global network. It will support many sectors such as food, agriculture, healthcare, industrials, metals infrastructure, electrical, electronics, technology, telecom and mobility to name a few.

The facility also supports the United Nations’ Sustainable Development Goals of Decent Work & Economic Growth (UN SDG 8), Industry Innovation & infrastructure (UN SDG 9), Responsible Consumption & Production (UN SDG 12).

The UK’s Development Minister Anneliese Dodds said: “I am delighted to see BII and Standard Chartered renew their facility to deliver trade finance throughout Africa and South Asia. This is an important partnership that will support SMEs and corporates to grow and deliver critical goods and services.

“Trade plays an important role in economic transformation, and this risk-sharing facility demonstrates how BII can work with financial institutions to support our shared development objectives.”

Nick O’Donohoe, CEO, BII, said: “We are proud of the positive impact that this long-standing trade finance facility with Standard Chartered has had in Africa and South Asia. By enabling over $10bn in trade volumes, the facility continues to empower businesses and facilitate the vital flow of essential goods and services including food and healthcare.

This is pivotal in supporting economic growth and creating new opportunities in these regions. It is also a step closer to narrowing the global trade finance gap.”

Saif Malik, CEO, UK and Head of Banking & Coverage, UK, Standard Chartered said: “We are thrilled to renew our commitment to work with BII in support of trade. As a leading international banking group, we play a vital role in enhancing access to the capital and liquidity that is essential for global trade.

This strategic agreement will provide significant support to businesses with high potential but constrained access to finance. It aligns to our vision of the role that banking and finance can play in supporting the growth ambitions of corporations that innovate for the future by connecting the world’s most dynamic markets in trade, investment and capital flows.

 


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Substandard CNG Cylinder is Recipe for Disaster- SON

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Standards Organisation of Nigeria (SON) has warned the public against the use of substandard and uncertified Compressed Natural Gas (CNG) cylinders.

 

The warning is coming in the wake of the unfortunate recent incident of CNG cylinder explosion at the NIPCO CNG Refueling Station in Benin City, Edo State.

In a statement, the organisation said it has put robust and effective regulatory measures in place to ensure that all CNG equipment and conversion kits conform to approved standards before being certified for public use.

“The conformity assessment schemes are designed to prevent the import, manufacturing, and use of substandard products,” it stated.

In addition, SON said it is collaborating with the Presidential Initiatives on CNG and other relevant government bodies to finalise the Nigerian Gas Vehicle Monitoring System (NGVMS) – a platform that will provide centralized monitoring and surveillance of CNG systems to ensure that only vehicles equipped with certified conversion kits can access gas at retail outlets.

“The NGVMS will also offer a database of approved CNG equipment and suppliers which will go a long way in preventing the substandard installations and further mitigating the associated risks.”

 

 

 


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