The British American Tobacco (Nigeria) Ltd says it has made payment of $110 million fine imposed on it by the Federal Competition and Consumer Protection Commission (FCCPC) for anti-competitive practices.
The External Affairs Director, British American Tobacco West and Central Africa Mrs. Oddiri Erewa-Meggison disclosed this in a statement, according to the News Agency of Nigeria (NAN).
She affirmed that, in light of the $110 million fine imposed on the company by the (FCCPC, the firm is committed to adhering to the regulations and guidelines set forth by the FCCPC and the nation.
Mrs. Erewa-Meggison emphasized that the company has already disclosed the investigation referenced by the FCCPC in its annual report for the year 2022.
Furthermore, Erewa-Meggison pointed out that the 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,”
- The $110 million penalty was imposed on British American Tobacco (Nigeria) Ltd and British American Tobacco Marketing (Nigeria) over anticompetitive conducts 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.
- The spokesperson for BAT Nigeria had said that 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.
– NAN
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