FCCPC vs Meta, IMF downgrades Nigeria's economic growth… business stories to track this week

Here are the seven top business stories you need to track this week — April 28 to May 2.

NIGERIAN TRIBUNAL UPHOLDS FCCPC’S $220M FINE AGAINST META

The competition and consumer protection tribunal has upheld the $220 million fine imposed on Meta Platforms Incorporated by the Federal Competition and Consumer Protection Commission (FCCPC).

In a statement on April 25, by Ondaje Ijagwu, the agency’s director for corporate affairs, FCCPC said the tribunal also awarded $35,000 to the commission for the cost incurred during the investigation.

The tribunal led by Thomas Okosun ruled that the FCCPC acted within its constitutional and statutory powers in investigating and sanctioning the companies for alleged anti-competitive and exploitative practices.

However, Meta said it will appeal the tribunal’s decision.

IMF PROJECTS NIGERIA’S ECONOMIC GROWTH RATE TO DROP TO 3%

The International Monetary Fund (IMF) says Nigeria’s economy will grow at a much slower pace of 3 percent in 2025.

The projection is a downgrade from the IMF’s estimate of 3.2 percent announced in October 2024, according to the fund’s World Economic Outlook (WEO) report presented at the spring meetings in Washington D.C.

The Bretton Woods organisation also expects Nigeria’s economic growth to further slow down to 2.7 percent in 2026, owing to lower oil prices.

FG HALTS IMPORT WAIVERS FOR THREADED PIPES IN OIL AND GAS SECTOR

The federal government has banned the issuing of tax waivers for imported threaded pipes into the Nigerian oil and gas industry.

Heineken Lokpobiri, minister of state for petroleum resources (oil), gave the directive to the Nigerian Content Development and Monitoring Board (NCDMB) at the commissioning of Monarch Alloys Limited’s concrete weight coating plant in Lagos on April 24.

The plant has an annual external coating capacity of two million square meters and an internal square meters coating capacity of one million square meters.

NIGERIA IN TALKS WITH JP MORGAN TO RE-ENTER BOND INDEX

Patience Oniha, the director-general of the Debt Management Office (DMO), says Nigeria is in talks with J.P. Morgan to be admitted back into its government bond index for emerging markets.

Oniha spoke briefly on April 22 during the Nigerian Investor Forum, held on the sidelines of the International Monetary Fund (IMF) and World Bank spring meetings in Washington D.C, the United States.

J.P. Morgan, in 2022, removed Nigeria from the list of emerging market sovereign recommendations that investors should be ‘overweight’ in.

The development reportedly followed the country’s inability to capitalise on high oil prices.

NDIC BEGINS PAYMENT OF N46BN TO HERITAGE BANK DEPOSITORS

The Nigeria Deposit Insurance Corporation (NDIC) says it has commenced the payment of N46.6 billion from liquidation dividends to depositors of the defunct Heritage Bank.

Hawwau Gambo, acting head of communication and public affairs at the corporation, announced in a statement on Sunday.

Gambo said the funds, being released to depositors with over N5 million deposits, are from the sale of Heritage Bank’s assets and the recovery of debts owed to the institution.

‘FORENSIC AUDIT OF NNPC UNDERWAY’

Wale Edun, the minister of finance and coordinating minister of the economy, says a forensic audit of the Nigerian National Petroleum Company (NNPC) Limited is afoot.

Edun spoke on April 22 during the Nigerian Investor Forum, held on the sidelines of the International Monetary Fund (IMF) and World Bank spring meetings in Washington D.C, United States.

Addressing a group of investors drawn from renowned global financial institutions, including J.P. Morgan, the minister outlined critical reforms the federal government has implemented to reset the economy and restore confidence.

‘NIGERIA’S PETROL STILL PROFITABLE TO SMUGGLE DESPITE SUBSIDY REMOVAL’

The Nigeria Customs Service (NCS) says cross-border petrol smuggling persists in Nigeria despite the subsidy removal due to the difference in prices in Nigeria and neighbouring countries.

Speaking during a press briefing in Abuja on April 22, Adewale Adeniyi, comptroller-general (CG) of customs, said smuggling of petrol is still a profitable business for smugglers.

According to the CG, there has been a reduction in the pump price of petrol in Nigeria recently, ranging from N850 per litre to N900 per litre.

However, Adeniyi said the product is sold at higher prices in neighbouring countries.