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Just IN: Tribunal Stops MultiChoice From Increasing DStv, GOtv Subscription rates

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DStv Explora Ultra

A Competition and Consumer Protection (CCP) Tribunal sitting in Abuja has restrained MultiChoice Nigeria Limited from increasing its tariffs and cost of products and services scheduled to begin on April 1.

MultiChoice had earlier issued a notice of price increment to all its subscribers on DStv and GOtv which is suppose to take effect today, but tribunal has stopped them until the next hearing.

MultiChoice DStv Gotv

The three-member tribunal, presided over by Thomas Okosun, gave the order following an ex-parte motion moved by Festus Onifade, a legal practitioner, on behalf of himself and the Coalition of Nigeria Consumers.

In the ruling, the tribunal ordered Multi-Choice Nigeria Limited to stop the planned hike in tariffs and cost of its products and services pending the hearing and determination of the motion.

“The 1st defendant/respondent is hereby restrained, either by itself, agents, representatives, officers or privies, howsoever described, from carrying out the impending increase in tariffs and cost of its products and services intended to take effect from 1st April, 2022 until the hearing and determination of the motion on notice already filed before this Honourable Tribunal.

“The 1st defendant/respondent is hereby mandated to maintain status quo pending the hearing and determination of the motion on notice,” the tribunal ruled.

The matter was adjourned until April 11 for the hearing and determination of the motion on notice.
“All parties in this suit are to appear before this Honorable Tribunal on the 11th day of April, 2022,” it ruled.

(NAN)

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FG Issues New Cryto Rules

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The Securities and Exchange Commission (SEC) has released a set of new regulations guiding the issuance, exchange and custody of digital assets in Nigeria.

According to SEC, a digital asset means a digital token that represents assets such as a debt or equity claim on the issuer. 

In 2020, the Central Bank of Nigeria (CBN) directed financial service providers to halt cryptocurrency transactions.

crypto rules in Nigeria

But, in its new regulations, SEC said mandates the registration of “the offering and sale of digital tokens that are considered securities”. This signifies that Nigeria is attempting to balance outright prohibition and unregulated use of crypto-assets.

The new rule shall apply to all platforms that facilitate the trading, exchange, and transfer of virtual assets, all issuers and sponsors of virtual/digital assets, including international and non-resident issuers and sponsors, and any operator that aggressively targets Nigerian investors.

“The commission may reject any application for registration of digital assets if, in its opinion, the proposed activity infringes public policy, is injurious to investors or violates any of the laws, rules and regulations implemented by the commission,” the regulator added. 

The regulation provides that issuers may only raise funds within a limit of N10 billion. It, however, added that it could adjust the ceiling from time to time.

According to the regulation, SEC said it would accommodate digital assets offering platform (DAOP) — an electronic platform operated by a DAOP operator for offering digital assets — provided it tendered evidence of a minimum paid-up capital of N500 million and a current fidelity bond covering at least 25 per cent of the minimum paid-up capital.

The regulation requires applicants seeking to register a DAOP to pay N100,000 for the filing or application fee, N300,000 for the processing fee, N30 million for the registration fee, and N100,000 for sponsored individuals. 

SEC’s new rules could help provide the needed regulatory lucidity for the scope of a digital asset or security. 

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NPower Batch C Stream 2 Can Now Proceed for Biometric Capturing

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N Power batch c stream 2

Late in February, it was rumored that Batch C stream 2 Npower applicants should check if they’ve been shortlisted for biometric verification, but FG debug the news as false. Now, the Federal government has officially announced that Npower Batch C stream 2 should proceed with biometric capturing. 

Given the above, Npower Applicants are advised to kindly check the NASIMS portal or dial the NSIP self-service code *45665# to check their application status and follow the instructions for biometric capturing.

npower batch c

How to Check Npower Application Status for Biometrics

  • Visit the Self-service portal via https://nasims.gov.ng or dial the code *45665# to check your application status.

Note: If you have already done your biometrics fingerprint capturing, kindly check your verification status on the Nasim portal to see that it was properly captured. If it was done successfully, you will see the fingerprint captured  icon at the end of your verification page on NASIMS. If you see the icon “capture fingerprint” then it means that your fingerprint is yet to be captured.

The N-Power program is built to address the issue of youth unemployment and help increase social development. The Program is designed to target Nigerians between the ages of 18 and 35 “to acquire and develop life-long skills for becoming change-makers in their communities.

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