BAT and several of its affiliates have paid a $110 million fine for violating Nigerian competition laws, reports Independent.
Speaking during a media briefing, Adamu Abdullahi, acting executive vice chairman of the Federal Competition and Consumer Protection Commission (FCCPC), said the full $110 million had been paid at the official exchange rate at that time through the Central Bank of Nigeria.
“The federal government received 40 percent of the amount while 60 percent went to the FCCPC,” Abdullahi was quoted as saying.
He described the case as watertight, adding that the FCCPC conducted thorough investigations on the tobacco company.
Abdullahi further revealed that the FCCPC is currently monitoring the activities of another major tobacco company for compliance with international conventions, the National Tobacco Control Act and other regulations, and to prevent potential anti-competitive practices.
“The commission has launched a multifaceted campaign to combat underage tobacco use and protect vulnerable populations,” he said.