https://en.sputniknews.africa/20231228/nigerias-antitrust-agency-imposes-record-fine-on-british-american-tobacco-1064348016.html
Nigeria's Antitrust Agency Imposes Record Fine on British American Tobacco
Nigeria's Antitrust Agency Imposes Record Fine on British American Tobacco
Sputnik Africa
Nigeria's Federal Competition & Consumer Protection Commission (FCCPC) initiated the investigation into the British cigarette-makers and its affiliated... 28.12.2023, Sputnik Africa
2023-12-28T10:37+0100
2023-12-28T10:37+0100
2023-12-28T11:11+0100
sub-saharan africa
nigeria
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British American Tobacco (BAT) must pay a $110 million penalty after a three-year investigation into a wide range of anti-competitive practices, the Nigerian competition commission said in a statement.The commission found the London-based tobacco company guilty of abusing its dominant position, attempting to hinder competitors, introducing illegal products, and violating public health regulations.The commission's executive director, Babatunde Irukera, told the media that the fine against the tobacco company was the largest ever imposed by the Nigerian competition authority.As part of the resolution, the FCCPC will closely monitor British American Tobacco over the next 24 months to ensure compliance with "appropriate behavior" and business practices consistent with applicable competition laws and ongoing tobacco control efforts.This is not the first time British American Tobacco has been linked to inappropriate behavior in Africa. In 2017, British media revealed that BAT and other multinational tobacco companies had threatened the governments of at least eight African countries, demanding that they repeal or relax regulations designed to limit the harm caused by smoking.According to statistics platform Globaldata, BAT is the third largest tobacco company in the world, with a market capitalization of $78,328 million in 2023. Operating in 180 countries, the company's portfolio includes the Dunhill, Kent, Lucky Strike, Pall Mall and Rothmans cigarette brands.
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nigeria, west africa, tobacco , united kingdom (uk), economy, competition, finance, violation
nigeria, west africa, tobacco , united kingdom (uk), economy, competition, finance, violation
Nigeria's Antitrust Agency Imposes Record Fine on British American Tobacco
10:37 28.12.2023 (Updated: 11:11 28.12.2023) Nigeria's Federal Competition & Consumer Protection Commission (FCCPC) initiated the investigation into the British cigarette-makers and its affiliated companies in 2020 over numerous violations of competition law.
British American Tobacco (BAT) must pay a $110 million penalty after a three-year investigation into a wide range of anti-competitive practices, the Nigerian competition commission said in a statement.
The commission found the London-based tobacco company guilty of abusing its dominant position, attempting to hinder competitors, introducing illegal products, and violating
public health regulations.
The commission's executive director, Babatunde Irukera, told the media that the fine against the tobacco company was the largest ever imposed by the Nigerian competition authority.
To gather evidence for a forensic analysis, the agency said it obtained a federal court order allowing the search of multiple company's sites and those of its service providers.
As part of the resolution, the FCCPC will closely monitor British American Tobacco over the next 24 months to ensure compliance with "appropriate behavior" and business practices consistent with applicable competition laws and ongoing tobacco control efforts.
This is not the first time British American Tobacco has been linked to inappropriate behavior in Africa. In 2017, British media revealed that BAT and other multinational
tobacco companies had threatened the governments of at least eight African countries, demanding that they repeal or relax regulations designed to limit the harm caused by smoking.
According to statistics platform Globaldata, BAT is the third largest tobacco company in the world, with a market capitalization of $78,328 million in 2023. Operating in 180 countries, the company's portfolio includes the Dunhill, Kent, Lucky Strike, Pall Mall and Rothmans cigarette brands.
