Business
WhatsApp may exit Nigeria over $220m fine
One week after Nigeria’s Federal Competition and Consumer Protection Commission imposed a $220 million fine on WhatsApp for a data privacy breach, the company may suspend its operations in the country due to further regulatory demands.
Sources close to the situation indicate that Meta, WhatsApp’s parent company, is contemplating the withdrawal of certain services from Nigeria.
Alongside the substantial fine, the FCCPC has directed WhatsApp to cease sharing user data with other Facebook companies and third parties without explicit user consent.
The commission also requires WhatsApp to disclose details about its data collection practices and to enhance user control over data usage.
In response, a WhatsApp spokesperson emailed TechCabal, “We want to be clear that, technically, based on the order, it would be impossible to provide WhatsApp in Nigeria or globally.
” The spokesperson criticized the FCCPC’s order as flawed, asserting that it inaccurately portrays WhatsApp’s data handling and would necessitate significant changes to the platform’s infrastructure.
Meta has not addressed the FCCPC’s allegations regarding user opt-out options from the 2021 privacy policy but maintains that the update does not involve sharing user data.
The company’s privacy policy states, “While traditionally mobile carriers and operators store this information, we believe that keeping these records for two billion users would be both a privacy and security risk and we don’t do it.”
The potential suspension of WhatsApp could have significant repercussions for individuals and small businesses in Nigeria, many of whom rely on WhatsApp, Instagram, and Facebook for customer engagement.
Some privacy lawyers have questioned the FCCPC’s use of the National Data Protection Regulation as the foundation for the fine.
Enacted in 2019 by the National Information Technology Development Agency, the NDPR is Nigeria’s principal data protection framework.
Two unnamed lawyers have expressed doubts about the NDPR’s authority in such a high-stakes matter and questioned whether a government regulation can be deemed definitive in privacy issues.
Additionally, two unnamed government officials have raised concerns about the fairness of the $220 million fine. “We are too revenue-focused.
What is the opportunity cost of $220 million in government coffers?” questioned an industry expert.
Should WhatsApp choose to halt its operations in Nigeria due to these demands, both the FCCPC and the Nigerian government will face significant scrutiny and consequences.
Business
Nigerian Exchange Emerges Top In Africa By Dollar Values
By comparison, Zimbabwe Stock Exchange, trails Nigeria when returns are converted into dollars, underscoring how currency movements can significantly alter relative market standings from a global investment perspective.
The Nigerian equities market has emerged Africa’s strongest performer in U.S. dollar terms with a 68.2 percent Year- till-Date (YtD) return in the first seven months of 2026.
The bourse performance between January and July 24, 2026 outpaced other continental stock markets helped by investors confidence on the back of reforms by the Nigerian government.
The strong performance in dollar terms highlights the impact of exchange rate dynamics and renewed foreign portfolio participation.
By comparison, Zimbabwe Stock Exchange, trails Nigeria when returns are converted into dollars, underscoring how currency movements can significantly alter relative market standings from a global investment perspective.
Source: ThisDay
Business
Phillips Consulting Report Ranks Enugu Nigeria’s Fastest Improving State
The report assigned Enugu under Governor Peter Mbah a Momentum Score of +1.15, the highest among the 33 states assessed, placing it ahead of Jigawa, which scored +0.77, and Abia with +0.67 to complete the top three.
• Governor Peter Mbah
Enugu State has been ranked as Nigeria’s fastest-improving state in the 2026 Phillips Consulting State Performance Momentum Index, outperforming 32 other states in the latest assessment of governance and development across the country.
The report assigned Enugu under Governor Peter Mbah a Momentum Score of +1.15, the highest among the 33 states assessed, placing it ahead of Jigawa, which scored +0.77, and Abia with +0.67 to complete the top three.
According to Phillips Consulting, the Momentum Index measures the rate at which states improved relative to the national average during the review period. Positive scores indicate above-average progress, while negative scores reflect slower-than-average improvement.
The report said Enugu’s emergence as the national leader reflected deliberate governance, strong fiscal discipline, and sustained implementation of reforms, while the South-east recorded the strongest overall regional performance among Nigeria’s six geopolitical zones
Business
IMF Warns of AI Financial Shocks Across Institutions, Markets
The recommendation was made by the IMF’s Financial Counsellor and Director of the Monetary and Capital Markets Department, Tobias Adrian, in a blog post outlining how AI is transforming financial markets, lending, supervision and risk management.
The International Monetary Fund (IMF) has called on central banks and financial regulators to strengthen governance frameworks for Artificial Intelligence (AI), warning that the rapid adoption of the technology across the financial system could create new systemic risks if left inadequately supervised.
The recommendation was made by the IMF’s Financial Counsellor and Director of the Monetary and Capital Markets Department, Tobias Adrian, in a blog post outlining how AI is transforming financial markets, lending, supervision and risk management.
Adrian noted that AI is increasingly being used to price financial risks, allocate credit, execute trades and support supervisory activities, creating opportunities for greater efficiency while introducing new vulnerabilities that regulators must address.
He identified three immediate priorities for policymakers: strengthening oversight of AI-driven trading, lending and supervisory technology (SupTech); improving transparency around AI adoption, model dependencies and correlated investment strategies; and expanding international cooperation on cyber security and operational resilience.
According to him, AI has compressed the speed of financial transactions, allowing trading, lending decisions and supervisory analysis to occur in real time. While these innovations have improved market efficiency, they also increase the speed at which financial shocks can spread across institutions and markets.
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