The Competition and Consumer Protection Tribunal has affirmed the $220 million penalty levied against Meta Platforms Incorporated by the Federal Competition and Consumer Protection Commission (FCCPC), marking a significant regulatory decision in Nigeria’s digital economy.
This development was disclosed on Friday in an official statement released by Ondaje Ijagwu, Director of Corporate Affairs at the FCCPC.
The tribunal’s ruling reinforces the commission’s authority to take action against multinational tech companies that violate local competition laws and consumer protection regulations.
In addition to upholding the hefty fine, the tribunal further ruled that Meta must pay an additional $35,000 to cover the FCCPC’s expenses incurred during the investigation.
The fine and compensation collectively underscore the Nigerian government’s resolve to hold global digital platforms accountable for their business practices within the country.
While the specific nature of the violation was not detailed in the brief statement, this judgment sends a strong signal to other international corporations operating in Nigeria.
It emphasizes the importance of adhering to local regulations and the growing enforcement powers of the FCCPC in overseeing fair competition and consumer rights in the marketplace.
