The Federal Competition and Consumer Protection Commission (FCCPC) has issued a warning to point of sales (PoS) operators, particularly in Lagos, about engaging in price-fixing or forming cartels. The Commission is taking a strong stance against the arbitrary increase in charges by the Association of Mobile Money and Bank Agents in Nigeria (AMMBAN), which attempted to impose fixed charges on consumers. FCCPC stated that it would continue using advocacy measures but would not hesitate to apply penalties when necessary.
In a panel session at the 17th Annual Business Law Conference of the Nigerian Bar Association Section on Business Law (NBA-SBL), experts in the Nigerian technology ecosystem emphasized the need for government interventions that foster a conducive atmosphere for technological growth. The panelists stressed the importance of avoiding regulations that stifle innovation while bridging the digital divide between different segments of society. They urged constant engagement between tech companies, regulators, and market players to arrive at regulations that promote industry growth and compliance.
The Tin Can Island Port Command of the Nigeria Customs Service reported a remarkable 110.8% growth in non-oil exports during the first half of 2023 compared to the same period in the previous year. The non-oil export trade volume rose to 291,436.43 MT in H1’23 from 138,246.5 MT in H1’22. The Command’s Customs Area Controller, Adekunle Oloyede, highlighted the exponential growth in both volume and Free On Board (FOB) value of exports, which reached N182.333 million in H1’23, a 65% increase from H1’22.
The Nigeria Data Protection Commission (NDPC) directed all organizations handling data in Nigeria, including banks, telecom operators, and government agencies, to register with the Commission for data protection compliance monitoring. The registration is in line with the provisions of the Act, requiring data controllers and processors to register within six months of the law’s enactment. The NDPC aims to preserve data rights for all individuals and ensure that data processors and controllers in Nigeria comply with data protection regulations. Failure to register may lead to penalties and hinder foreign direct investment into the country.