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NBC Revokes Licenses of 52 Nigerian TV and Radio Stations and Demands their Immediate Shutdown

By
Tiamiyu Ismail
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0

The National Broadcasting Commission (NBC) has revoked the licenses of 52 Television and Radio stations in Nigeria. The Commission stated it has taken the decision due to failure of the affected stations to renew their licenses and clear their debt to the Federal Government despite being warned earlier about the consequences of failing to do so.

The NBC’s Director General, Malam Balarabe Shehu Ilehah,while addressing the Press in Abuja on Friday, said 52 stations are found to be operating without a valid license in the country and also owing the commission up to the tune of N2.6 billion. Some of the affected stations mentioned are African Independent Television, Silverbird TV, Reypower Fm, Rythm Fm, Crowther FM and many others. The full list of stations is here.

According to the DG, in May, the commission had published the names of the stations that were yet to renew their licenses and granted them two week’s grace period to do so or otherwise get their license revoked. However, many of them paid lip services to the directive. The DG added that the decision of the commission does not have any political undertone.

He said, “Three months after the publication, some stations were yet to pay their outstanding debt in contravention to the NBC Act CAP N11 laws of the Federation of Nigeria 2004 particularly section 10(a) of the third schedule of the act”.

The DG therefore demanded that all the affected stations should shut down their operations within 24hrs. He enjoined all stations that have not renewed their licenses for the current duration to do so within 30 days to avoid sanctions.

Also, all the Internet Protocol Television (IPTV) and other broadcast stations that stream online were advised to register with the commission to avoid disconnection.

Facebook Slowing Losing Its Grip As A ‘Top 10’ App, As BeReal And TikTok Grow

By
Ojukwu Emmanuel
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It is often said that “Eras come to an End”, which could be the case for social media giant Facebook, as the arrival of two social media platforms, BeReal and TikTok has been reported to shake up its dominance as Facebook is currently losing its grip as a top 10 app.

According to an analysis of iPhone App Store data, it revealed that Facebook has been struggling to maintain its position among the top 10 apps in the U.S, as younger customers most especially Generation Z are shifting to newer social networking experiences like BeReal and TikTok.

Last year, it was reported that Facebook fell out of the Top 10 free iPhone apps in the U.S seven times, while in 2022, the figure soared to 97, an indication that Facebook may be losing ground as new apps push their way into the App Store top rankings.

Facebook only stayed once out of the Top 10 apps, as long as 37 consecutive days in 2022. The big blue app hasn’t consistently held onto a strong position in the top 10 in prior years. Its lack of dominance, has been attributed to the company’s inability to inspire a new generation of users, which is something the company is concerned about, a topic its CEO Mark Zuckerberg has spoken candidly about before.

Whether it’s for casual entertainment or formal education, Gen Z prefers to consume content in video formats, which has no doubt seen the rise in the user-base of uniquely young social media users from across the world, to prefer TikTok which has catapulted the social media platform to be a dominant force in the global technology.

One of the features that make TikTok unique, is that videos made on the platform are typically characterized as raw, high-energy, and deeply engaging because TikTok provides advanced yet simple-to-use tools for users or businesses to embed music and visual effects on videos.

It has been revealed that users tend to have significantly higher engagement rates on their post, when compared to using Facebook, Instagram, and other social media platforms. On the other hand, new “anti-Instagram” apps like BeReal seem to also attract a lot of Gen Z users due to its unique features. As the app name suggests, BeReal claims to help users be more authentic online.

 

Just as millennials fueled the rise of earlier social media platforms like Facebook and Instagram, Generation Z is fueling the rise of TikTok, Snapchat, BeReal, and the likes.

The rise of these new platforms is not merely a story of the ongoing success of certain technology companies, but more importantly, the ushering in of the next generation of socially aware and digitally discerning users. Due to Facebook’s gradual loss of its grip as a Top 10 app, in order to keep up with the pace of these emerging platforms, the Blue app is presently making massive radical changes.

No doubt, Facebook is still by far the world’s biggest social network, with almost 3 billion people logging in on the platform every month, although pressure from TikTok and other new apps is forcing it to make significant changes for fear of being displaced.

The social media app has already introduced TikTok-like short videos called Reels two years ago. Just recently, it is currently changing its playbook by shifting focus from news tab and bulletin to creator’s economy. The big blue app has also been retooling its teams to make serving young adults its main focus, rather than optimizing for the larger number of older people using the app.

Nigerian Government Orders Telcos, Regulated Financial Services to Cut Digital Loan Platform from Service Access

By
Samuel Nwite
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0
Naira

Amidst malpractices and incessant harassment by some digital lending companies, which they have refused to stop despite complaints by members of the public and several warnings by watchdogs, the federal government has moved to end their operation using telcos and financial service providers.

The Federal Competition and Consumers Protection Commission, FCCPC, has directed payment systems operators, PSOs, such as Flutterwave, Opay, Paystack and Monify, as well as telecom companies in Nigeria to stop providing support that enables the operations of illegal digital money lenders, also known as money sharks, in Nigeria, Vanguard reports.

This was disclosed in Lagos by the Executive Vice Chairman/Chief Executive Officer, FCCPC, Babatunde Irukera, on Thursday, during the enforcement action against Soko Lending Limited, a notorious loan shark guilty of the aforementioned malparctices.

“FCCPC has also ordered telecommunication/ technology companies (including Mobile Network Operators (MNOs) to cease and desist providing server/hosting, or other key services such as connectivity to disclosed or known lenders who are targets/subjects of investigation or otherwise operating without regulatory approval,” he said.

Regulating the digital loan companies has been a challenge because they are not registered and many of them operate from no known offices. They also manipulate systems to evade regulatory efforts.

Irukera said the FCCPC has secured orders to disable or diminish violators’ ability to circumvent regulatory efforts to protect citizens. In addition, he disclosed that a Limited Interim Regulatory/Registration Framework and Guidelines for Digital Lending has been developed and adopted by the inter-agency Joint Regulatory and Enforcement Task Force as an interim step to establishing a clear regulatory framework for the sector.

“Soko Lending appears to be the most consequential digital money lender with multiple apps and brand names covering a significant share of the digital/online lending market, and one of the most prolific actors in violating consumer privacy, fair lending terms and ethical loan repayment/recovery practices.

“The Commission has also entered further Orders that will disable or diminish violators’ ability to devise circumvention efforts or alternative mechanisms to circumvent the objective of the investigation and protection of citizens,” he said.

Irukera noted that previous efforts to reduce exploitative practices in the industry had been thwarted by some of the lenders who devised methods to circumvent account freezing and app suspension orders.

“Particularly, the Commission has ordered all operating payment systems including Flutterwave, Opay, Paystack and Monify to immediately cease and desist providing payment or transaction services to lenders under investigation or not otherwise operating with applicable regulatory approvals.

“The inter-agency Joint Regulatory and Enforcement Task Force has developed and mutually adopted a Limited Interim Regulatory/Registration Framework and Guidelines for Digital Lending, 2022 as the first and interim step to establishing a clear regulatory framework,’’ he said.

The development is a huge reprieve to consumers who have been under the weight of unguarded actions of digital loan platforms. The loan sharks use defamation, blackmail and other vices to compel their debtors to pay even when they have not defaulted.

Nigeria’s Online Lending’s Invisible World And The Challenge To Clean the Sector

By
Ndubuisi Ekekwe
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Nigerian naira banknotes are seen in this picture illustration, September 10, 2018. REUTERS/Afolabi Sotunde/File Photo

This is not a laughing matter but everywhere in Nigeria, someone is chasing someone, in the financial sector. Now the consumer protection watchdog has recruited fintechs to chase online lenders. But you know what? These fintech companies have no chance since some of these online lenders are NOT even registered in Nigeria. It is like a voodoo how they still operate with bank accounts to cause so many problems.

Like I explained in a banking conference in South Africa when someone tried to emphasize Nigeria’s paltry national budget (~ $42 billion depending on your exchange rate) to South Africa’s $157 billion, Nigeria is a place where most things are outside the power of governments. In South Africa, you pay taxes on your properties and lands.

 In Nigeria, there is nothing like that at scale and people keep their funds. If you include those informal non-receivables, Nigeria’s budget would be much higher (a 0.5% annual tax on properties and lands in Lagos, Abuja and River State will add so much to the respective jurisdictional/national budgets). Unfortunately for the government, the money is with the people and there is nothing to spend.

That explains why a lending company has become invisible and invincible because the government has no way to stop it since it never even registered with the government! In physics, you have optical illusion; here, you have financial illusion. You keep chasing but you never get there.

 Read the head of the consumer protection (FCCPC), Mr. Babatunde Irukera.

“The information available to the commission demonstrates that Soko Lending appears to be the most consequential digital money lender with multiple apps and brand names.

“It is covering a significant share of the digital or online lending market, and one of the most prolific actors in violating consumer privacy, fair lending terms, and ethical loan repayment/recovery practices.

“Prior to this operation, the commission had previously, on March 11, 2022, carried out a similar enforcement action with respect to multiple lenders; which action and continuing investigation has reduced previously high and escalating unethical, obnoxious, and unscrupulously exploitative practices in the industry.

“With the operations today, the commission expects an appreciable additional reduction in these unacceptable practices. The commission has also today entered further Orders that will disable or diminish violators’ ability to devise circumvention efforts or alternative mechanisms to circumvent the objective of the investigation and protection of citizens.’’  executive chairman of FCCPC, Mr. Babatunde Irukera 

FCCPC Has Barred All Fintechs From Providing Payments Or Transaction Services To Online Money Lenders in Nigeria

FCCPC Has Barred All Fintechs From Providing Payments Or Transaction Services To Online Money Lenders in Nigeria

By
Ojukwu Emmanuel
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0

Recall that earlier this year, the Federal Government of Nigeria in a raid through its joint committee investigating rights violations and unfair practices, shut down some illegal online money lenders fondly called “Online loan Sharks”.

The government disclosed that most of these online money lenders did not register their platform with the Corporate Affairs Commission (CAC) and also engaged in activities that were against the rights of Nigerian consumers. Also, the interest rates charged by these online institutions violated the ethics of how lending is done.

Recently, the federal competition and consumer protection commission (FCCPC) has barred all financial technology companies (Fintechs) from providing payment or transaction services to online money lenders under its investigation.

Some of the identified Fintechs such as Monify, Opay, Flutterwave, and paystack were said to be operating payment systems and providing services to online lenders under its investigation for not operating with applicable regulatory approvals. This is coming months after the federal government wrote to Google and Apple to delete loan apps breaching the country’s laws.

The executive chairman of FCCPC, Mr. Babatunde Irukera disclosed this during a chat with journalists while conducting an enforcement exercise on some of the digital money lenders in Lagos. He revealed that the commission has given an order to telecommunications and technology companies to stop providing servers or connectivity to these online money lenders.

Mr. Irukera further revealed that Soko lending appears to be the most consequential digital money lender in the country as they have fair lending terms and ethical loan repayment/recovery practices. The FCCPC boss also made a shocking revelation on how some of these online lenders who have been subjected to investigation devise methods to leverage technology and other financial services alternatives, to circumvent account freezing and app suspension.

He, therefore, stated that the commission has entered orders that will disable the violator’s ability to devise circumvention efforts.

See what he said;

“The information available to the commission demonstrates that Soko Lending appears to be the most consequential digital money lender with multiple apps and brand names.

“It is covering a significant share of the digital or online lending market, and one of the most prolific actors in violating consumer privacy, fair lending terms, and ethical loan repayment/recovery practices.

“Prior to this operation, the commission had previously, on March 11, 2022, carried out a similar enforcement action with respect to multiple lenders; which action and continuing investigation has reduced previously high and escalating unethical, obnoxious, and unscrupulously exploitative practices in the industry.

“With the operations today, the commission expects an appreciable additional reduction in these unacceptable practices. The commission has also today entered further Orders that will disable or diminish violators’ ability to devise circumvention efforts or alternative mechanisms to circumvent the objective of the investigation and protection of citizens.’’

Mr. Irukera did not fail to express gratitude to victims and citizens who gave vital information about these online lenders that aided their investigation, also welcoming vital information that will continue to aid the commission in the investigation.

This is a commendable move from the FCCPC by going after these Online money lenders fondly called Loan sharks, as a majority of them offer outrageous interest rates to customers, which often puts pressure on most of these customers due to difficulty in paying back. This is no doubt an unfair practice in the money lending industry which needs to be stopped.

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