THE 3 QUESTIONS AT THE HEART OF NIGERIA SUING META
(FACEBOOK’s PARENT COMPANY) FOR 70 MILLION DOLLARS
For your BENEFIT We break down the latest goings on with
the ever-evolving digital space in Africa
THE 3 QUESTIONS AT THE HEART OF NIGERIA SUING META (FACEBOOK’s PARENT COMPANY) FOR 70 MILLION DOLLARS
In October of 2022 Nigeria’s advertising regulator sued US tech giant Meta for N30bn ($70m), Yes. Seven. Zero. The allegation is that Meta runs ads through its’ Facebook and Instagram platforms without appropriate vetting and approval from the authorities.
In August 2022 the act to recreate the regulatory body became law and it empowered the regulator to sanitise the advertising space so that might answer the question why now – (also elections are costly?!)
It’s possible other platforms like twitter etc could also come under fire, but Meta is likely viewed as the Moby dick of ad tech platforms RN. (Millennial for right now)
This is a move that’s building a trend – considering that just months before the same advertising regulator made a bold decision to ban foreign actors and voice-over artists from Nigerian advertising.
So what exactly are the 3 questions at the heart of this move,
- Governance (Internet governance)
Governance specifically Internet governance then leads us into the second point of control (not just management) and when it comes to control it is then the question of who controls the online internet advertising space specifically in this case as it relates to Nigeria.
If we toe this line however an intricate web of questions arises, how on earth would the Nigerian regulator vet and approve every single ad before it went up on Facebook or Instagram?
Why not emulate other countries in other continents that have adopted a mixed regulatory approach – self / central and collaborative regulation?
It’s hard to want to control such a decentralized platform like Meta – so it’s a better bet to work with them to create AI and other technology to help regulate and control the monster that I am sure even Zuckerberg could never have envisioned face-book would become!
And lastly the taxation – well, The finance act in Nigeria already makes provision for taxation as it relates to non- residential companies…So shouldn’t the 2 bodies work together?
Here’s some LEADERSHIP lessons we’ve learnt from 6 years in the Nigerian Market
Working in Nigeria is not for the faint hearted, from the time we opened our doors in Lagos in 2016 to date we have learned many things.
The top 3 of which are,
1. That you cannot throw money at problems, you must be a lot more creative than that to survive in a country full of smart, capable and hardworking men and women.
2. Agility must be your middle name – forget all about 5–10-year plans. Make them sure, but – don’t’ get married to them. Be as fluid as the ocean, able to flow with every situation – knowing when to gather a storm and when to be quiet – when in doubt ask, a close ally, which brings me to number three.
3. Perhaps the most important lesson; choose your allies wisely for without them you might as well pack your bags and head on home – coming into Nigeria requires that you are adding value in many areas and that you are sharing this value with your allies – could this perhaps be where social media giants and other external MNC’s need take heed?