Business
Dangote Accepts World Bank’s Appointment
The World Bank announced Dangote’s appointment on Wednesday as part of a broader expansion of its Private Sector Investment Lab, which now enters a new phase aimed at scaling up solutions to attract private capital and create jobs in the developing world.

The President and Chief Executive of the Dangote Group, Aliko Dangote, says he has accepted his appointment to the World Bank’s Private Sector Investment Lab, joining a select group of global business leaders tasked with driving investment and job creation in emerging economies.
In 2023, the Prime Minister of Canada, Mark Carney, co-chaired the Private Sector Investment Lab, which focused on attracting £1 trillion in sustainable investment to support the energy transition in emerging markets.
In a statement confirming his acceptance, Dangote reaffirmed his commitment to fostering sustainable economic growth through private sector-led investment, noting the transformative potential of such initiatives in developing markets.
“I am both honoured and excited to accept my appointment to the World Bank’s Private Sector Investment Lab, dedicated to advancing investment and employment in emerging economies,” he said.
Dangote added, “This opportunity aligns with my long-standing commitment to sustainable development and unlocking the potential of developing economies.
Drawing inspiration from the remarkable successes of the Asian Tigers, which have demonstrated the power of strategic investment and focused economic policy, I am eager to collaborate with fellow leaders to replicate such outcomes across other regions.”
The World Bank announced Dangote’s appointment on Wednesday as part of a broader expansion of its Private Sector Investment Lab, which now enters a new phase aimed at scaling up solutions to attract private capital and create jobs in the developing world.
Joining Dangote in the elite group are the CEO of Bayer AG, Bill Anderson; the Chair of Bharti Enterprises, Sunil Bharti Mittal; and the President and CEO of Hyatt Hotels Corporation, Mark Hoplamazian.
(PUNCH)
Business
BREAKING : FCCPC Wins $220million Case Against Meta (Facebook & WhatsApp)
While expressing delight at the landmark judgement, FCCPC Executive Vice Chairman/CEO, Mr. Tunji Bello, thanked the Commission’s legal team for their exceptional diligence and forensic skills in assembling evidence and marshalling their argument.

Friday, April 25, 2025:
The Competition and Consumer Protection Tribunal today delivered its judgment in the appeal filed by Meta Platforms Incorporated (Facebook) and WhatsApp LLC against the Federal Competition and Consumer Protection Commission (FCCPC), affirming the Commission’s authority and actions in nearly all the contested issues.
The Tribunal specifically determined that the Commission complied with prevailing laws, discharged its mandate, and exercised its powers within the confines of the 1999 Constitution (as amended).
It ruled that the multiple actions by WhatsApp and Meta, for which the Commission made findings of violations, were correctly identified, and that the Commission did not err in making those findings.
In addition to upholding the major aspects of the FCCPC’s Final Order, the Tribunal awarded the sum of $220 million against Meta Platforms Incorporated and WhatsApp LLC as an administrative penalty, and further awarded $35,000 to the FCCPC as cost of investigation.
The tribunal’s three-member panel was led by Honorable Thomas Okosun.
WhatsApp and Meta’s legal team was led by Professor Gbolahan Elias (SAN) while the FCCPC’s legal team was led by Mr. Babatunde Irukera.
Both teams had made their final arguments on behalf of their respective clients on January 28, 2025.
The FCCPC had on July on July 19, 2024, issued a Final Order imposing a $220 million administrative penalty after concluding that the companies engaged in discriminatory and exploitative practices against Nigerian consumers.
The investigation started in 2020.
The case arose from a 38-month joint investigation initiated by the FCCPC and the Nigeria Data Protection Commission (NDPC) into the conduct, privacy practices, and consumer data policies of Meta Platforms and WhatsApp.
Dissatisfied with the Order last year, Meta and WhatsApp appealed to the Tribunal, challenging both the legal basis and the findings of the Commission.While ruling on Meta’s appeal, the Tribunal also validated the Commission’s investigative procedures and processes.
The Tribunal resolved Issues 1 to 7 largely in favour of the FCCPC, dismissing the appellants’ objections to the Commission’s findings, orders, and legal competence.
The FCCPC had on July on July 19, 2024, issued a Final Order imposing a $220 million administrative penalty after concluding that the companies engaged in discriminatory and exploitative practices against Nigerian consumers.
One of the central issues (Issue 3) which alleged a breach of fair hearing, was decided in favour of the Commission, with the Tribunal affirming that the FCCPC fully discharged its quasi-judicial responsibilities by affording the appellants ample opportunity to respond.
The Tribunal found no violation of constitutional due process.On Issue 4, which questioned the Commission’s powers in matters of data protection and privacy, the Tribunal held that the FCCPC acted within its statutory mandate, reaffirming its authority under Section 104 of the FCCPA to regulate competition and consumer protection even in regulated industries.On Issue 5, which challenged the Commission’s findings regarding Meta’s privacy policies, the tribunal also resolved in the FCCPC’s favour.
The Tribunal found no error in the Commission’s conclusions and held that the privacy policy in question did, in fact, offend Nigerian law.While Issue 7 was largely resolved in favour of the Commission, the Tribunal set aside Order 7 of the Commission’s Final Order, stating that it lacked sufficient legal basis.
While expressing delight at the landmark judgement, FCCPC Executive Vice Chairman/CEO, Mr. Tunji Bello, thanked the Commission’s legal team for their exceptional diligence and forensic skills in assembling evidence and marshalling their argument.
He restated FCCPC’s unwavering commitment to not only championing the rights of Nigerian consumers but also ensuring fair business practices in the country in accordance with FCCPA (2018) and consistent with the Renewed Hope Agenda of President Bola Ahmed Tinubu.
Business
Bolt seeks dialogue with drivers ahead of May 1 strike
The strike, announced on Tuesday by the Lagos State chapter of the Amalgamated Union of App-Based Transporters of Nigeria, targets major operators including Bolt, Uber, In Drive, and others.

Bolt, Nigeria’s largest e-hailing startup by market share, says it is seeking dialogue with driver representatives following a planned 24-hour strike by app-based drivers in Lagos, scheduled for May 1, over poor earnings and working conditions.
In an emailed response to PUNCH Online on Thursday, the Estonian ride-hailing operator acknowledged some of the concerns raised by the drivers and confirmed its openness to discussions aimed at addressing its drivers’grievances.
The strike, announced on Tuesday by the Lagos State chapter of the Amalgamated Union of App-Based Transporters of Nigeria, targets major operators including Bolt, Uber, In Drive, and others.
The union accused the companies of ignoring repeated calls for fair compensation, safer working conditions, and recognition of workers’ rights.
The union accused the companies of ignoring repeated calls for fair compensation, safer working conditions, and recognition of workers’ rights.
Business
Nigeria to host maiden AfCFTA hackathon
The initiative, led by Cherith-Code Concept Ltd, an International Trade Consortium, is supported by a coalition of partners, including Ascend Studios Foundation, Amazon Web Services, GFA Technologies, the National Information Technology Development Agency (NITDA), and Real Sources Africa, a Kenya-based company.

The Nigeria AfCFTA Coordination Office has concluded arrangements for hosting the first-ever AfCFTA Hackathon in the country with a N20 million grand prize.
Held as a flagship event at the Science of Trade (SOT) Conference 2025, hosted by Ascend Studios Foundation, the maiden AfCFTA Hackathon is set to take place from May 1 to 3, 2025, in Lagos.
AfCFTA Coordination Office and Director of the Hackathon Project, Mr Olusegun Olutayo, disclosed this in a press release.
He emphasized thatthe hackathon is an innovative, tech-driven challenge specifically designed with Nigeria’s enterprising youth in mind.
The initiative, led by Cherith-Code Concept Ltd, an International Trade Consortium, is supported by a coalition of partners, including Ascend Studios Foundation, Amazon Web Services, GFA Technologies, the National Information Technology Development Agency (NITDA), and Real Sources Africa, a Kenya-based company.
This annual, high-impact project will focus on unpacking the opportunities presented by the newly adopted AfCFTA Digital Trade Protocol (DTP).
The platform will serve as a hub for developing competitive, practical and innovative solutions to power digital trade across Africa.
The convener of the SOT conference, Dr Inya Lawal, expressed enthusiasm about the hackathon’s transformative potential and the partnership with the Nigeria AfCFTA Coordination Office.
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