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NPO pledges full cooperation with FCCPC in ‘Big Tech’ probe, hails Tinubu’s directive

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The Nigerian Press Organisation (NPO) has pledged to cooperate fully with the Federal Competition and Consumer Protection Commission (FCCPC) in its investigation into major global technology companies and generative artificial intelligence (AI) platforms, saying it will provide all necessary evidence to support the inquiry.

The body issued the pledge in a statement signed by its Vice President, Frank Aigbogun, on Friday, noting that the move to investigate the tech giants will challenge the tech companies’ lack of transparency and accountability in their operations in Nigeria.

On Monday, President Bola Tinubu directed the FCCPC to investigate major global tech companies over alleged anti-competitive practices and the unauthorised use of content belonging to Nigerian media organisations.

Mr Tinubu’s directive followed a joint call in February by Nigerian press bodies on the government to intervene to protect the Nigerian press from the growing dominance of global digital platforms over the country’s information ecosystem.

NPO commended Mr Tinubu’s directive to investigate the global tech companies, noting it will protect the rights of Nigerian publishers.

The organisation said the investigation should promote a balanced digital economy that respects Nigeria’s sovereignty and protects the rights of Nigerian publishers.

“The NPO, alongside its constituent bodies, stands ready to cooperate fully with the FCCPC during this inquiry, providing all necessary evidence to ensure a balanced digital economy that respects Nigerian sovereignty and the rights of Nigerian publishers,” the press body said.

The body comprises the Newspaper Proprietors’ Association of Nigeria (NPAN), the Nigerian Guild of Editors (NGE), the Nigeria Union of Journalists (NUJ), the Broadcasting Organisations of Nigeria (BON), and the Guild of Corporate Online Publishers (GOCOP).

NPO said that big tech companies have lacked transparency and accountability in their activities for years, posing serious consequences for journalism as a public-interest good in Nigeria.

“When a delegation of the NPO met President Tinubu in March to formally complain about the existential threat posed to the media by Big Tech and AI companies operating in Nigeria, we did so with very serious concern.

“We are therefore pleased that the government has commenced this investigation. Beyond the clear and present danger posed by Big Tech’s anti-competitive behaviour, their lack of transparency and accountability also carries very serious consequences for journalism as a public-interest good,” NPO said.

READ ALSO: Court upholds FCCPC’s powers to investigate Air Peace over ticket pricing complaints

It complained that the sustainability of Nigeria’s vibrant media ecosystem has been severely threatened for years by the unfair market practices of dominant digital platforms, including Meta, Alphabet, X (formerly Twitter), and various generative AI companies.

“These tech giants have consistently undermined fair competition and the commercial viability of local media by exploiting original journalistic content without equitable compensation,” the press body stated.

NPO added that the move to investigate the tech giants marks the first major step in holding them accountable, citing similar progress recorded in South Africa.

It also welcomed the assurance by the Executive Vice Chairman and Chief Executive Officer of the FCCPC, Tunji Bello, following the request by the Minister of Information and National Orientation, Mr Mohammed Idris, for an independent, transparent, and evidence-based inquiry.


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Guinea Insurance Positions for Next Growth Phase Following NAICOM Recapitalisation Approval

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BY NKECHI NAECHE-ESEZOBOR—Emerging from National Insurance Commission, (NAICOM), sector-wide recapitalisation drive with a capital base exceeding ₦15 billion, Guinea Insurance Plc on Friday said its positioning itself for a major market transformation.

With NAICOM verification now completed, the non-life insurer plans to deploy its strengthened capital position toward underwriting larger corporate risks, expanding digital infrastructure, and competing more aggressively for market leadership within Nigeria’s financial ecosystem.

A statement released by the insurer noted that, recapitalisation is not the destination. It is the platform for growth.

The statement further said is now focused on converting its enhanced capital position into greater underwriting capacity, stronger customer propositions, improved service delivery, strategic partnerships and sustainable market growth.

Commenting on the development, the Managing Director/Chief Executive Officer, Mr. Ademola Abidogun, said:

“Recapitalisation has given Guinea Insurance the strength to think bigger, compete harder and pursue opportunities with greater confidence. We have strengthened our capital; now we are focused on strengthening our position in the market.”

“Nigeria is a market of enormous opportunities, and Guinea Insurance intends to be at the forefront of capturing those opportunities. Whether it is supporting major corporates, SMEs, institutions or individuals, we are ready to provide the capacity, expertise and confidence that businesses need to grow.”

The completion of the recapitalisation also reinforces Guinea Insurance’s ambition to become a more competitive, innovative and customer-focused insurer, with increased capacity to participate in larger risks, develop relevant insurance solutions and deepen its relationships across the insurance value chain.

The Company will build on this stronger foundation through disciplined underwriting, technology and innovation, operational excellence, robust risk management and a relentless focus on customer experience.

It will also pursue strategic opportunities that expand its market reach and create sustainable value for shareholders and other stakeholders.

According to the Company, the objective is clear: to turn capital strength into market strength.

Guinea Insurance expressed its appreciation to its shareholders, investors, policyholders, brokers, employees, business partners, regulators and other stakeholders whose confidence and support contributed to the successful completion of the recapitalisation exercise.

As Guinea Insurance enters its next phase, the Company is looking beyond compliance and capital adequacy. It is preparing to compete for bigger opportunities, serve more customers, support more businesses and deliver greater value across the Nigerian economy.

The post Guinea Insurance Positions for Next Growth Phase Following NAICOM Recapitalisation Approval appeared first on Business Today NG.

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Sovereign Trust, Guinea Insurance, 5 Others Join Verified List in Final Recapitalization Clearance

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BY NKECHI NAECHE-ESEZOBOR—Sovereign Trust Insurance Plc and Guinea Insurance Plc are among seven additional underwriting firms officially cleared and verified by the National Insurance Commission (NAICOM) as compliant with the Minimum Capital Requirements stipulated under the Nigerian Insurance Industry Reform Act (NIIRA) 2025.

This final batch of approvals formally completes the nation’s insurance recapitalization exercise, bringing the total roster of fully capitalized operators in Nigeria to 48 insurance companies and two reinsurance companies.

See details below:

List of Additional Insurance Companies that Complied with the MCR Prescribed by NIIRA 2025

The post Sovereign Trust, Guinea Insurance, 5 Others Join Verified List in Final Recapitalization Clearance appeared first on Business Today NG.

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