British American Tobacco Speaks on $110 Million Penalty by FCCPC
- The British American Tobacco has confirmed the payment of the $110 million fine imposed on it by the FCCPC
- The company said it has also agreed to abide by the Commission’s regulations and laws
- The Federal Competition and Consumer Protection Commission (FCCPC) fine the company $110 million for anti-competitive practices
Pascal Oparada has over a decade of experience covering Tech, Energy, Stocks, Investments, and Economy.
British American Tobacco (Nigeria) Limited said it has made payment for the $110 million fine slammed on it by the Federal Competition and Consumer Protection Commission (FCCPC) for ant-competitive practices.
The company’s External Affairs Director in West and Central Africa, Oddiri Erewa-Meggison, disclosed this in a statement, according to a report by the News Agency of Nigeria (NAN).
Source: Getty Images
BAT agrees to play by the rules
Erewa-Meggison said that in light of the fine imposed on the company by FCCPC, it is committed to abiding by the regulations and guidelines set by the Commission and the country.
She stated that the company had already disclosed the investigation cited by the FCCPC in its annual report for 2022.
She also revealed that the information was contained in the recently published Half-Year Report of the Commission for June 30, 2023.
The statement said:
“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.”
Legit.ng reported that the $110 million fine imposed on British America Tobacco and British America Tobacco Marketing Nigeria Limited was for anti-competitive practices and the flouting of Nigerian tobacco laws.
FCCPC had said that the company and its affiliates in Nigeria would be made to abide by the laws regulating the tobacco industry in the country.
FCCPC fines tobacco company $110 million for breaking laws in Nigeria
Earlier, Legit.ng reported that British American Tobacco (BAT) Nigeria and its affiliated companies have been fined $110 million by the Federal Competition and Consumer Protection Commission (FCCPC) for repeated violations of the National Tobacco Control Act, the FCCPC Act, and other legal documents.
The Commission made it clear in a statement on its X page that the fine was decided by mutual consultation with BAT by the FCCPC's Cooperation/Assistance Rules & Procedure (CARP) 2021.
Companies prepared to cooperate could gain from this approach by avoiding some laws and facing lesser penalties.
PAY ATTENTION: Donate to Legit Charity on Patreon. Your support matters!
Source: Legit.ng
