Senate has moved closer to making it mandatory for global social media companies operating in Nigeria to establish physical offices in the country following widespread support for the proposal at a public hearing in Abuja.

The proposed legislation, sponsored by Sen. Ned Nwoko (Delta North), seeks to amend the Nigeria Data Protection Act, 2023, to require social media platforms providing services to Nigerians to maintain operational offices within the country.

The public hearing, organised by the Senate Committee, also received support for a separate bill seeking the establishment of an Artificial Intelligence (AI) Academy in Omuo-Ekiti, Ekiti State.

Representing Senate President Godswill Akpabio, Deputy Senate Leader Sen. Lola Ashiru said the proposed legislation was not intended to discourage technology companies from investing in Nigeria but to strengthen accountability, engagement and regulatory cooperation.

According to him, the objective is to ensure that global technology companies have a stronger presence in Nigeria’s digital ecosystem.

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Speaking during the hearing, Nwoko said the bill was designed to deepen the relationship between technology companies and Nigeria rather than create obstacles for innovation.

“This bill is neither punitive nor hostile to innovation. It is not designed to frustrate investment or discourage technology companies from operating in Nigeria.

“On the contrary, it seeks to deepen their engagement with Nigeria by encouraging them to become true corporate citizens of our country,” he said.

The lawmaker argued that several countries had successfully attracted major technology companies to establish local operations by adopting similar policies.

He listed the United Kingdom, India, the United Arab Emirates, South Africa and Brazil as countries that have secured local offices from global technology firms, resulting in increased employment opportunities, improved tax revenue and stronger innovation ecosystems.

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According to him, those countries recognised early that the digital economy has become as important as the traditional economy.

“The question, therefore, is simple: if countries with significantly smaller populations and digital markets than Nigeria have secured these investments and benefits, why should Nigeria continue to stand on the sidelines?

“Why should Africa’s largest digital market not enjoy the same opportunities?” Nwoko asked.

He maintained that requiring global social media companies to establish local offices would enhance regulatory engagement, improve service delivery, stimulate job creation and strengthen Nigeria’s digital economy.

The Senate committee said it would review memoranda and submissions received from stakeholders during the public hearing before preparing its report for consideration by the Senate.

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If passed and signed into law, the amendment would require major social media companies operating in Nigeria to maintain a physical corporate presence within the country.

Nigeria has emerged as one of Africa’s most regulated online gambling markets, even as illegal operators continue to dominate the continent, according to a new report by Gaming Compliance International (GCI).

The report, the first comprehensive assessment of online gambling across all 54 African countries, showed that Africa’s online gambling Gross Gaming Revenue (GGR) reached $23 billion in 2025.

However, only $5.2 billion (23 per cent) was generated by licensed operators, while $17.8 billion (77 per cent) remained in the unregulated market.

In West Africa, total online gambling revenue rose to $4.8 billion in 2025 from $4.3 billion in 2024. Of the 2025 figure, regulated operators accounted for $1.5 billion (31 per cent), while $3.3 billion (69 per cent) flowed to unlicensed platforms, highlighting the region’s persistent enforcement challenges.

Nigeria stood out as the region’s strongest performer, recording the lowest unregulated market share at 56 per cent, compared with the West African average of 69 per cent and the African average of 77 per cent.

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The study also found that online gambling participation across Africa increased from 198 million people (13 per cent of the population) in 2024 to 215 million (14 per cent) in 2025.

Despite this growth, GCI estimated that illegal operators deprived African governments of about $3.55 billion in tax revenue in 2025. The number of unlicensed gambling platforms targeting African consumers also rose to 4,129, up from 3,644 in 2024.

Commenting on the findings, Matt Holt, chief executive officer, GCI, said the report provides regulators with the first continent-wide benchmark for strengthening oversight and consumer protection.

Ismail Vali, president, GCI, urged governments to develop competitive and well-regulated markets that encourage consumers to patronise licensed operators, boost public revenue and attract greater investment.

Online gambling in Nigeria is regulated by the Nation Lottery Regulatory Commission.

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Central Bank of Nigeria (CBN) has yet to publish its annual financial statements beyond the 2022 financial year, despite legal provisions requiring the apex bank to release its audited accounts annually.

An annual report is a comprehensive report on a company’s activities throughout the preceding year.

Annual reports are intended to give shareholders and other interested people information about the company’s activities and financial performance.

The most recent annual report and financial statements of the CBN available to the public remain those for the 2022 financial year.

Under Section 50 of the Central Bank of Nigeria (CBN) Act, the bank is required to prepare, submit and publish its audited annual financial statements.

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Section 50(1) stipulates that the CBN must transmit its annual accounts, certified by an external auditor, to the President and the National Assembly within two months after the end of each financial year.

Section 50(2) further provides that the annual report submitted to the President and the National Assembly should be published in a manner determined by the CBN Governor, while Section 50(3) mandates the CBN Board to ensure the accounts are published in the Federal Government Gazette as soon as possible.

Despite these statutory requirements, the apex bank has not made public any annual financial statements after the 2022 reporting year.

The development comes after the CBN, on August 11, 2023, released its consolidated financial statements covering seven years the first such publication since 2015.

President Bola Tinubu appointed Olayemi Cardoso as Governor of the CBN on September 15, 2023, following the removal of former Governor Godwin Emefiele in June of the same year.

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Emefiele is currently facing trial over alleged corruption-related offences.

Last week, the Supreme Court ordered the final forfeiture of several of Emefiele’s properties, along with $2.045 million in cash.