Business
Apprehension Over Hints of Facebook, Instagram Accounts Closure in Nigeria By Meta
Interestingly, Meta had been fined for similar breaches in Texas ($1.5b) and only recently was asked to pay $1.3 Billion for violating E.U. Data Privacy Rules.
The government of Nigeria has given Meta (owners of Facebook , Instagram and WhatsApp) until the end of June 2025, to pay huge fines totalling $290. 3 million for alleged regulatory breaches.Facebook is by far the most popular social media platform in Nigeria and is used by tens of millions in the country for daily communication and sharing news. Facebook is also a vital tool for many of Nigeria’s small online businesses.Ohibaba.com reports that the details of the fines imposed on the company last year are below:The Federal Competition and Consumer Protection Commission (FCCPC) $220 million fine imposed for alleged anti-competitive practices.The advertising regulator fined the company $37.5m over unapproved advertisingAnd the Nigerian Data Protection Commission (NDPC) alleged Meta had violated data privacy laws and fined it $32.8m.
Last week, the Competition and Consumer Protection Tribunal, delivered judgment in favour of the FCCPC, insiting that Meta pay the $220 fine.
In reaction to the judgment, Meta said tha it may be forced to shut down the Facebook and Instagram services in Nigeria in order to mitigate the risk of enforcement measures, describing the fines as ” unrealistic demand.”
Reacting to the development, Ondaje Ijagwu Director, Corporate Affairs at FCCPC, noted:” WhatsApp’s claim that it may be forced to exit Nigeria due to FCCPC’s recent order appears to be a calculated move aimed at inducing negative public reaction and potentially pressuring the FCCPC to reconsider its decision.
Interestingly, Meta had been fined for similar breaches in Texas ($1.5b) and only recently was asked to pay $1.3 Billion for violating E.U. Data Privacy Rules.
Elsewhere in India, South Korea, France and Australia, Meta had faced varying penalties for similar breaches.
But Meta never resorted to the blackmail of threatening to exit those countries. They obeyed.
The recent affirmation of FCCPC’s final order by the Competition and Consumer Protection Tribunal requires Meta Parties to take steps to comply with Nigerian law, stop exploiting Nigerian consumers, change their practices to meet Nigerian standards, and respect consumer rights, consistent with international best practices.
Threatening to leave Nigeria does not absolve Meta of liabilities for the outcome of a judicial process.
For the avoidance of doubt, the FCCPC remains committed to its pursuit of consumer protection and data privacy towards ensuring a fairer digital market in Nigeria.”
Business
NRS Chair: New tax laws won’t be implemented until January
According to Adedeji, the Federal Inland Revenue Service, FIRS by the signing of the bills into Law is now the Nigeria Revenue Service (NRS), explaining that the new law now defines the NRS’s expanded mandates…
•President Bola Tinubu shake hands with NRS Chairman, Zach Adedeji.
The Chairman of the Nigeria Revenue Service (formerly FIRS), Zach Adedeji, has disclosed that the implementation of the newly signed four tax fiscal reform laws will commence by January 1st, 2026.
Adedeji told State House correspondents shortly after the President signed the bills into law, the previous day.
Adedeji said that the modalities will be put in place ahead of the implementation.
Adedeji further explained that the six-month period between the enactment of the new fiscal laws is designed to give ample time to those saddled with the implementation to carefully prepare and ensure that all Nigerians are adequately sensitised.
According to Adedeji, the Federal Inland Revenue Service, FIRS by the signing of the bills into Law is now the Nigeria Revenue Service (NRS), explaining that the new law now defines the NRS’s expanded mandate, including non-tax revenue collection, and lays out transparency, accountability, and efficiency mechanisms.
Business
President Tinubu List Economic Expectations from New Tax Laws
On his verified X handle @officialABAT, the President had said that the new tax laws form the groundwork for the Nigeria of tomorrow, focused on unlocking opportunities for all.
President Bola Tinubu said today that the four tax reforms bills he signed into law reflect his administration’s resolve to create a modern, transparent, and efficient tax system capable of supporting national development, promoting investment, and reducing the burden of multiple taxation on citizens.
President Tinubu explained that the laws would be unifying Nigeria’s fragmented tax system, remove redundant overlaps, boost investor confidence, enhance transparency, and promote coordinated efforts across all levels.
He also described the legislation as a clear departure from previous policies, emphasising that the reforms are designed to ease the burden on working families, small businesses, and low-income earners while eliminating inefficiencies that have long plagued Nigeria’s fiscal structure.
On his verified X handle @officialABAT, the President had said that the new tax laws form the groundwork for the Nigeria of tomorrow, focused on unlocking opportunities for all.
“We are also building a framework for the Nigeria of tomorrow-leaner, fairer and laser focused on unlocking opportunities for all,” he said.
He added : ” These reforms go beyond streamlining tax codes. They deliver the first major, pro-people tax cuts in a generation, targeted relief for low-income earners, small businesses, and families working hard to make ends meet.
Designed to overhaul Nigeria’s fiscal and revenue administration framework, the laws which have been described as a major leap in the nation’s economic reform drive.
“For too long, our tax system has been a patchwork-complex, inequitable, and burdensome. It has weighed down the vulnerable and shielded inefficiency. That era ends today.”
Business
Tinubu signs four Tax Reform Bills to law today
The bills were recently passed by the National Assembly following extensive stakeholders consultations and technical reviews.
President Bola Ahmed Tinubu will today (Thursday) sign into law four tax reform bills set to overhaul Nigeria’s fiscal landscape, streamline tax administration, and boost investor confidence.
The ceremonial signing is scheduled to take place at the State House, Abuja.
In a statement , Bayo Onanuga, Special Adviser to the President on Information and Strategy, said that the four bills are : the Nigeria Tax Bill, Nigeria Tax Administration Bill, Nigeria Revenue Service (Establishment) Bill, and the Joint Revenue Board (Establishment) Bill
The bills were recently passed by the National Assembly following extensive stakeholders consultations and technical reviews.
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