BATN Pays $110 Million Fine to Nigerian Government

BAT by 2FIRSTS.ai

Dec.29.2023

BATN Pays $110 Million Fine to Nigerian Government

BATN, a subsidiary of British American Tobacco, has paid a $110 million fine to the Nigerian government, according to a statement.

According to a report by Dailytrust on December 28th, British American Tobacco Nigeria (BATN) issued a statement stating that they have paid a government fine of $110 million.

In a previous statement, the FCCPC revealed that it has been conducting an investigation into British American Tobacco and its affiliated companies since August 28, 2020. The committee has gathered substantial evidence from the analysis of electronic communications and other information/data.

The findings of the investigation are as follows:

According to Section 155 of the FCCPA, as well as Article 11 of the 2020 Federal Trade Commission's administrative fine regulations and Article 4.2 of the 2021 Federal Trade Commission's investigation cooperation/assistance rules and procedures, stakeholders in the British American Tobacco industry are required to pay a fine of $110 million.

However, the British American Tobacco company responded to this incident in a statement, revealing that the fine has already been paid.

The statement indicates that British American Tobacco disclosed the investigation mentioned by the FCCPC in its annual report for 2022 and the recent semi-annual report as of June 30, 2023. In December 2022, an agreement was reached between the FCCPC and the company regarding the investigation and associated procedures, leading to the termination of the aforementioned investigation and procedures. The company has duly paid the corresponding fines.

British American Tobacco has admitted to the mentioned supervision and promotional activities, and has engaged in comprehensive cooperation with the service provider designated by the Federal Competition and Consumer Protection Commission. Furthermore, the company has committed to complying with Nigerian laws.

References:

[1] 'We've paid,' British American Tobacco speaks on $110m FG fine

Also Read:

[1] Nigeria's FCCPC Fines BAT Parties $110 Million for Violations

[2] Experts Call for Nigeria to Adopt Smokeless Tobacco Economy

[3] Kola Karim Appointed as Chairman of BAT Nigeria's Advisory Committee

#Traditional tobacco #Africa #Nigeria #Regulation #British American Tobacco (BAT)

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