FCCPC
British American Tobacco pays $110m penalty
British American Tobacco (Nigeria) Ltd has settled the Federal Competition and Consumer Protection Commission’s (FCCPC’s) $110 million fine put on it for anti-competitive practices.
A statement by the External Affairs Director, British American Tobacco West and Central Africa Mrs. Oddiri Erewa-Meggison, stated this.
The statement said 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.
Erewa-Meggison said the company had already disclosed the investigation referenced by the FCCPC in its annual report for the year 2022.
Furthermore, Erewa-Meggison said this information was most recently detailed in the Half-Year Report covering the period ending June 30, 2023.
According to her; “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,”
Earlier, a 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.
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