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.”
The Presidency says the bodies allegedly used by Adeyemi—including the so-called Presidential Economic Advisory Council, Presidential Foreign Investment Promotion Council, and Presidential Foreign Intervention Promotion Council—do not exist as government agencies.
The Presidency says a man identified as Prince Adeniyi Adeyemi Matthew allegedly created and operated fake government agencies, forged appointment letters, and falsely claimed to have been appointed by Femi Gbajabiamila.
According to the statement:
The Office of the Chief of Staff discovered the alleged scheme after complaints from the Nigerian Investment Promotion Commission (NIPC) that an unauthorized body was operating in a way that conflicted with its functions.
The Chief of Staff petitioned the Department of State Services and the Nigeria Police Force in October 2025 to investigate alleged forged appointment letters.
The Presidency says the bodies allegedly used by Adeyemi—including the so-called Presidential Economic Advisory Council, Presidential Foreign Investment Promotion Council, and Presidential Foreign Intervention Promotion Council—do not exist as government agencies.
Investigators allege Adeyemi operated from an office in the Federal Secretariat Complex, held meetings with diplomats, and sought diplomatic support to obtain U.S. visas for members of the alleged organization.
Police reportedly recovered forged documents and other exhibits during searches of his office and residence.
The investigation allegedly found that Adeyemi operated 34 bank accounts, including several in the names of fictitious organizations, and used forged documents to open a Central Bank of Nigeria account.
The Presidency says no government funds were paid into that account.
Police charged Adeyemi and two others before the Federal High Court on multiple counts, including forgery, impersonation, and obtaining by false pretence. The case is scheduled for hearing on July 27.
The Presidency also denied claims that Gbajabiamila appointed Adeyemi, stating that appointments to federal offices are issued through the Office of the Secretary to the Government of the Federation, not the Office of the Chief of Staff.
Current status
The Presidency maintains that:
the agencies in question are fictitious,
the appointment letter was forged,
Adeyemi is an impostor,
and the allegations against him should be resolved by the court.
As the case is pending before the court, the allegations remain subject to judicial determination.
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Business
CBN revokes 46 MFBs’ licences
According to the revocation order, the action became necessary because of one or more of: insufficient assets to meet liabilities; closure of operations without the CBN approval; and inactivity and cessation of financial intermediation.
The Central Bank of Nigeria (CBN) has revoked the operating licences of 46 Microfinance Banks (MFBs).
CBN’s Ag. Director of Communications, Mrs. Hakama Sidi-Ali disclosed that the revocation becomes effective today.
She emphasised that the revocation was in accordance with its powers under Sections 12 and 13 of the Banks and Other Financial Institutions Act (BOFIA), 2020.
“The revocation was approved by the Governor of the Central Bank of Nigeria, Mr. OlayemiCardoso, following the banks’ failure to meet the regulatory requirements for continued operation as licensed financial institutions,” she said.
According to the revocation order, the action became necessary because of one or more of: insufficient assets to meet liabilities; closure of operations without the CBN approval; and inactivity and cessation of financial intermediation.
Others were: failure to commence operations within 12 months of licence approval, and failure to maintain minimum capital funds unimpaired by losses.
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