Africa Business News

The Federal High Court in Lagos has ruled in favour of the Federal Competition and Consumer Protection Commission in a legal dispute involving MTN Nigeria, affirming the commission’s regulatory authority over competition and consumer protection in the telecommunications sector. Emeka Nnubia, a shareholder of MTN and a legal practitioner had sought to prevent the FCCPC from investigating MTN Nigeria, arguing that the Nigerian Communications Commission was the sole regulator of the telecom sector. He also contended that FCCPC’s inquiry could violate data protection laws. The court further held that the FCCPA, being a later legislation, “supersedes conflicting provisions of the NCA 2003 to the extent that they seek to exclude FCCPC’s oversight in the telecommunications industry.

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Stakeholders have called on the Federal Government to prioritise easing local pharmaceutical manufacturers’ challenges, including a harsh trade and regulatory environment, as it seeks to attract foreign investment into the sector. The former president of the Pharmaceutical Society of Nigeria, Olumide Akintayo, stressed that an enabling business environment is crucial for the industry to thrive. Akintayo says that local manufacturers must not be left to struggle under burdensome tariffs and high operational costs. He also questioned the effectiveness of President Bola Tinubu’s executive order, signed in June 2024, waiving duty payments on the importation of certain pharmaceutical inputs.

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The Central Bank of Nigeria has once again postponed its Monetary Policy Committee meeting, originally scheduled for February 17–18. The meeting has been delayed due to the unavailability of updated inflation data. Earlier this year, Nigeria revised its methodology for calculating the consumer price index and gross domestic product. The National Bureau of Statistics —which tracks inflation by monitoring the price changes of 740 goods and services in the CPI basket—expanded the basket to include additional items, with 2024 designated as the new benchmark year. The NBS says the updates were implemented to reflect current consumption patterns better.

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US Secretary of State Marco Rubio has demanded that Panama make immediate changes to what he calls the "influence and control" of China over the Panama Canal. America's top diplomat says Panama must act or the US would take necessary measures to protect its rights under a treaty between the two countries. The warning follows President Donald Trump's vow to retake the canal and a meeting between Rubio and Jose Raul Mulino, Panama's conservative president, in Panama City on Sunday. Mulino says the issue of the canal's ownership would not be up for discussion with Rubio.

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Prime Minister Justin Trudeau says Canada will hit back at US tariffs with 25 percent levies of its own on select American goods. He says Canada will be responding to the US trade action with 25 percent tariffs against Can$155 billion ($106 billion) worth of American goods. He says the first round of tariffs would target Can$30 billion worth of US goods on Tuesday followed by further tariffs on Can$125 billion worth of products in three weeks. The tariffs will apply to “everyday items” such as American beer, wine and bourbon as well as fruits, vegetables, consumer appliances, lumber and plastics, he added — “with much, much more.

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Donald Trump says he ordered military air strikes on a senior attack planner and others from the Islamic State (IS) group in Somalia. The office of the president of Somalia saYS they had been informed of the US strike targeting senior IS leadership in the northern part of the country. The office of Somalia President Hassan Sheikh Mohamud says he acknowledges the unwavering support of the United States in the fight against international terrorism and welcomes the continued commitment under the decisive leadership of President Donald Trump.

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The Democratic Republic of Congo has called on Arsenal, Bayern Munich and Paris St-Germain to end their blood stained" sponsorship deals with Visit Rwanda amid a worsening humanitarian crisis in the country. The appeal comes as M23 rebels captured Goma, the largest city in eastern DR Congo, while the United Nations refugee agency estimates more than 400,000 people have been forced from their homes this year. DR Congo's Foreign Minister Thérèse Kayikwamba Wagner highlighted how Visit Rwanda's sponsorship could be funded by the illicit mining of blood minerals in the occupied parts of DR Congo, before being transported across the border and exported from Rwanda.

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The South African Reserve Bank has cut its benchmark rate by 25 basis points to 7.5%, marking the third consecutive easing. This move was widely expected, but the apex bank’s governor Lesetja Kganyago says he remains cautious, warning that future cuts may not come as easily. The decision, supported by four out of six Monetary Policy Committee (MPC) members, brings the prime lending rate for commercial banks down to 11%. Inflation in South Africa remains within the central bank’s target range (3.0%)—despite quickening by 10 basis points in December 2024—lower than the SARB’s 3.2% preceding forecast. Kganyago pointed to growing uncertainty in the US, particularly President Donald Trump’s trade policies.

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The Federal Government says Nigerians should brace up for fresh electricity tariffs in months. President Bola Tinubu’s Special Adviser on Energy, Olu Verheijen, says the energy adviser said Nigeria’s power prices need to rise by about two-thirds for many customers to reflect the cost of supplying it. He says Higher electricity tariffs, which need to be balanced by subsidies for less-affluent consumers, are required to fund the maintenance needed to improve reliability and to attract private investors into power generation and transmission.

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The White House says the US will not go ahead with tariffs on Colombia, after Bogota agreed to accept - without restrictions - deported migrants. Donald Trump had ordered 25% tariffs on all Colombian goods after its president barred two US military deportation flights from landing in the country. Colombian President Gustavo Petro had initially responded by saying his country would accept repatriated citizens on civilian planes, without treating them like criminals. A White House statement says Colombia has now agreed to accept migrants arriving on US military aircraft "without limitation or delay while Colombia says a dialogue would be maintained to guarantee the dignity of the citizens.

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