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Senate Clears MTN, Indicts CBN Alleged $13.9Bn Repatriation

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The Senate has blamed the Central Bank of Nigeria (CBN) in its investigation of the alleged illegal repatriation of $13.9billion by MTN, telecommunication giant.

 

The upper legislative arm also exonerated MTN Nigeria, after the business was accused of illegally repatriating $14 billion to its parent.

 

Adopting the report by the Committee on Banking, Insurance and Other Financial Institutions on the probe at the plenary on Wednesday, the Senate accused the CBN of laxity, leading to sharp practices by commercial banks.

 

The chamber had, in October 2016, begun a probe into the allegation that MTN illegally transferred a total sum of $13.9bn from Nigeria to other countries between 2006 and 2016.

 

The Senate panel had summoned the CBN, MTN management, the Financial Reporting Council of Nigeria, three commercial banks and some businessmen over alleged violation of the Foreign Exchange (Monitoring and Miscellaneous) Act to a public hearing where they made counter-claims.

 

The recommendations by the panel were unanimously approved by the lawmakers.

 

They include, to “condemn the Central Bank of Nigeria for failing in its duty to bring forth those observed deficiencies of FEMMA for amendment rather than granting extensions and exemptions, which became prone to abuses.

 

“Mandate the CBN to sanction Stanbic IBTC for improper documentations in respect of capital repatriation and loan repayments amounting to $388,195,183 and $199,440,952:07, respectively.

 

“Mandate the CBN to sanction the activities of Stanbic IBTC Nominees in the matter of shares transfer and splitting for the purpose of dividend repatriation.

 

“Mandate the CBN to come up with a proposal for the amendment of FEMMA, with a view to ensuring the growth of the economy through massive foreign capital inflow and greater retention of foreign exchange. The amendment is still ongoing in the Senate.

 

“Direct the CBN to forthwith render periodic status reports to Senate on the performance of foreign investments inflows and outflows.”

 

In his comment, Senator Dino Melaye (Kogi-West) said the findings by the panel had vindicated the Senate.

 

A spokesman for MTN said: “We welcome the report. We will study it in more detail. As we’ve placed on record previously, we have always insisted that our actions have been compliant with the law in this regard.”

 

The senate investigation did not receive proof of collusion to contravene Nigeria’s foreign exchange laws, according to the report.

 

“There was evidence of massive capital outflow but that fact alone is not conclusive that a crime has been committed,” the report said.

 


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TikTok, Instagram Blamed in US Youth Suicide Lawsuit

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Major social media giants Meta Platforms, TikTok and Alphabet’s YouTube will face a landmark jury trial this week in Los Angeles County Superior Court over allegations that their addictive designs have fuelled a youth mental health crisis, marking the first such case to reach this stage.

TikTok, Instagram Blamed in US Youth Suicide Lawsuit

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The pivotal personal injury lawsuit centres on a 19-year-old Californian woman identified as K.G.M., who claims her childhood immersion in Instagram, Facebook, YouTube and TikTok—engineered with endless scrolls, autoplay videos, notifications and algorithms—sparked severe anxiety, depression and suicidal thoughts.

Dozens of similar suits have surged since 2022 from families, schools and states, accusing the firms of burying internal research on teen harms while prioritising ad revenue through youth-targeted engagement hooks, despite Section 230 protections for user content.

Plaintiffs seek damages and design overhauls, arguing platforms bypassed parents and preyed on vulnerable kids; defendants counter there’s no clinical “social media addiction” diagnosis, no proven causation—kids with issues often use less—and they’ve added safeguards like parental controls and time limits.

Echoing Australia’s under-16 bans, the trial will scrutinise thousands of internal documents, expert testimonies and K.G.M.’s story, potentially expanding tech liability amid debates where studies show complex links, not direct causation, between screen time and disorders like eating issues or self-harm.

A win could mandate warning labels, age gates or algorithm tweaks, reshaping global platforms as U.S. Surgeon General advisories and global scrutiny intensify pressure on Big Tech to prioritise child safety over profits.


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Meta Tests Paid Subscriptions Across Instagram, Facebook, WhatsApp

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Meta is gearing up to trial paid subscription services on Instagram, Facebook, and WhatsApp, aiming to diversify revenue streams beyond advertising while maintaining free core access for all users.

Meta Tests Paid Subscriptions Across Instagram, Facebook, WhatsApp

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The subscriptions will offer enhanced tools tailored for everyday users, creators, and businesses, including advanced content creation, sharing, and workflow features distinct from the existing Meta Verified verification program. Unlike a uniform rollout, Meta plans varied testing formats per app to match diverse audiences, experimenting with feature bundles based on user feedback to refine the model.

A key element involves integrating Manus, the autonomous agent firm Meta acquired for $2 billion in December, into these apps alongside its enterprise sales. Manus enables complex task automation with minimal input, with early signs like Instagram shortcuts already spotted by reverse engineer Alessandro Paluzzi.

Video tools feature prominently: Meta’s Vibes short-form video generator in the Meta AI app shifts to freemium, where paid tiers unlock higher monthly creation limits beyond the free baseline. On Instagram, subscriptions could enable unlimited audience lists, non-follower tracking, and anonymous Story views, though specifics for Facebook and WhatsApp remain under wraps.

Drawing from Meta Verified’s 2023 launch—which provides badges, support, and protection mainly for creators—these broader plans target wider appeal amid industry shifts. Ad growth slows against TikTok competition, while Snapchat+ boasts 16 million subscribers at $3.99 monthly, proving demand for value-driven paid perks despite subscription fatigue risks from streaming and storage fees.

Meta will phase tests gradually, prioritizing feedback to shape long-term viability without alienating free users.


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New Investment Fund Targets Acceleration of Emerging Technology in Nigeria

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The International Rescue Committee (IRC) has announced the formation of Airbel Ventures, a new humanitarian impact investing fund aimed at accelerating the introduction and scaling of breakthrough technologies in crisis-affected communities.

The fund will invest in companies whose ideas have the potential to change humanitarian response, including digital infrastructure for frontline health systems and climate-resilient agriculture.

The launch of Airbel Ventures follows a period of rapid innovation at the IRC, despite the humanitarian sector facing record funding cuts.

In the past year, the IRC’s Airbel Impact Lab has advanced more than twenty Artificial Intelligence (AI) and technology initiatives—from anticipatory action tools powered by climate and vulnerability data, to frontline service delivery using safe, orchestrated AI systems, to breakthrough diagnostic tools for emerging diseases.

Airbel Ventures’ first impact investment is in Signalytic, a company delivering solar-powered computing devices that ensure reliable electricity and connectivity for remote health facilities.

Following the investment, the IRC will pilot Signalytic’s technology with its Nigeria Health team, demonstrating the viability of next-generation digital infrastructure in humanitarian settings.

“We know breakthrough solutions already exist—what’s missing is the path to scale in humanitarian contexts,” said Dr. Jeannie Annan, Senior Vice President for Research & Innovation at the IRC and head of the Airbel Impact Lab.

 


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