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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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Business

VFD Group posts twofold jump in half-year profit amid higher investment income

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Investment company VFD Group recorded a twofold increase in net profit for the first half of the year, supported by a significant improvement in investment income, its unaudited report for the period issued Friday showed.

VFD Group is proprietary and investment-focused, meaning it invests in target companies for direct market gain, unlike investment banks, which invest on behalf of others.

It has investments in companies as diverse as the Nigerian Exchange Group, Veritas Kapital Assurance, NASD Plc and CSCS Plc, according to information on its website.

Revenue advanced to N53.7 billion from N41.2 billion a year ago, deriving strength largely from investment income, which was up by 102.8 per cent. Net investment income expanded by 19.8 per cent to N42 billion from N35 billion.

The company logged a sharp increase in other income, which surged more than sevenfold to N3.8 billion after earning N3.9 billion in fair value gain in investment property, unlike a year earlier when no such income was recorded.

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It cut back provision for impairment of financial assets, especially loans and advances, by nearly half to N657.5 million.

“The first half of 2026 performance demonstrates the value of disciplined execution in a market that continues to reward thoughtful execution,” said Managing Director Nonso Okpala in a statement.

“Profit grew more than three times faster than revenue because we remain focused on deploying capital only where risk-adjusted returns justify,” he added.

The company earned N79.1 million in share of profit from associate, compared to N22 million one year prior, boosting pre-tax profit.

EBIT margin, a parameter that gauges the operating profitability of a company, stood at 62.5 per cent, slightly weaker than the 66 per cent recorded in the same period of 2025.

Profit before tax climbed 98.4 per cent to N12 billion, while after-tax profit increased to N10.1 billion from N5 billion.

READ ALSO: Aradel’s half-year profit grows far less than revenue as galloping costs bite

In a separate announcement on Friday, the board of directors declared an interim dividend of N0.24 per share, translating into a potential payout of N3 billion.

“We enter the second half of the year with the strongest capital position in the group’s history, a materially lower cost of funding, and a portfolio of high-quality earning assets,” Folajimi Adeleye, the executive director for finance, said.

“Our priority now is straightforward: ensuring that every naira of new capital consistently generates returns that exceed the cost of the debt it replaced,” he said further.


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Guinea Insurance Surpasses Minimum Capital Requirement with Successful Capital Raise

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BY NKECHI NAECHE-ESEZOBOR—Guinea Insurance Plc has taken a major step toward solidifying its market position after successfully executing a ₦12.6 billion capital raise, putting it well on track to meet NAICOM’s recapitalisation requirements.

In an official statement, Company Secretary Chinenye Nwankwo confirmed that both the Rights Issue and Private Placement achieved full regulatory compliance and earned the complete approval of the Securities and Exchange Commission (SEC).

Through these capital raising initiatives, the Company successfully raised a total sum of approximately ₦12.6 billion.

When aggregated with the Company’s existing paid-up capital, this positions the Company above the ₦15 billion minimum capital requirement prescribed for non-life insurance companies under the ongoing industry recapitalisation framework, subject to final regulatory capital verification.

 “This milestone represents a significant step forward in the Company’s recapitalisation journey and underscores its commitment to strengthening its financial position, enhancing underwriting capacity, and delivering long-term value to stakeholders.

“The Company wishes to express its sincere appreciation to its shareholders, investors, regulators, and professional advisers for their continued support and confidence throughout the capital raising process.

“The results of the allotment in respect of both the Rights Issue and the Private Placement will be published in the national dailies on or before 6th August 2026, in line with regulatory requirements

Guinea Insurance Plc remains committed to completing the recapitalisation process and will continue to keep stakeholders informed of further developments, including the outcome of the capital verification exercise.”

The post Guinea Insurance Surpasses Minimum Capital Requirement with Successful Capital Raise appeared first on Business Today NG.

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