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Nigeria fines Meta $220M for violating consumer, data laws

reuters.com

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Re: Nigeria fines Meta $220M for violating consumer, data laws

#11

Post by samspenc »

extraduder_ire wrote: post #6

For reference: that's below $1 per resident.

True, but if we look at GDP ratios instead of population, it looks different.

Nigeria's GDP in 2022 was $472B, compared to US's at $25.2T, so Nigeria's total economy is roughly 2% the size of the US.

Meta / Facebook made $134B in revenue and $39B in net income (profit) last year. Assuming 1/3 of their business is in the US, that's roughly $43B revenue & $13B profit in the US last year.

If we assume their business is proportionate to GDP, they made $860M revenue & $260M profit in Nigeria last year.

So this fine is basically the company's entire profit in the country in a year.

Re: Nigeria fines Meta $220M for violating consumer, data laws

#12

Post by anonym29 »

aliyfarah wrote: post #8
Sayrus wrote: post #4

Earlier quoted context omitted.

They have offices and very probably a legal entity in Nigeria. I'd imagine that if they don't pay up, and as such decide to not follow the country's law, then Nigeria will seize the assets available and issue a ban against WhatsApp and other Meta services.

Nigeria will be the big loser if they ban Meta’s free and widely used services. No tech company could function if every banana republic levies hundreds of millions of fines when they don't even generate that much revenue in those markets.

No, the truth is that the people of Nigeria will be the big winners if Nigeria bans Meta's widely deceptive, manipulative, and harmful amalgamation of spyware, malicious and unethical secret psychological manipulation experiments, and socially destabilizing engagement-farming algorithms. Instagram is very nearly a biological warfare agent against the mental health of young women - Meta hires a surprisingly large number of neuroscientists and behavioral psychologists to make their products as addictive as possible, with no concern for the mental health ramifications for Meta's victims.

None of the positive capabilities Meta offers are unique to Meta products - there is not a single capability in Meta's entire lineup that cannot be met by competitors with a less malicious and untrustworthy past.

Meta's conglomeration of psychological poison truly is the "cigarette makers" of our generation.

Re: Nigeria fines Meta $220M for violating consumer, data laws

#13

Post by astromaniak »

SoftTalker wrote: post #9

Good news, a prince needs some help getting his family inheritance out of the country. Meta can just provide its bank account and routing code numbers to receive the transfer, and will get to keep 25%. They're set.

Actually it was Nigerian princess for decades.

Re: Nigeria fines Meta $220M for violating consumer, data laws

#15

Post by jeda96 »

astromaniak wrote: post #13
SoftTalker wrote: post #9

Good news, a prince needs some help getting his family inheritance out of the country. Meta can just provide its bank account and routing code numbers to receive the transfer, and will get to keep 25%. They're set.

Actually it was Nigerian princess for decades.

[flagged]

Re: Nigeria fines Meta $220M for violating consumer, data laws

#16

Post by FireBeyond »

aliyfarah wrote: post #8
Sayrus wrote: post #4

Earlier quoted context omitted.

They have offices and very probably a legal entity in Nigeria. I'd imagine that if they don't pay up, and as such decide to not follow the country's law, then Nigeria will seize the assets available and issue a ban against WhatsApp and other Meta services.

Nigeria will be the big loser if they ban Meta’s free and widely used services. No tech company could function if every banana republic levies hundreds of millions of fines when they don't even generate that much revenue in those markets.

> banana republic

Nigeria is Africa's largest economy and most notable democracy.

Referring to it as a "banana republic" just hints at bias.

Re: Nigeria fines Meta $220M for violating consumer, data laws

#17

Post by blackhawkC17 »

FireBeyond wrote: post #16
aliyfarah wrote: post #8

Earlier quoted context omitted.

Nigeria will be the big loser if they ban Meta’s free and widely used services. No tech company could function if every banana republic levies hundreds of millions of fines when they don't even generate that much revenue in those markets.

> banana republic Nigeria is Africa's largest economy and most notable democracy. Referring to it as a "banana republic" just hints at bias.

Nigeria is Africa’s most corrupt country and run by a barely functional government.

“Banana Republic” is a fitting description.

Re: Nigeria fines Meta $220M for violating consumer, data laws

#18

Post by blackhawkC17 »

I’m Nigerian, and this is my take.

This is just a shakedown move by a corrupt, extremely incompetent government looking for funding…they might have just begged Zuckerberg to donate directly.

This country has never cared about data privacy. They literally handed our entire national identity database to dubious third parties, by refusing to implement basic security practices [1].

I hope Zuckerberg tells the government to pound sand and just blocks Nigerians from Facebook, WhatsApp, and Instagram. It’s not like Meta makes much profit from this poor country anyway.

1- https://www.thecable.ng/revealed-how-nimc-exposed-private-da...

Re: Nigeria fines Meta $220M for violating consumer, data laws

#19

Post by blackhawkC17 »

samspenc wrote: post #11
extraduder_ire wrote: post #6

For reference: that's below $1 per resident.

True, but if we look at GDP ratios instead of population, it looks different. Nigeria's GDP in 2022 was $472B, compared to US's at $25.2T, so Nigeria's total economy is roughly 2% the size of the US. Meta / Facebook made $134B in revenue and $39B in net income (profit) last year. Assuming 1/3 of their business is in the US, that's roughly $43B revenue & $13B profit in the US last year. If we assume their business is…

There’s no way Meta made $860 million in revenue from Nigeria. The country’s economy is too dilapidated to deliver that kind of revenue.

Re: Nigeria fines Meta $220M for violating consumer, data laws

#20

Post by pojzon »

blackhawkC17 wrote: post #17
FireBeyond wrote: post #16

Earlier quoted context omitted.

> banana republic Nigeria is Africa's largest economy and most notable democracy. Referring to it as a "banana republic" just hints at bias.

Nigeria is Africa’s most corrupt country and run by a barely functional government. “Banana Republic” is a fitting description.

Whats your opinion on US and EU countries corruption?
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