Business & Regulation
Nigeria Quietly Waives $32.8m Fine on Meta in Secret Deal
By Tunde Fashola, Business Correspondent | Lagos
The Federal Competition and Consumer Protection Commission has waived a $32.8 million fine previously levied against Meta Platforms Inc., in what sources describe as a confidential settlement reached without public announcement or legislative oversight.
The original fine, issued in 2023, related to allegations that WhatsApp had breached Nigerian data protection regulations by sharing user data with third parties without adequate consent. Details only came to light after internal communications were obtained by this newspaper.
Privacy advocates have condemned the lack of transparency. "If fines can simply disappear through back-channel agreements, the entire regulatory framework loses credibility," said Amaka Okonkwo of Digital Rights Nigeria.
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Economy
Naira Steadies as Central Bank Holds Rate at 27.5% for Second Consecutive Quarter
Financial Desk | Abuja
The Central Bank of Nigeria held its benchmark interest rate steady at 27.5 percent for a second quarter running, a move analysts say signals a cautious approach to inflation management as the country enters a period of projected moderate growth.
Governor Olayemi Cardoso cited easing headline inflation — now at 28.9 percent — as a reason for the pause, while cautioning that global commodity price uncertainty and domestic fuel subsidy reform costs remained ongoing concerns for policymakers.
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