Business
FCCPC warns Coca-Cola over ‘misleading products labelling, unfair marketing tactics’
The Federal Competition and Consumer Protection Commission (FCCPC) has warned Coca-Cola Nigeria Limited (Coca-Cola) and the Nigerian Bottling Company Limited (NBC) over the use of misleading trade descriptions.
FCCPC, in a statement on Thursday, said the companies have been carrying out unfair tactics, thereby “misleading consumers”.
The commission said Coca-Cola and the NBC are guilty of deceiving the public by describing the variant of its Coca-Cola “Original Taste, Less Sugar” as the same as its “Original Taste” variant in terms of formulation.
“In June 2019, the Federal Competition and Consumer Protection Commission (Commission) became aware that Coca-Cola Nigeria Limited (Coca-Cola) and Nigerian Bottling Company Limited (NBC) (jointly referred to as the “Companies”) had commenced a migration of their Coke brand from a formulation that included regular sugar to non-nutritive sweeteners,” the statement reads said.
“The migration at the time, though not concluded, apparently followed previously concluded, but undisclosed and uncommunicated migrations with respect to their other brands, to wit: Fanta and Sprite (as the Investigation will later discover).
“The strategy and conduct at the time appeared to possibly infringe FCCPA provisions prohibiting misleading trade descriptions, unfair marketing tactics, and questions whether some pricing strategies in certain geographical areas of Nigeria were on account of market power in the geographic areas, and as such constituted abuse of dominant market position.”
‘COMPANIES ABANDONED DEAL, USED DIFFERENT BUSINESS STRATEGY’
FCCPC also said Coca-Cola and the NBC abandoned months of work and mutually agreed outcome with the commission for a different business strategy.
This adopted strategy, the commission said, has turned out not to meet the applicable standards.
“Accordingly, and considering that the conduct continues and remains, the Commission has entered, issued and served its Final order on Coca-Cola and NBC on July 29, 2024,” the statement further reads.
“The Final Order contains the Commission’s findings some of which include:Misleading trade descriptions under Section 116 FCCPA by continuing to mislead consumers to believing Coca-Cola Original Taste is not materially different from Coca-Cola Original Taste ‘Less Sugar’.
“Unfair marketing tactics: Contrary to Section 124(1)(a) of the FCCPA, Coca-Cola Nigeria markets Coca-Cola Original Taste Less Sugar in packaging first, indistinguishable, and now not sufficiently distinguishable from Coca-Cola Original Taste, contrary to Sections 123(1)(a), (b), and (c) of the FCCPA.”
The commission said Coca-Cola and NBC, after regulatory intervention, still failed to take appropriate steps to “modify misleading behaviour demonstrating that the companies acted intentionally by misrepresenting Coca-Cola Original Taste Less Sugar as Coca-Cola Original Taste in a deliberate business strategy”.
“Furthermore, NBC used identical packaging for both Zero Sugar and its 50:50 variant of Limca Lime- Lemon flavoured drink, misleading consumers and violating Sections 17(g), 116(1) & (2), and 123 of the FCCPA and Section 2(a) of the National Agency for Food and Drug Administration and Control Act 2004,” the statement added.
“The commission found NBC applied deceptive trade descriptions to the two variance and supply these products to consumers violating Section 116 (3) of the FCCPA.”
The commission said it has reserved the question of “abuse of dominance and quantum of the penalty appropriate under the FCCPA and Administrative Penalties Regulation 2020 (APR) for further regulatory action, and same will be imposed in due course”.
FCCPC’S ORDERS TO THE COMPANIES
The commission, therefore asked the companies to ensure sufficient and acceptable packaging, labels, and differentiation between Coke Original Taste and Coke Original Taste Less Sugar — satisfactory to and approved by the commission.
FCCPC also ordered the immediate conduct of a robust advertorial campaign of all its product variants in a manner that provides consumers with clear and adequate identification factors that aid them in clearly distinguishing one variant from the other, without ambiguity, deception or confusion.
The commission noted that the companies are subject to supervision for a period of 24 months.
On July 19, the FCCPC fined Meta $220 million for data privacy violations.
Business
Student loan scheme is part of anti-corruption efforts, says Tinubu
President Bola Tinubu says Nigeria’s new student loan regime could be considered an anti-corruption mechanism.
Tinubu was speaking about his government’s anti-corruption efforts during a presidential media chat that aired on Monday night.
He was asked if he considers anti-corruption an integral element among his governance priorities.
Tinubu said any policy intervention that aims to address the driver of corrupt practices could be considered anti-corruption.
“Corruption, in all its ramifications, is bad. But first, you must pay enough attention to its causes,” the president said.
“Why are the people corrupt? Lack of social amenities, lack of funding for their children’s education. There are so many anti-corruption mechanisms that you can put in place to help the people not be corrupt. Pay them good living wages.
“I have moved from 35,000 to 70,000. To me, that’s anti-corruption. I have given more money to the state and local government levels. I have been transparent with my earnings. Every month, there is a publication on how much this country is making.
“The ability to stem corruption is part of the instrument of the EFCC. That is why they are discovering all sorts of inefficiencies in the system, blocking all the loopholes where anybody can just game the system. That is part of anti-corruption.”
Tinubu said enabling equitable access to tertiary education through a loan scheme is just as important in the anti-corruption struggle.
“The removal of subsidies is also anti-corruption. It is very difficult to say you would eliminate it. You can only reduce it to the barest minimum. Help the people grow. Help them with the education of their children. Our student loan is part of anti-corruption,” he said.
“No parent should lament how to encourage their children in university education. Today, it’s working for a larger part of the population. The society is moving from illiteracy to literacy.
“I enjoy debate on what type of courses are being offered in the university these days to improve science, knowledge, and technology. We continue to work on it. We’re not taking our eyes off these serious matters.”
Business
APPLY: FIRS begins recruitment of senior managers, directors
The Federal Inland Revenue Service (FIRS) has begun its recruitment exercise for experienced professionals to fill specialised positions in the organisation.
Announcing various vacant roles on Monday, the FIRS said the recruitment exercise is part of its consolidation strategies.
The advertised positions include assistant manager and deputy manager roles in tax (investigation), PRS (research), public relations, and ICT (cybersecurity and AI management).
Other available roles are assistant manager and deputy manager in PRS (risk management), assistant manager and deputy manager in legal, and senior manager and assistant director roles in tax (audit).
“Applicants must have qualifications and relevant professional certificates as specified in the positions they are applying for and must also fulfill the following requirements,” the agency said.
“Applicant must possess Bachelor’s degree/HND with at least second class lower/lower credit.
“Applicant must have completed NYSC not later than 31st December 2017.
“Applicant for the position of assistant manager and deputy manager must not be more than 40 years of age while senior manager and assistant director must not be more than 45 as at 31st December 2024.”
The revenue agency said candidates must possess strong leadership and management skills, team spirit and ability to effectively delegate, interpersonal and communication skills, and strong Analytical skills.
“Knowledge of the Nigerian tax laws and appreciation of their application and understanding of the regulatory framework within which the FIRS operates,” the FIRS said.
“Knowledge of business/industry environment within which taxpayers operate.
“Ability to work as a regulator with the courage to ensure full compliance with laws.
“Interested candidates should apply via official FIRS career portal: careers.firs.gov.ng and or FIRS verified social media handles.”
The FIRS said the application portal will open on December 23, 2024, noting that the deadline for submissions is January 11, 2025.
The service advised applicants to carefully review the eligibility criteria before applying to ensure they meet all requirements and understand the qualifications needed for successful selection.
Business
UBA GMD calls for public-private partnership to accelerate economic growth
Oliver Alawuba, group managing director (GMD) and chief executive officer (CEO) of United Bank for Africa (UBA), has called for public-private partnership (PPP) to accelerate economic growth.
Alawuba spoke on December 20 during the launch of the newly renovated departure section of the Murtala Muhammed International Airport (MMIA), Lagos, refurbished by UBA.
According to a statement on Sunday by the bank, the project, which signifies a transformative moment in Nigeria’s aviation sector, shows UBA’s commitment to national development, highlighting the immense value of strategic PPPs.
The ceremony was attended by stakeholders, including Festus Keyamo, minister of aviation and aerospace development, and Olubunmi Kuku, managing director of the Federal Airports Authority of Nigeria (FAAN).
Alawuba commended the collaboration that led to the execution of the project, emphasising the need for public and private institutions to come together to build and revamp the nation’s assets.
“This renovation is a testament of UBA’s belief in the transformative power of investing in national assets. By modernising our airports, we not only enhance infrastructure but also position Nigeria as a global hub for tourism, trade, and investment,” he said.
“Public-private partnerships like this demonstrate what can be achieved when we unite for a shared vision of progress and investing in infrastructure catalyses economic growth, improves travel experiences, and creates opportunities across various sectors of the economy.
“The commissioning of the renovated departure section serves as a reminder of what strategic partnerships can achieve in driving national development and elevating Nigeria’s global standing.”
-
News1 week ago
Naseni’s Executive Vice Chairman, Khalil Suleiman Halilu, Named 2024 Winner Of Daily Global Newspaper Conference Series Award For Science, Technology, Innovation, And Infrastructure
-
Relationships1 week ago
Four dating tips for single mum
-
Relationships6 days ago
‘I wish I met you before the wrong person’ – says Portable’s baby mama, Honey Berry, as she flaunts new lover
-
Business5 days ago
PoS operators increase withdrawal charges, blame electronic levy, cash scarcity
-
News1 week ago
Lagos state government shuts Lord’s Chosen Church, businesses across Lekki, VI, others over noise, environmental infractions
-
Entertainment6 days ago
Bovi speaks against beating children, reveals why his family relocated to UK
-
News1 week ago
Terrorism probe: Finnish authorities freeze Simon Ekpa’s assets
-
Entertainment1 week ago
Pastor Enenche’s daughter, Deborah, husband welcome baby boy two years after marriage