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US SEC Slam 7 Companies With Fine For Violating Whistleblower Protections

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The US Securities and Exchange Commission (SEC) reached settlements with seven companies, totaling more than $3 million, for violating rules designed to protect whistleblowers, the regulator said on Monday (Sep 9).

SEC said the companies impeded whistleblowers from reporting potential securities law violations by requiring employees to waive their right to possible monetary rewards, breaking whistleblower protection Rule 21F-17(a).

Each of the firms agreed not to violate this rule in the future and have taken steps to remediate the violations, it added.

“Ensuring that potential whistleblowers can communicate directly with the Commission is a critical part of the SEC’s oversight mandate,” said Creola Kelly, chief of the SEC’s office of the whistleblower.

TransUnion agreed to pay US$312,000 and Acadia Healthcare Company will pay US$1.39 million in connection with the settlements the SEC disclosed on Monday.

The firms were each charged in connection with employment, separation or other agreements that violated a rule that prohibits any actions to impede individuals communicating with the regulator directly about possible violations of securities laws, the SEC said in its statement.

They have all worked towards remediation, including changing the agreements at issue, the SEC said.

The other penalties were as follows:

  1. Brands Holding Corp. agreed to pay a US$399,750 civil penalty
  2. AppFolio agreed to pay a US$692,250 civil penalty
  3. IDEX Corporation agreed to pay a US$75,000 civil penalty
  4. LSB Industries agreed to pay a US$156,000 civil penalty
  5. Smart for Life agreed to pay a US$19,500 civil penalty

 

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Telecom Operators Reject NLC’s Demand for Tariff Reduction, Justify 50% Hike

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By Emmanuel Ogbodo

Nigeria’s Mobile Network Operators (MNOs) have rejected calls from the Nigeria Labour Congress (NLC) to negotiate a reduction in the recent 50% tariff increase, insisting the hike is necessary for the industry’s sustainability amid rising operational costs.

The NLC, opposing the adjustment, has demanded a rollback to 5% and threatened a nationwide protest on Tuesday, February 4, if its demands are not met.

The union described the increase as “insensitive and unjustifiable,” warning it would further strain Nigerian consumers.

At a weekend forum in Lagos, representatives from the Association of Licensed Telecommunications Operators of Nigeria (ALTON) and major telecom firms, including MTN Nigeria, Airtel Nigeria, and 9mobile, defended the hike.

ALTON Chairman Gbenga Adebayo likened the increase to a “lifeline” for the industry, arguing that anything lower would cripple operations.

MTN Nigeria’s Chief Corporate Services & Sustainability Officer, Tobechukwu Okigbo, clarified that operators do not engage directly with the NLC, as ALTON manages industry-wide negotiations.

Airtel Nigeria’s Director of Corporate Communications and CSR, Femi Adeniran, added that discussions with labour unions fall under the purview of government agencies and ALTON.

The Nigerian Communications Commission (NCC), which approved the tariff adjustment on January 20, 2025, defended the move, citing inflation, foreign exchange volatility, and rising energy costs.

The commission emphasized that the decision aligns with its mandate under the Nigerian Communications Act, 2003, to ensure telecom sector viability.

Despite these justifications, the NLC remains firm in its opposition. Union President Joe Ajaero reiterated the demand for a significant reduction, warning of nationwide protests if the hike is not reversed.

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Dangote Refinery Reduces Petrol Price to N890 Per Litre

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By Alexis Uchendu

Dangote Petroleum Refinery has announced a reduction in the ex-depot price of Premium Motor Spirit (PMS), commonly known as petrol, from N950 to N890 per litre, effective February 1, 2025.

The company attributed the price adjustment to a favorable shift in global energy markets and a decline in international crude oil prices.

This follows a previous price hike on January 19, driven by rising crude costs.

Dangote Refinery expressed optimism that the price cut will lower fuel costs nationwide, ease the cost of living, and positively impact key economic sectors.

The company also urged fuel marketers to reflect the reduction at retail stations, ensuring consumers benefit from the adjustment as part of broader economic recovery efforts led by President Bola Ahmed Tinubu.

Reaffirming its commitment to Nigeria’s self-sufficiency in refined petroleum products, the refinery pledged to strengthen the country’s position as a leading oil export hub in Africa.

 

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Naira Gains Against Dollar Amid CBN Reforms

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By Adenike Lawal

The Naira appreciated by 0.78% at the official market on Wednesday, trading at N1,510.72 per dollar, an N11.96 gain from the previous day’s rate of N1,522.68, according to FMDQ Securities Exchange data.

Since December 2024, the Naira has remained relatively stable, largely due to ongoing reforms by the Central Bank of Nigeria (CBN).

On Tuesday, the apex bank introduced additional measures, including a waiver on the 2025 annual license renewal fee for Bureau De Change (BDC), operators and the launch of the Nigeria Foreign Exchange (FX), Code to enhance transparency in forex transactions.

Dr. Aminu Gwadabe, President of the Association of Bureau De Change Operators of Nigeria (ABCON), praised the CBN’s initiatives, urging continued support for policies that strengthen the local currency.

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