News
FG Probes Opay, Others over Alleged Illegality
Nigerian government has commenced investigations into the activities of Meta (formerly known as Facebook), DHL, and online payment platform OPay for alleged data breaches.
The companies if found liable, could forfeit two percent of their annual gross revenue to the government.
The investigations were opened following a barrage of complaints from Nigerians over the violation of their data privacy rights.
The Nigeria Data Protection Commission (NDPC) is investigating the data processing activities of the affected data controllers. This is the second time the NDPC has opened probes into the activities of companies, banks, and universities in the country over alleged data infractions.
Dr. Vincent Olatunji, national commissioner of NDPC, had previously warned that infractions would attract penalties in accordance with the letter and spirit of the Nigeria Data Protection Act, 2023. He said the commission would not hesitate in “safeguarding the integrity of Nigeria’s data economy ecosystem.”
Meta
Complaints against Meta touch on behavioural advertising without the explicit consent of data subjects. Reports show that approximately 40 million Facebook accounts in Nigeria might have been affected by the data processing under investigation.
DHL
DHL is facing an investigation for allegedly violating the lawful basis and principles of data protection. Sources privy to the inquiry said DHL’s data processing falls short of the confidentiality standard prescribed under the Nigeria Data Protection Act. The Act in section 24(2) (2) notes that “A data controller and data processor shall use appropriate technical and organisational measures to ensure confidentiality, integrity, and availability of personal data.”
OPay
OPay is accused of opening bank accounts for data subjects without their consent. If this is true, it would amount to a grave violation of the data privacy rights of affected data subjects. Reports have it that the platform has about 40 million data subjects.
It is understood that the NDPC has served each of the data controllers with a Notice of Investigation.
EFCC
The African Development Bank Group last week approved an investment of €6.5 million in the Saviu II fund in order to support technology start-ups through their seed phase and first institutional fundraising, mainly in French-speaking Central and West Africa.
The Bank will invest €4.5 million as equity and €2 million as a first-loss hedging tranche on behalf of the European Commission, under the Boost Africa Programme.
This participation of the Bank Group will enable the Saviu II fund to give priority to companies with a strong technological or digital component.
Saviu II, the second investment vehicle of Saviu Partners, plans to invest between €500,000 and €3 million in about 20 technology or technology-oriented business-to-business start-ups in the seed phase or carrying out first institutional fundraising.
The Saviu II venture capital fund aims to make at least 60% of its commitments in the French-speaking countries of West and Central Africa: Côte d ‘Ivoire, Cameroon, Benin, Senegal, Togo, Burkina Faso and Mali.
The fund can also co-invest in promising technology companies in East Africa that have a strong team and business model, and whose strategy includes entering the market in French-speaking West African countries and establishing a strong presence there.
In addition, the fund will devote a dedicated envelope to pre-seed investments, focusing on minority equity investments, usually in co-investment with studios, incubators or other ecosystem partners.
Nigerian Government has signed a $1.3 billion Memorandum of Understanding (MoU) with Africa Finance Corporation (AFC) via the Solid Minerals Development Fund (SMDF) to fund an alumina refinery, national geoscience mapping, and a strategic investment vehicle for mining growth.
Special Assistant to the Minister of Solid Minerals Development, Segun Tomori, said the refinery will process one million tonnes of bauxite yearly using a modern Bayer process, powered by an on-site gas-fired cogeneration plant.
Minister Dele Alake called it a transformative milestone boosting GDP, aligning with reforms that improve investment climate, regulations, and licensing to attract private capital. He directed agencies to fast-track permits.
The 20-year project at 95% utilization eyes 19 million tonnes total output, $1.2 billion annual GDP addition, $25 billion economic impact, and $8 billion forex earnings, per feasibility studies.
SMDF Executive Secretary Fatima Shinkafi termed it the agency’s biggest funding deal, supporting value-addition policy.
The partnership extends to geoscience mapping for mineral data, de-risking exploration, and a joint vehicle for mining assets.
Permanent Secretary Engr. Farouk Yabo praised the reforms. Shinkafi signed for government; AFC’s Franklin Edochie for the corporation, witnessed by AFC CEO Samaila Zubairu.
Tomori positioned it as Nigeria’s largest private mining investment and FDI magnet.
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