Business
FG Warns Advertisers Against Unapproved Ads on Social Media Platforms
The apex regulatory body had noted that the company had run a social media platform advert of Lung Detox Tea, which, it stated, claims the tea makes smoking healthy.
The federal government has called on individuals and organisations to desist from exposing unlawful and unethical advertisements on treatment of a range of ailments on Instagram and Facebook platforms.
The two platforms are owned by Meta Incorporated and represented in Nigeria by Facebook Nigeria Operations Limited.
THISDAY reports that in a statement issued by the Advertising Regulatory Council of Nigeria (ARCON), which was signed by its Director -General, Dr. Olalekan Fadolapo, the government stated that spurious and unsubstantiated claims in advertisements pose serious health risks to Nigerians as they have no clinical or any scientific proof of their efficacies.
The council pointed out that its investigation has revealed that most of the products being exposed illegally are not certified by relevant government agencies and may not be safe for consumption.
It further stated that the the brand owners are taking the loose opportunities offered by online media platforms to expose those unapproved advertisements.
These advertisements with frivolous claims were neither submitted to, nor approved for exposure by the Advertising Standards Panel (ASP) being the statutory Panel established by the Advertising Regulatory Council of Nigeria Act No. 23 of 2022 to ensure that advertisements targeting the Nigerian market conform with advertising ethics as well as the prevailing laws of the Federation,”
Olalekan reveals. ARCON promised to take necessary actions to ensure that the individuals and organizations involved are sanctioned in line with the prevailing laws and the Code of Advertising.
Toward the end of last year, ARCON said it would take all necessary steps to ensure Jols Medix Nigeria Limited was sanctioned for running an online/social media advert, without the authorisation of the council.
The apex regulatory body had noted that the company had run a social media platform advert of Lung Detox Tea, which, it stated, claims the tea makes smoking healthy.
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Business
WEF could appoint Lagarde as its next chair, sources say
The WEF’s Board of Trustees, which includes Lagarde herself, was due to meet on November 2 and could elect her as its next chair, said the people close to the organisation, who spoke on condition of anonymity due to the sensitivity of the matter.
•European Central Bank President Christine Lagarde
The World Economic Forum could appoint Christine Lagarde as its next chair as soon as next month, four people close to the organisation told Reuters, meaning she would step down early as European Central Bank chief and trigger a wider reshuffle at the top of the ECB.Lagarde’s ECB term is scheduled to end in October 2027.
Leaving early would give European Union leaders a chance to pick a new ECB President before France’s spring presidential election, which opinion polls suggest the far-right could win, and could pave the way for a deal involving two other senior ECB roles.
The WEF’s Board of Trustees, which includes Lagarde herself, was due to meet on November 2 and could elect her as its next chair, said the people close to the organisation, who spoke on condition of anonymity due to the sensitivity of the matter.
No final decision has been taken yet, they said.
A spokesperson for the WEF said the forum could not confirm when the next full Board of Trustees meeting would take place, but that the aim was to hold one before the end of the year.
Business
Germany plans tax on sugary drinks
The tax is expected to generate additional revenue for the federal government of €690 million in 2027 and €925 million in 2028.
The German cabinet has approved draft legislation to tax sugary drinks in Europe’s biggest economy.
If passed by the German Bundestag, the tax will take effect on 1 July 2027.
The coalition aims to raise revenue for the federal budget while encouraging manufacturers to reduce sugar content and offer healthier products.
The levy is intended to ease pressure on the healthcare system, which faces costs of more than €2 billion every year linked to the high consumption of sugary drinks, which contributes to obesity, diabetes and tooth decay.
According to the federal government, Berlin is using the tax to implement “what associations from the fields of health, science, child protection, and consumer protection have long been demanding.”
The tax is expected to generate additional revenue for the federal government of €690 million in 2027 and €925 million in 2028.
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