According to Ekwutosblog Meta, the parent company of Facebook and Instagram, has threatened to restrict access to the two social platforms in Nigeria following fines by local regulatory authorities.

Last year, three regulatory bodies in Nigeria fined the US-based social media firm over $290 million for breaching various laws and regulations.

Meta’s recent effort to contest the rulings in an Abuja High Court was unsuccessful. The court has mandated that the company settle the fines by the end of June.

While Meta also owns WhatsApp, the company did not include the messaging platform in its planned shutdown.

Facebook remains Nigeria’s leading social media platform, and millions of people use it nationwide for everyday communication and news sharing. It is also an essential resource for numerous small online enterprises in Nigeria.

In July of the previous year, the Federal Competition and Consumer Protection Commission (FCCPC) imposed a $220 million fine on Meta for purported anti-competitive behaviours, while the country’s advertising regulatory body, the Advertising Regulatory Council of Nigeria (ARCON), fined the US company $37.5 million for unauthorised advertising activities. Additionally, the Nigerian Data Protection Commission (NDPC) claimed that Meta violated data privacy laws and issued a fine of $32.8 million.

The CEO of FCCPC, Adamu Abdullahi, said that investigations conducted alongside the data commission from May 2021 to December 2023 uncovered “invasive practices against data subjects/consumers in Nigeria.” However, he did not specify what the practices entailed.

In its court documentation, Meta stated that its “primary concern” was with the data commission, which it accused of “misinterpreting” data privacy regulations.

The commission specifically requested that Meta obtain prior consent before transferring any personal data outside of Nigeria, a requirement Meta described as “unrealistic.”

Meta was also instructed to offer a link to educational videos regarding data privacy risks. This content would be developed with government-approved educational institutions and non-profit organisations.

The NDPC insisted that the videos should emphasise the risks of “manipulative and unfair data processing,” which could potentially expose Nigerian users to health and financial dangers.

Source: Leadership

Embattled Crypto Bridge Exchange trading platform,  CBEX, has resumed operations, announcing fresh withdrawal options in a move to restore investor confidence despite the alleged N1.2tn digital trading fraud that reportedly affected over 600,000 Nigerians.

According to Punch, two traders on the CBEX platform confirmed that the digital trading firm has quietly resumed operations, allowing new users to register, trade, and withdraw profits, despite ongoing investigations by regulatory agencies.

According to the sources, an insurance verification process and an external audit of the company’s financial records are underway to ascertain the amount lost in the scheme, which collapsed in April.

They added that existing investors, many of whom have been unable to access their funds for weeks, will be able to take out their funds starting from June 25, 2025, when the audit is expected to be concluded by an insurance firm based in the United Kingdom.

This development comes barely weeks after the Securities and Exchange Commission declared the platform illegal, and the Economic and Financial Crimes Commission confirmed an ongoing investigation into the firm’s operations.

CBEX, a digital investment platform, offered investors 100 percent profit after 30 days of purported AI trading. The trading platform started operations in 2024 after receiving registration approval from the Corporate Affairs Commission on September 25, 2024, and the EFCC’s Special Control Unit Against Money Laundering on January 16, 2025.

No fewer than 600,000 Nigerians reportedly invested in the scheme and lost N1.2 trillion after it collapsed on April 14, 2025.

Bank customers in Nigeria will begin paying N6 for each SMS transaction alert starting Thursday, May 1, 2025, following an upward adjustment in telecommunications service rates recently approved by the federal government.

The new fee represents a 50 percent increase from the previous N4 charge per message and has been communicated by several commercial banks to their customers ahead of the implementation.

Guaranty Trust Bank Limited was among those that issued notices. In an email to customers titled “Increase in SMS Transaction Alert Fee,” the bank explained that the revision was necessitated by higher charges from telecommunications providers. “Dear Valued Customer, Please be informed that effective Thursday, May 1, 2025, the SMS transaction alert fee will increase from N4 to N6 per message. This adjustment is due to a recent increase in telecom rates as communicated by the telecommunication service providers,” the notice read.

The bank emphasized the importance of SMS alerts, stating they are essential tools for customers to monitor and maintain control over their account activities. It also noted that SMS alerts sent to international phone numbers would incur additional charges.

The increase in telecom rates and corresponding adjustment in SMS alert fees come amid broader concerns over rising costs of living and digital access in the country.