British American Tobacco (Nigeria) Ltd says it has made payment for the FCCPC’s $110 million fine against it for anti-competitive practices.
The External Affairs Director, British American Tobacco West and Central Africa Mrs. Oddiri Erewa-Meggison disclosed this in a statement reported by the News Agency of Nigeria (NAN).
She affirmed that, in light of the $110 million fine imposed on the company by the Federal Competition and Consumer Protection Commission (FCCPC), the firm is committed to adhering to the regulations and guidelines set forth by the FCCPC and the nation.
She emphasized that the company had already disclosed the investigation referenced by the FCCPC in its annual report for the year 2022.
Furthermore, Erewa-Meggison pointed out that this information was most recently detailed in the Half-Year Report covering the period ending June 30, 2023.
She stated,
- “The FCCPC had in December 2022, entered into a consent order, terminating the mentioned investigation and associated proceedings.”
- “British American Tobacco (Nigeria) Ltd and British American Tobacco Marketing (Nigeria) Ltd have made payments to settle the penalty.”
- “BAT Nigeria acknowledges the mentioned monitorship and awareness campaigns and has cooperated fully with the FCCPC’s appointed service providers.”
- “BAT remains committed to operating in compliance with the laws of Nigeria,”
Backstory
- Earlier in the week, Nairametrics reported the penalty of $110 million imposed on British American Tobacco (Nigeria) Ltd and British American Tobacco Marketing (Nigeria) over anticompetitive conduct ts and flouting of Tobacco laws in the country.
- The regulatory watchdog noted the company and its affiliates in Nigeria will be subjected to compliance monitoring from agents of the FCCPC for 24 months to ensure they adhere to its rules going forward.
- In a similar report, the Spokesperson for BAT Nigeria told Bloomberg the company has agreed to pay the $110 million fine imposed on it.
- In April 2023, the company agreed to a $635 million settlement with US authorities to address inquiries related to sanctions violations concerning the sale of products in North Korea. Additionally, the settlement addressed allegations of misleading banks regarding the origin of those sales.