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TAX: Plateau Revenue Service targets over N20b for 2023
BY NKECHI NAECHE-ESEZOBOR—Ahead of ongoing recapitalization in the financial sectors, the Federal Competition and Consumer Protection Commission, FCCPC, has warned firms, legal advisers, transaction parties and other stakeholders against non-compliance with statutory obligations relating to mergers, acquisitions and other business combinations under the Federal Competition and Consumer Protection Act, 2018.
The Commission reiterated that, under the FCCPA, it has the power to review, approve, approve subject to conditions, or prohibit mergers and qualifying business combinations once they are notified.
It explained that this framework is designed to preserve fair competition, prevent harmful market concentration, and protect the public interest in the Nigerian economy.
FCCPC noted that any transaction meeting the thresholds set out in the applicable Notice of Threshold for Merger Notification, issued pursuant to Section 93(4) of the FCCPA, must be notified to the Commission for prior review and approval before implementation.
The Commission stated that this requirement applies to a broad range of transactions, including share acquisitions, asset acquisitions, joint ventures, and other arrangements that fall within the legal definition of a merger under the Act and relevant regulations.
It added that the notification process enables the Commission to assess whether a proposed transaction is likely to substantially prevent or lessen competition in any relevant market in Nigeria, or raise public interest concerns. The process also supports the Commission’s responsibility to monitor market developments and maintain an informed understanding of competitive dynamics across sectors.
FCCPC further encouraged parties and their advisers to engage with the Commission at an early stage where a contemplated transaction may be notifiable.
It noted that early engagement, including pre-notification consultations, where necessary, can provide regulatory clarity, support efficient review timelines, and assist parties in meeting applicable compliance requirements.
The Commission emphasised that failure to notify a notifiable transaction constitutes a contravention of the FCCPA and may attract administrative penalties or other enforcement action in accordance with the law.
Accordingly, the Commission advised firms and transaction parties to take all necessary steps to ensure compliance before implementing any transaction that may fall within its merger review jurisdiction.
It added that stakeholders seeking further enquiries or clarification may contact the Commission or visit the FCCPC website.
The Commission reaffirmed its commitment to promoting fair competition, protecting consumers, and supporting a transparent, efficient and competitive business environment in Nigeria.
Following the signing of the Nigerian Insurance Industry Reform Act, 2025 (NIIRA 2025), insurance firms were mandated to shore up their operating capital.
Life insurance firms are mandated to shore up their operating capital from N2 billion to N10 billion. General insurance firms are to raise theirs from N3 billion to N15 billion. Reinsurance firms are to shore up their capital from N10 billion to N35 billion.
NIIRA has given July 31 deadline for insurance companies to meet the recapitalisation requirement
The post FCCPC Warns Against Violation of Merger and Acquisition Process appeared first on Business Today NG.
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Tim Cook is stepping down as CEO of Apple. Here’s a look at his 15-year legacy, from new products and services to China expansion.
After 15 years at the helm, Tim Cook is stepping down as CEO of Apple and handing over the reins to the company’s senior vice president of hardware engineering, John Ternus. Cook, who joined Apple in 1998, succeeded Steve Jobs in 2011 and went on to transform Apple into a powerhouse worth $4 trillion.
With his time as CEO coming to an end on September 1, let’s take a look at some of the highlights of Cook’s 15 years as the leader of one of the most influential companies in the world.
Financial growth
Apple was already an influential company when Cook took the reins, but under his leadership, the company’s market capitalization increased tenfold. When Cook took over in August 2011, Apple was valued at just under $350 billion. The company passed $1 trillion in 2018, $2 trillion in 2020, $3 trillion in 2022, and $4 trillion in 2025. Now, the tech giant currently sits at $4.01 trillion.
The tech giant reported $112 billion in net income for the fiscal year ending in September 2025, which was eight times what Apple saw in September 2010. The company was able to achieve that 699% increase despite many issues, including the COVID-19 pandemic and geopolitical tensions between the U.S. and China. Cook, who was formerly chief operations officer and credited as the brains behind Apple’s global supply chain under Steve Jobs, expanded Apple’s reach in China and added roughly 200 stores to the company’s global network during his tenure as CEO.
New product categories
Cook expanded Apple’s iPhone and computers ecosystem into a broader network of complementary devices that includes wearables and gadgets.
Apple launched the Apple Watch in 2015 and has since turned it into a full-fledged health and fitness companion complete with blood oxygen tracking and ECG monitoring. Apple then disrupted the earphones market in 2016 with the launch of the first AirPods, changing the wireless headphones category. It then launched its first over-the-ear headphones in 2020. It’s also worth noting that Apple purchased Beats in 2014.
The tech giant also released the Apple Vision Pro in 2024, positioning it not just as a VR headset, but as a spatial computing platform. The launch, however, failed to resonate with consumers who didn’t want to spend several thousand dollars to purchase the gadget.
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Under Cook, the company also released iPads at various sizes and multiple price points, and essentially turned the devices into full-on computers that can handle a variety of different tasks for personal, work, and school use.
Of course, Cook also oversaw key changes to the iPhone, including the introduction of the more affordable iPhone SE, as well as advancements like Face ID and edge-to-edge displays.
Although Apple moved away from the “i” branding in new product releases under Cook, he oversaw the major expansion of the company’s product lineup.
Services expansion
Under Cook, Apple built a powerful services business. The tech giant launched Apple Pay in 2014, which is now used by an estimated 818 million people globally. In 2019, the tech giant launched its Apple TV+ (now Apple TV) streaming service, whose content has since earned hundreds of awards, including the Academy Award for Best Picture.
Apple launched its Apple Music streaming service in 2015 to take on Spotify, and the service now has over 112 million subscribers. In 2019, Apple launched Apple Arcade and has since built it out with a portfolio of premium games.
Although Jobs first announced iCloud in 2011, the storage service has since grown vastly under Cook, including the launch of iCloud+ in 2021. Additionally, Cook oversaw the evolution of the App Store and repeatedly defended its 30% commission structure.
Apple’s services business generated $109.16 billion in revenue during the fiscal year ending in September 2025. The segment accounted for a significant portion of the company’s total $416.16 billion revenue for the year.
Shift to in-house processors
Under Cook’s leadership, Apple began transitioning from Intel processors to its own Apple Silicon chips in 2020 and completed the shift across its Mac lineup by 2023. The result was longer battery life, higher performance, greater power efficiency, and more.
AI era
Apple entered its AI era in 2024 with the launch of Apple Intelligence. Since then, however, the company hasn’t had any major breakthroughs, and has faced significant delays in launching its anticipated revamped AI-powered Siri (it’s expected to roll out sometime this year).
The tech giant remained largely absent from the broader tech industry’s generative AI race that kicked off when OpenAI’s ChatGPT launched in 2022. Earlier this year, Apple and Google announced that Google’s Gemini would power its next-generation AI tools.
$600 billion U.S. spending commitment
Cook joined President Donald Trump last year to announce a $600 billion U.S. spending commitment, marking the tech giant’s biggest investment plan ever. The four-year plan includes expanding hiring and manufacturing activity in the country, with a focus on building a stronger domestic semiconductor and advanced technology supply chain.
Apple Park
Jobs’ vision for Apple Park came to life under Cook’s leadership in 2017. The 175-acre headquarters, which replaced Apple Campus, houses more than 12,000 employees. It features thousands of native and drought-resistant trees and is powered by 100% renewable energy.
Today, Apple Park is the backdrop of the company’s new product launches.
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