Justice Omotosho rules in favor of MultiChoice, affirming that regulatory agencies cannot fix prices without presidential approval under Nigeria’s free market framework
The Federal High Court in Abuja has reaffirmed Nigeria’s commitment to a free market economy, ruling that regulatory agencies such as the Federal Competition and Consumer Protection Commission (FCCPC) lack the legal authority to fix or suspend prices without direct authorization from the President.
Delivering the judgment on Thursday, Justice James Omotosho dismissed a lawsuit brought by MultiChoice Nigeria, the operator of DStv and GOtv, challenging the FCCPC’s intervention in its recent subscription price hike.
In a strongly worded ruling, Justice Omotosho stated that the power to regulate or control pricing rests solely with the President and cannot be exercised by any agency unless expressly delegated.
“Nigeria operates a free market economy where service providers have the right to determine the cost of their services based on market dynamics,” the judge held. “The power to fix prices is exclusively that of the President. Any decision taken without such delegation is a nullity.”
The court’s decision underscores the autonomy of private entities to set service prices in accordance with prevailing market conditions, reinforcing constitutional principles that govern economic operations in the country.