📱Nigeria fines Meta $220m for Data and Consumer Rights Violations

Today’s Menu ☕️

📱Nigeria fines Meta $220m for Data and Consumer Rights Violations
💰MNT-Halan Secures $157.5 Million in Strategic Funding Round to Fuel Regional Expansion
📬 NIPOST to modernize 50% of its offices by 2027
🏭 Dangote suspends investment plans in Nigeria’s steel sector on monopoly allegations

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📱SOCIAL MEDIA

Nigeria fines Meta $220m for Data and Consumer Rights Violations

The Federal Competition and Consumer Protection Commission (FCCPC) has imposed a hefty $220 million penalty on Meta Platforms Incorporated, citing numerous breaches of Nigerian data and consumer protection laws. This landmark action was disclosed in a statement signed by Dr. Adamu Abdullahi, the Acting Chief Executive Officer of the FCCPC, following a comprehensive investigation spanning from May 2021 to December 2023.

The FCCPC’s findings highlighted several critical areas of concern:

1. Unauthorized Data Appropriation: Meta was found to have appropriated personal data from Nigerian users without obtaining proper consent.

2. Discriminatory Practices: The investigation revealed that Nigerian consumers were subjected to discriminatory treatment compared to users in other jurisdictions with similar regulatory frameworks.

3. Abuse of Market Dominance: Meta allegedly forced exploitative and non-compliant privacy policies on Nigerian consumers, denying them the opportunity to control their personal data.

Based on the evidence gathered, the FCCPC issued a final order and imposed a $220 million fine on Meta Platforms. The order mandates Meta to take specific steps to comply with Nigerian laws, cease exploitative practices, and ensure future conduct aligns with national standards.…....continue reading

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💰FUNDING

MNT-Halan Secures $157.5 Million in Strategic Funding Round to Fuel Regional Expansion

MNT-Halan, Egypt’s premier FinTech unicorn, has successfully closed a substantial funding round, amassing $157.5 million. This financial boost, led by the International Finance Corporation (IFC) and supplemented by key investments from Development Partners International (DPI), Lorax Capital Partners, Apis Partners LLP, Lunate, and GB Corp, underscores the firm’s robust market positioning and ambitious regional growth plans.

The recent funding round saw IFC contributing $40 million, while the remaining $117.5 million came from a consortium of existing and new investors. This marks another significant milestone for MNT-Halan, following a cumulative raise of $520 million over the past two years. A couple of months ago, it also acquired Advans Pakistan Microfinance bank. The sustained investment demonstrates unwavering confidence in the company’s vision and operational execution...…....continue reading

📬 POSTAL SERVICE

NIPOST to modernize 50% of its offices by 2027

The Postmaster-General of the Federation, Ms Tola Odeyemi, has said that the Nigeria Postal Service (NIPOST) is going through a reform that would see 50% of its 1,400 offices modernized by 2027. 

Odeyemi disclosed this at the Nigerian-British Chamber of Commerce (NBCC) event, “NBCC meets Postmaster General” on Thursday in Lagos.

According to her, Nigeria is currently pushing to revamp and upgrade logistics and courier processes to world-class standards for improved international mail exchange....…....continue reading

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🏭 MANUFACTURING

Dangote suspends investment plans in Nigeria’s steel sector on monopoly allegations

Aliko Dangote, president of Dangote Group, says it will no longer invest in Nigeria’s steel sector to avoid being labelled a monopolist.

Dangote said this in a statement on Saturday, noting that widespread allegations of trying to monopolise every industry in Nigeria has become a major disincentive.

“Our own board has decided that we should not do the steel because if we do the steel business, we will be called all sorts of names like monopoly,” Africa’s richest man said.

He noted that imports will be encouraged should he invest in the steel sector, which could hamper his company’s objectives..…....continue reading

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