The House of Representatives has directed Multichoice, owner of Pay TV options, DStv and GOtv, to halt the implementation of the hike in its subscription rate given the prevailing economic realities.

The entertainment company recently announced an upward review of its subscription rate, stating that from March 1, customers on the DStv premium bouquet will pay N44,500, up from N37,000, and those on Compact+ would pay N30,000, up from N25,000. Similarly, customers on compact bouquets will pay N19,000, up from N17,000.

The directive followed the adoption of a motion moved by a member of the All Progressives Congress from Edo State, Esosa lyawe.

He said, “The House notes that Multichoice, the owner of Pay TV options DStv and GOtv, recently announced an increase in the prices of all its packages in Nigeria, citing prevalent economic factors leading to increased operational costs as their reason for the proposed increase.

“The House also notes that the 20-25 per cent hike in subscription prices would be the second time in less than a year, as the last hike was in May 2024.

“We are concerned that the increase in May 2024 sparked a public outrage and many Nigerians who were already dealing with rising costs of living were forced to ditch their decoders even as they lamented the lack of competition in the pay-TV sector.

“We are concerned that due to the dominant position of Multichoice in pay-TV, price increases always have a widespread impact and put consumers under undue pressure.”

He further argued that “The recent hike has triggered widespread criticism from subscribers, many of whom have taken to social media to express their frustration over frequent price hikes without a corresponding improvement in service quality.”

With the adoption of the motion, the House called on Multichoice to suspend its proposed increase in subscription prices in Nigeria pending exhaustive investigations.

It further mandated its Committee on Commerce to investigate the arbitrary increase in subscription prices by Multichoice with a view to ensuring the implementation of cost-effective policies in the pay-TV sector for consumers in Nigeria.

The committee was given four weeks to submit its report.

Nigeria secures $50.8 billion investment deals to strengthen global trade

The Federal Government has revealed major progress in its economic diversification agenda, securing $50.8 billion in investment commitments through a series of international engagements, including President Bola Tinubu’s recent overseas visits.

Jumoke Oduwole, minister of industry, trade, and investment, disclosed this during a ministerial press briefing organized by the Ministry of Information in Abuja on Tuesday.

Oduwole said, “We must recognise the importance of tracking investments generated through the President’s engagements,” and that ”President Tinubu’s international trips have been instrumental in securing over $50.8 billion in investment announcements.”

She noted that one of the critical challenges ahead is ensuring that these investment commitments materialise.

The Minister said the President’s trip to the G20 summit, where global exporters and producers pledged investments exceeding $50 billion in Nigeria.

According to her, “These companies have visited Nigeria to assess opportunities and are committed to turning these announcements into actual investments,” underscoring the need for rigorous follow-through on trade and investment deals.

Oduwole also stressed the importance of a robust tracking system to monitor the progress of these investment deals and ensure they translate into tangible outcomes.

“It’s not just about making announcements; we must remove all bottlenecks to ensure these deals come to fruition,” she said, adding that this is a key responsibility of her ministry.

The Minister reiterated the government’s firm commitment to creating a conducive business environment and enhancing Nigeria’s global standing in trade. “We are not just diversifying our foreign exchange sources, but positioning Nigeria as a formidable player in the global trade arena,” Oduwole said.

“Nigeria’s efforts to host a major international trade and investment event, set to coincide with the country’s 50th festival anniversary in 2027.

This event, if secured, would be a game-changer, showcasing Lagos as a hub for infrastructure, hospitality, and business opportunities. Officials are optimistic that winning the bid will cement Nigeria’s role as an economic leader in Africa.

The Minister also addressed Nigeria’s initial hesitance to join the African Continental Free Trade Area (AfCFTA), explaining that the primary concern was safeguarding local businesses from unfair competition.

She reassured that the government is committed to maximizing AfCFTA’s potential to strengthen trade across the continent while protecting Nigerian industries from substandard imports.

“Nigeria’s entrepreneurs are already thriving across Africa, and AfCFTA will further enhance their ability to trade,”

To bolster Nigeria’s export base, the government is working on improving cross-border trade, reducing production costs, and exploring direct cargo flights across Africa to lower logistics expenses.

The Minister also highlighted the government’s efforts to enhance digital currencies and payment systems to ease intra-African trade, reducing dependency on foreign currencies and promoting economic self-sufficiency.

“In addition to improving trade, Oduwole spoke about ongoing collaborations with the Ministry of Power and private-sector partners to enhance Nigeria’s electricity supply.

She revealed that the government is pursuing renewable energy solutions and exploring independent power projects (IPPs) to ensure reliable energy for industrial expansion.

Further, the government is targeting the carbon credit market as part of its green strategy to attract sustainable financing for industrial growth, with discussions ongoing with the International Finance Corporation (IFC).

The government is also focused on creating a favorable regulatory environment to encourage private-sector investment, particularly in sectors such as telecommunications and transportation. Over 50 federal agencies are working to improve the ease of doing business by addressing regulatory bottlenecks.

Oduwole underscored the importance of digital trade in Nigeria’s future, noting the potential of special economic zones (SEZs) and trade policy reforms to facilitate industrialization. “Nigeria is not just a leader in Africa’s digital economy, but a key player in shaping the continent’s digital trade framework,” she stated, referencing initiatives like the National Silk Road project, aimed at improving trade efficiency through digital infrastructure.

The Minister also highlighted Nigeria’s collaboration with global tech giant Google on the XFT project, designed to simplify trade regulations and support African traders. This partnership aims to enhance Africa’s economic growth by fostering seamless trade across borders.

She said Nigeria’s active participation in high-profile events like the World Economic Forum and the recent UAE business summit has already led to investment deals worth $5 billion.

“These efforts are a testament to Nigeria’s growing role as an economic powerhouse in Africa, capable of attracting global investment and driving the continent’s growth through strategic trade initiatives” the minister added.

•As SERAP tells Tinubu to direct CBN to suspend fee hike pending court verdict

BANKS have commenced implementation of the new Automated Teller Machine (ATM) transaction fee charge on customers following the Central Bank of Nigeria (CBN’s) directive.

The News Agency of Nigeria (NAN) correspondent who monitored some banks’ ATM gallery in Abuja and environs on Sunday, reports that some customers were lamenting about the increase.

NAN reports that all the banks’ ATM visited had monies loaded in them.

Mr Luke Abudu, a customer seen at First Bank along Nyanya-Jikwoyi road, said the implementation would only affect the poor masses who were struggling to make a living.

Abudu said the move would discourage customers from lodging monies in the banks.

“I came to withdraw N20,000 but I found out that I was charged N100 for the withdrawal.

This is too much for a small business owner like me,” he said.

Another customer, Mrs Victoria Adejo, seen at Zenith Bank, Mararaba branch said that withdrawal from Point of Sale (PoS) agent was now cheaper than using an ATM.

“It is unfortunate that our government formulates policies without feeling the pulse of the people.

“I read that the CBN said the decision is in response to rising cost and to improve efficiency of ATM services but banks still bill us for service charge,” she said.

Mr Nurudeen Ehimotor, a customer at Guaranty Trust Bank (GTB), Asokoro, said he was at the bank to use the ATM due to the bank’s poor online network.

”I came to use ATM because I tried to transfer money from my bank using USSD since yesterday but it didn’t go through.

”I have an issue with my app, so I have been using USSD codes for my transfer. I think they (the banks) are trying to make people use ATM now for them to make more money,” he said.

Ehimotor appealed to banks to reduce incessant charges on customers’ accounts.

NAN reports that the CBN had on February 10, released a circular to all banks and other financial institutions to apply the fees with effect from March 1.

CBN in the circular entitled: ‘Review of ATM transaction fees,’ said the move was in response to rising cost and the need to improve efficiency of ATM services in the banking industry.

“On-Us (customers withdrawing at the ATM of the customer’s financial institution) in Nigeria, no charge.

“Not-on-Us (withdrawal from another institution’s ATM) in Nigeria; On-site-ATMs: A charge of N100 per N20,000 withdrawal.

“Off-site ATMs: A charge of N100 plus a surcharge of not more than N500 per N20,000 withdrawal.

”The income which is an income of the ATM acquirer/deployer, shall be disclosed at point of withdrawal to the consumer,” it said.

Banks had informed their customers through various electronic mails (e-mails) of the increase.

GTB told its customers in addition to the ATM transaction fee, that the free monthly withdrawals usually enjoyed by them would no longer be applied.

“Please note that the three free monthly withdrawals at other banks’ ATMs (for GTBank customers) and GTBank ATMs (for other bank customers) will no longer apply,” the bank said.

SERAP has urged President Bola Tinubu to “direct Mr Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN) to suspend the implementation of the increase in Automated Teller Machine (ATM) transaction fees, pending the hearing and determination of the lawsuit before the Federal High Court, Lagos challenging the legality of the increase.”

SERAP also urged him to “seek legal advice from the Attorney-General of the Federation and Minister of Justice, Mr Lateef Fagbemi, on whether the CBN has the legal responsibilities to uphold the rule of law its operations by suspending the ATM fee hike, pending the determination of lawsuit on the matter.”

SERAP had last month filed a lawsuit against the CBN “over the failure to reverse the “patently unlawful, unfair, and unjust increase in ATM transaction fees.”

The lawsuit followed the announcement by the CBN that ATM withdrawals made at a machine owned by a bank but outside its branch premises will now attract a charge of N100 per N20,000 withdrawn. ATM withdrawals at shopping centres, airports or standalone cash points, will incur a N100 fee plus a surcharge of up to N500.

In the open letter dated March 1, 2025 and signed by SERAP deputy director, Kolawole Oluwadare, the organisation said: “Directing the CBN to suspend the ATM fee hike would allow the Federal High Court to hear and determine the case on its merit.”

The letter also read in part: “It would also be entirely consistent with the letter and spirit of the Nigerian Constitution 1999 (as amended), your oath of office and oft-repeated promises to uphold the rule of law.

“Implementing the ATM fee hike while the lawsuit on the matter is pending before the Federal High Court would make a mockery of the judicial process and the rule of law.

“The CBN has the duty to maintain the status quo as of February 26, 2025 when the court processes were duly served on it and during the pendency of the lawsuit filed by SERAP on the ATM fee hike before the Federal High Court, Lagos.”

The Naira yesterday depreciated to N1,510 per dollar in the parallel market from N1,505 per dollar last weekend.

But the Naira appreciated to N1,499 per dollar in the Nigerian Foreign Exchange Market (NFEM) Data published by the Central Bank of Nigeria, CBN, showed that the indicative exchange rate for the naira fell to N1,499 per dollar from N1,500 per dollar last week Friday, indicating N1 appreciation for the naira.

Consequently, the margin between the parallel market and NFEM rate widened to N11 per dollar from N5 per dollar last weekend.

The Nigerian National Petroleum Company Limited, NNPCL, has announced a reduction in the pump price of Premium Motor Spirit, PMS, commonly known as petrol, to N860 per litre.

This development is the latest in a price war among oil marketers and independent petroleum dealers. It is also influenced by fluctuations in global crude oil prices.

The new NNPCL price, which takes effect on Monday, marks a significant drop from the previous average of N920 per litre.

Last week, Dangote Petroleum Refinery reduced the ex-depot price of petrol from N890 per litre to N825, marking its second price cut in February.

In a public notice on the price reduction, NNPCL announced three partner off-takers in Lagos: MRS at N860 per litre, AP at N865 per litre, and Heyden at N865 per litre.