Innovation Village Newsletter
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🔐 Meta moves to Settle $32.8m NDPC Privacy Fine

🔐 Meta moves to Settle $32.8m NDPC Privacy Fine

Plus: 💰 FCCPC Approves UAC’s Acquisition of Chivita|Hollandia

Innovation Village
October 06, 2025

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Happy New Week Valued Subscribers👋

A brand-new week is here and full of fresh starts, new stories, and opportunities waiting to unfold. Whether you’re easing into your morning routine or already diving into your to-do list, take a moment to catch up on what’s shaping the business and tech landscape this week.

From boardroom decisions and policy shifts to emerging innovations across Africa’s tech scene, today’s edition brings you the stories that matter most, the ones setting the tone for the days ahead.

Let’s dive in👇

Today’s Menu ☕️

🔐 Meta seeks out-of-court settlement with Nigeria Data Protection Commission over $32.8 million fine
💰 FCCPC Approves UAC’s Acquisition of Chivita|Hollandia
💵 Impact Investors Foundation launches $8 billion gender-inclusive investment roadmap for Nigeria
🤝 Glovo reaffirms support for Nigerian SMEs with latest Glovo Academy Edition in Abuja
🏦 Stanbic IBTC Capital fined ₦50.15 million by SEC over unapproved digital channels in GTCO public offer
🐓 AgDevCo invests $10 million in Zambian poultry producer Hybrid to boost regional food security

🔐DATA PROTECTION

Meta seeks out-of-court settlement with Nigeria Data Protection Commission over $32.8 million fine

Meta Platforms Inc., the parent company of Facebook and Instagram, is in advanced out-of-court settlement talks with the Nigeria Data Protection Commission (NDPC) over a $32.8 million fine and multiple compliance directives related to alleged breaches of Nigeria’s data protection laws.

The dispute arose after NDPC fined Meta in February 2025 for conducting behavioral advertising without user consent, failing to submit a 2022 compliance audit, breaching cross-border data transfer rules, and processing data of non-users. Meta challenged the decision in court, claiming it was denied fair hearing....…continue reading

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💰ACQUISITIONS

FCCPC Approves UAC’s Acquisition of Chivita|Hollandia

The Federal Competition and Consumer Protection Commission (FCCPC) has approved the sale of Chivita|Hollandia (CHI Limited) to UAC of Nigeria PLC, completing the transfer of ownership from The Coca-Cola Company.

Announced on October 3, 2025, the acquisition marks a major shift in Nigeria’s FMCG sector, expanding UAC’s footprint in the fast-growing juice and dairy markets. UAC’s Group Managing Director, Fola Aiyesimoju, called the move both strategic and symbolic, while CHI Limited’s MD, Eelco Weber, expressed optimism about growth under local leadership.

Industry observers see the deal as a push toward greater localization and innovation within Nigeria’s consumer goods industry....…..…continue reading

💵INVESTMENTS

Impact Investors Foundation launches $8 billion gender-inclusive investment roadmap for Nigeria

The Impact Investors Foundation (IIF) has launched a 10-year Gender Equity and Social Inclusion (GESI) Roadmap 2025–2035, aiming to mobilize $8 billion in gender-inclusive capital to drive equitable economic growth in Nigeria. Unveiled at the Gender Impact Investment Summit in Lagos, the roadmap—developed with PwC Nigeria—seeks to expand access to finance for women, youth, and persons with disabilities (PwDs) while embedding inclusive investment practices across sectors.

Key targets include 40 inclusive financial products, $1.5 billion from domestic capital pools, 90% GESI adoption by investors, and 20 new policy instruments supporting inclusive finance....…..…continue reading

🤝PARTNERSHIP

Glovo reaffirms support for Nigerian SMEs with latest Glovo Academy Edition in Abuja

Glovo has reaffirmed its commitment to supporting Nigerian SMEs through its Glovo Academy, which recently held a new session in Abuja. The program equips entrepreneurs with digital skills, business management tools, and growth strategies.

Since launching in Abuja in 2022, Glovo has processed over one million orders, generating ₦11 billion in value for its partners and partnering with over 1,000 local restaurants.

Government officials and SME experts at the event, including representatives from the Ministry of Industry and SMEDAN, emphasized the role of MSMEs in Nigeria’s economy and highlighted new support measures such as free business registration and low-interest loans...........…continue reading

🏦 BANKING

Stanbic IBTC Capital fined ₦50.15 million by SEC over unapproved digital channels in GTCO public offer

The Securities and Exchange Commission (SEC) has fined Stanbic IBTC Capital Limited ₦50.15 million for regulatory breaches during GTCO’s ₦392.49 billion public share offer in 2024. The sanction arose because Stanbic, acting as the Lead Issuing House, used digital platforms like internet banking and mobile apps for share applications without obtaining prior SEC approval.

While the digital approach expanded investor access, SEC rules require formal authorization for all distribution channels. Stanbic has accepted the fine and will not contest it.

The case highlights growing tension between digital innovation and regulatory oversight in Nigeria’s financial markets. Despite stricter compliance enforcement, experts say it’s unlikely to slow the digitalization of capital markets, which has already boosted retail participation and investment volumes nationwide........…continue reading

🐓AGRICULTURE

AgDevCo invests $10 million in Zambian poultry producer Hybrid to boost regional food security

AgDevCo has provided a $10 million senior debt facility to Hybrid, a vertically integrated Zambian poultry producer within the African Poultry Development Group, to build a state-of-the-art processing plant. Hybrid spans breeder farms, hatcheries, feed, grow-out, and processed products; it employs 1,200+ people, supplies 2,000+ farmers with day-old chicks, and distributes to major retailers and restaurant chains.

The modern abattoir—designed with energy-efficient systems and wastewater treatment—will significantly boost capacity to meet growing demand in Zambia and regional markets such as Lubumbashi (DRC), supporting jobs, skills, and food security. AgDevCo MD Jim Henderson called it a strategic investment; CEO Richard Keeley said it will be the largest poultry processing facility in Southern Africa. The deal underscores AgDevCo’s focus on inclusive, sustainable agribusiness growth.........…continue reading