President Bola Tinubu has directed the Federal Competition and Consumer Protection Commission (FCCPC) to investigate major global technology companies and Generative Artificial Intelligence (AI) platforms over allegations of anti-competitive practices and the unauthorised use of content belonging to Nigerian media organisations.

The directive follows a joint petition submitted to the Presidency by the Nigerian Press Organisation (NPO), an umbrella body comprising the Newspaper Proprietors’ Association of Nigeria (NPAN), the Nigeria Union of Journalists (NUJ), the Broadcasting Organisations of Nigeria (BON) and the Guild of Corporate Online Publishers (GOCOP).

The Federal Government conveyed the President’s directive to the FCCPC through the Minister of Information and National Orientation, Mohammed Idris.

According to a statement issued on Monday by the commission, the investigation will examine allegations that some of the world’s biggest technology companies have engaged in practices that undermine fair competition and threaten the sustainability of Nigeria’s media industry.

The companies named include Meta, Alphabet (Google’s parent company), X (formerly Twitter) and certain Generative AI platforms operating in Nigeria.

Allegations under investigation

The FCCPC said the inquiry will determine whether the companies violated provisions of the Federal Competition and Consumer Protection Act (FCCPA) 2018 or any other applicable law.

Among the issues to be examined are allegations of abuse of market dominance and anti-competitive conduct.

The commission will also investigate claims that copyrighted news articles, broadcast materials and other original journalistic content belonging to Nigerian media organisations have been extracted, scraped, ingested or commercially used without authorisation to develop and train Generative AI models.

Another key issue is whether global technology companies have denied Nigerian media organisations fair opportunities to negotiate compensation or commercial agreements for the use of their content.

The media organisations argue that these practices have weakened the commercial viability of news publishers and undermined the rights of journalists and content creators.

FCCPC promises a fair hearing

In response to the directives, the Executive Vice Chairman and Chief Executive Officer of the FCCPC, Tunji Bello, said the commission would conduct an independent, evidence-based investigation.

“We recognise the strategic importance of the media to Nigeria’s democracy and the equally significant role of technology in driving innovation and economic growth. Our responsibility is to objectively determine the facts and ensure that competition within the digital ecosystem remains fair, transparent and consistent with Nigerian law,” Mr Bello said.

He stressed that the investigation should not be interpreted as a finding of wrongdoing against any company.

“This inquiry is not directed at any entity by presumption of wrongdoing. Rather, it is an opportunity to carefully examine the facts, hear from all affected parties and determine whether any conduct has resulted in anti-competitive outcomes or unfair business practices,” he added.

According to him, all parties involved will have the opportunity to present their positions before any conclusions are reached.

The latest probe comes after the FCCPC secured a major legal victory against Meta in 2025 over alleged violations of Nigeria’s competition and consumer protection laws.

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The commission imposed a $220 million penalty on the technology company over alleged data privacy and consumer protection breaches. Meta has appealed the decision.

Global debate

The FCCPC noted that similar concerns have emerged in other countries over the relationship between global technology companies and news publishers.

It cited South Africa, where investigations by the South African Competition Commission eventually led to an agreement under which Google committed to pay about R688 million (approximately $40 million) annually for between three and five years to support the country’s news media.

The commission said its investigation is intended to determine whether similar competition and consumer protection issues exist in Nigeria and whether any regulatory action is warranted.

Last week, Nigerian stocks fell by 1.2 per cent, marking its third week of broad retreat in the wake of the introduction of a T+1 settlement cycle in June.

The Banking Index was worst hit, receding by 10.5 per cent, followed by the Insurance Index. FTSE Russell, a global provider of stock market indexes, during the week placed its recent upgrade of Nigeria from unclassified to a frontier market on hold on fears that the country’s new rule, compelling international investors to prefund their accounts before transactions, may be deterring.

Failure by stock market authorities to respond swiftly to address the issue may leave stocks hammered further by apathy and capital flight from foreign investors.

This week, increased positioning, notably in stocks that pay dividends at least twice a year, could be witnessed as the market awaits the release of half-year corporate results.

PREMIUM TIMES has assembled some stocks with sound fundamentals, adopting rigorous approaches to save you the risk of picking equities at random for investment.

The pick, a product of an analytical market watch, offers a guide to entering the market and taking strategic positions, with the expectation that selected stocks will record reasonable price appreciation with the passage of time.

This is not a buy, sell or hold recommendation but a stock investment guide. You may need to involve your financial advisor before taking investment decisions.

NEM Insurance

NEM Insurance tops this week’s list for its strong fundamentals. The net profit ratio (NPR) of the underwriter is 9.6, while the price-to-earnings (PE) ratio is 8.5x. Its 10-day relative strength index (RSI) is 27.4.

Custodian Investment

Custodian Investment appears on the pick on the basis of its attractive fundamentals and for trading below its intrinsic value. The NPR of the company is 26.3, while the PE ratio is 5.3x. The RSI is 8.4.

Fidelity Bank

Fidelity Bank makes the selection for trading below its intrinsic value. The lender’s NPR is 16, while the PE ratio is 3.3x. Its RSI is 27.4.

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United Capital

United Capital makes the cut for its vibrant fundamentals. The NPR of the company is 51.2, while the PE ratio is 10x.

Aradel Holdings

Aradel Holdings features on the pick for its strong fundamentals. The energy company’s NPR is 57.4, while the PE ratio is 14.2x. The RSI is 17.