The Central Bank of Nigeria (CBN) has clarified the newly reviewed N100 charge on withdrawals at another bank’s ATM (Not-On-Us Transactions), stating that the fee applies whether or not the withdrawal amount is up to N20,000.

In a Frequently Asked Questions (FAQs) document on the review of ATM transaction fees seen by Nairametrics, the CBN explained that the reason for applying the fee for every N20,000 withdrawal is to prevent customers from being compelled to break their withdrawals into smaller amounts.

“Yes, the fee of N100 will apply if you withdraw less than N20,000 from another bank (a bank other than the one that issued your payment card). The reason for applying the fee for every N20,000 withdrawal is to prevent customers from being compelled to break their withdrawals to less than N20,000 per transaction.   

“In other words, ATM transactions will incur a base fee of N100 per transaction. It is also important to note that a tiered fee structure will apply for transactions exceeding N20,000, with an additional N100 charged for each subsequent withdrawal of N20,000 or portion thereof,” the document explains.

Sanctions await offenders 

The CBN emphasized that banks are required to allow customers to withdraw up to N20,000 per transaction. “Any bank that compels a customer with sufficient funds in her account to withdraw less than N20,000 per transaction against the customer’s desire for a higher sum would be contravening this regulation’s spirit and sanctioned appropriately,” the CBN warned.

• The apex bank also encouraged consumers who are denied the right to withdraw up to N20,000 per transaction to file a complaint with the CBN via cpd@cbn.gov.ng.
• The CBN also provided an explanation of the difference between on-site and off-site ATMs: on-site ATMs are located within or directly affiliated with a bank branch, while off-site ATMs are found in locations such as shopping malls, fuel stations, or other public areas.
• The CBN noted that banks and other financial institutions are not allowed to charge more than the N500 per N20,000 surcharge for an off-site ATM withdrawal prescribed in the earlier circular. These fees will be displayed at the point of withdrawal, allowing customers to make informed decisions before proceeding with the transaction.

For withdrawals outside Nigeria, the CBN stated that banks will apply a cost recovery fee, meaning the exact charge imposed by the international ATM acquirer will be passed on to the customer.

What you should know 

Nairametrics reported on Wednesday that the Central Bank of Nigeria (CBN) has announced a major revision to its Automated Teller Machine (ATM) transaction fees, effectively eliminating the three free monthly withdrawals previously granted to customers using other banks’ ATMs.

• This directive, outlined in a circular dated February 10, 2025, applies to all banks and financial institutions operating in Nigeria and is set to take effect from March 1, 2025.
• The circular was signed by John S. Onojah, Acting Director of the Financial Policy and Regulation Department, and released on the apex bank’s website on Tuesday.

According to the circular, the CBN has reviewed the ATM transaction fees stipulated under Section 10.7 of the CBN Guide to Charges by Banks, Other Financial and Non-Bank Financial Institutions (2020).

[Nairametrics]

[p

For months now, Nigerians have been groaning under the weight of relentless price hikes across essential services. From electricity tariffs to DSTV subscription fees, and now the looming 50% increase in telecom tariffs, the average citizen is being stretched beyond breaking point. This is happening in a country where fuel prices have skyrocketed due to subsidy removal, leading to increased transportation costs, which in turn have worsened food inflation. The question on everyone’s lips is: How much more can Nigerians endure?

The telecommunications industry is the latest in line to propose an upward review of service charges, citing inflation, forex scarcity, and rising operational costs. While these justifications may hold some validity, the average Nigerian consumer is not enjoying improved service quality in proportion to these increases. Call drops, network disruptions, slow internet speeds, and exorbitant data depletion remain persistent complaints among telecom users.

Similarly, the electricity sector has continued to frustrate consumers. Tariffs have increased multiple times in the past few years, yet power supply remains erratic at best. Nigerians are paying more for less, often resorting to expensive alternatives like generators to compensate for the failing grid. The recent announcement that power distribution companies (DisCos) might increase tariffs again, despite the existing inefficiencies, is a slap in the face of millions of Nigerians already grappling with economic hardship.

The same goes for pay-TV services like DSTV, which have revised their pricing structure upwards multiple times. Customers are now paying more, yet there is no significant improvement in programming, customer service, or access to local content. Instead, arbitrary increases are implemented with little to no consultation with consumers.

Unarguably due to the pressure resulting from unprecedented price increases across sectors, Nigerians from different walks of life have expressed their frustration over these incessant increases.

Chidi Okeke, a Lagos-based entrepreneur, lamented: “I run a small business and depend heavily on mobile data for transactions. With this new proposed telecom tariff hike, I honestly don’t know how I will cope. The internet service is already poor, and now they want to make it more expensive? It’s unfair.”

Aisha Bello, a secondary school teacher in Lagos, said: “The electricity bill in my area has doubled, yet we hardly get power supply. Most times, I spend extra money to fuel my generator. How does the government expect us to survive? It’s getting unbearable.”

Mrs. Funmi Adebayo, a retiree, also in Lagos, shared her struggles: “I am on a fixed pension, and every month, I have to choose between paying my DSTV subscription or buying enough food for the house. The government and service providers should be considerate. People are really suffering.”

Similarly, Sunday Eze, a commercial driver in Enugu who spoke with this writer on phone few days ago, noted: “Since fuel subsidy was removed, transport fares have increased drastically. Now food is more expensive, DSTV is more expensive, and even making a simple phone call might become costlier. What kind of life is this?”

In fact, there is no denying the fact that the domino effect on cost of living resulting from fuel price increase by each passing day is becoming unbearable, and killing, so to say.

The removal of fuel subsidies, though a long-debated policy, has had far-reaching consequences beyond just transportation costs. Food prices have surged uncontrollably, as farmers and traders struggle to cope with increased logistics expenses. Commuters spend more on daily transportation, making life even more unbearable for minimum-wage earners. Small and medium-scale enterprises (SMEs) that rely on fuel for operations have had to transfer costs to consumers, leading to a general increase in the cost of goods and services.

The reality is that Nigerians are being squeezed from all directions. A country already dealing with high unemployment, unstable incomes, and growing insecurity should not be subject to continuous financial strain without a corresponding increase in service efficiency and quality.

In fact, beyond price increases, there is an urgent need for performance-driven pricing. While businesses must remain profitable, increasing tariffs should not be the default solution. The real issue is that many service providers operate inefficiently, passing their inefficiencies onto customers rather than addressing them internally. Before contemplating price hikes, service providers should meet certain key performance indicators (KPIs) to justify additional costs.

In the telecom sector, network operators should focus on improving connectivity, reducing call drop rates, and enhancing data efficiency. Nigerians should not be subjected to high rates while experiencing slow internet speeds and unresponsive customer service.

In the electricity sector, the power sector should be held accountable for its service delivery. DisCos should fix transmission issues, minimize technical losses, and ensure stable supply before introducing another tariff hike. The federal government must also ensure metering is widespread so that consumers are not extorted through estimated billing.

Given the foregoing backdrop, it is not a misnomer to suggest that Pay-TV Service providers, such as DSTV and other digital television service providers should revise their pricing strategies to accommodate the economic realities of their subscribers. Options like pay-as-you-go billing should be introduced rather than locking customers into rigid monthly subscriptions.

Concerning fuel and energy sector, the government and regulatory agencies should prioritize alternative energy investments, such as solar and gas-powered solutions, to reduce dependency on petrol and diesel. By doing so, businesses and individuals can find cost-effective alternatives instead of bearing the full brunt of fluctuating fuel prices.

One of the major gaps in Nigeria’s economic framework is weak consumer protection. Regulatory bodies such as the Nigerian Communications Commission (NCC), the Nigerian Electricity Regulatory Commission (NERC), and the Federal Competition and Consumer Protection Commission (FCCPC) need to be more proactive in ensuring that price hikes are justified and that consumers receive value for money.

Policymakers must also prioritize economic relief measures. Beyond palliatives, there should be deliberate efforts to stabilize the economy, control inflation, and create an enabling environment for businesses to thrive without shifting all operational burdens to consumers.

Without much ado, Nigerians deserve better. The frustration among Nigerians is understandable. It is not just about tariff increments but the lack of accountability and empathy from service providers. The Nigerian consumer deserves better. If prices must go up, services must significantly improve. Government agencies and regulatory bodies must do more than approve hikes; they must enforce quality assurance.

Nigerians have shown remarkable resilience over the years, but resilience should not be mistaken for endurance of perpetual suffering. It is time for businesses and policymakers to rethink their approach. Tariffs can increase if necessary, but they must come with commensurate improvements in service delivery. Anything less is daylight robbery.

Just last week, the Managing Director of the Nigerian Ports Authority (NPA), Dr. Abubakar Dantsoho, announced that it has secured necessary approvals for an upward review in its tariffs which was last reviewed in the year 1993.

The Managing Director took out time to explain the gains which the new tariff regime would bring to the nation’s port system.

The 15% increase which is to cut across all NPA Rates and Dues is premised on the urgent need to address the undesirable reality of aged and weak infrastructure, obsolete equipment and slow Port capacity expansion which has continued to diminish the performance and indeed competitiveness of Nigerian Ports.

The NPA boss explained that the Authority’s management was actually compelled by the exigency of bringing Nigerian Ports up to speed with those of its peers in terms of infrastructure and equipment.

It would be recalled that the Authority has been battling with aged port facilities and how to rehabilitate the existing ones to sustain operations at the nation’s seaports.

From its collapsing quay walls, the Authority feels that there is an urgent need to focus more on rehabilitating the quay walls of the port.

When Dantsoho became the MD of NPA, he undertook a holistic review of the decaying parts of the ports.

Right from the beginning, Dantsoho did not hide his desire to make the nation’s seaports work.

If anything should happen as a result of its inability to rehabilitate the quay, the impact of its collapse will affect its adjourning communities such as Snake Island, Niger Dock, and Takwa Bay.

Globally, Port Authorities depend on revenue from operations to stay alive to their responsibilities which include construction and maintenance of Port infrastructure, dredging of channels, provision of aids for safe navigation, provision of modern marine crafts for efficient harbour services, automation and digitization of port transactions, port security, energy efficiency and training and retraining of its employees.

The global index of Port rating and competitiveness which the international trade community relies on for its choice of countries to do business with, derives its data from how well the aforementioned responsibilities are addressed.

Coming at this period of global economic upheaval and scramble for markets, the belated Tariff review, according to the authority, is borne out of necessity.

Maritime experts strongly believe that tariff hike constitutes a critical success factor in Nigeria’s quest to win back cargo handling business and its accompanying benefits including job opportunities it had lost to its maritime neighbors.

Contrary to the popular but erroneous notion that attributes high Port costs to NPA relative to its peers, verifiable data shows NPA Tariffs are amongst the lowest in the region.

The high incidence of un-receipted costs due to unduly high human interface, bureaucratic bottlenecks, functional overlaps resulting from absence of a Port Community System (PCS) and its corollary, the National Single Window (NSW) are responsible for this contrived falsehood.

Highlighting some of the quick wins of the tariff review, Dantsoho states that although it is long overdue, it will become a quick win benefits for stakeholders.

“Some of the immediate boost it will give to the Authority is that it would fast track the commencement of actual works on its concluded Port reconstruction and modernization plans.

“Secondly, the Tariff review provides the necessary guarantees to fund the acquisition and urgent deployment of the Information Communications Technology (ICT) backbone of the PCS which is the precursor to the implementation of the NSW.

“Furthermore, the increased revenue generation arising from the review buoys the Authority’s capacity for critical maintenance works to open up the Eastern Ports for increased vessel and cargo traffic such as the reconstruction of collapsed Escravos Breakwaters and challenged aspects of Rivers, Onne and Calabar Ports respectively,” he added.

Speaking at the meeting, Joshua Asanga, a stakeholder agreed with the increase, adding that the value of NPA present tariff has since been suppressed by Inflation which is at about 35% .

Asanga listed port management liabilities like wages, fuel and other areas of expenditure as having adjusted upwards without a commensurate rise in NPA charges for over thirty years.

He added that NPA needs funds for improved port infrastructure, robust ICT for Port Community System, procurement of tug boats and other operational platforms to achieve efficiency

Another stakeholder, Demian Ukagu, who spoke at the event spoke on the need to apply more NPA funding to outer port facilities and jetties like the Kirikiri Lighter Terminal and development of other critical port facilities across the country.

He added that NPA rates should be able to cover these cost that would guarantee minimum return on investment and promote sustainable trade.

The meeting agreed that existing tariffs were set devoid of capital cost, labour cost, consumables and overhead expenditures needed to run the ports.

They feared that keeping the ports on the old tariff would promote consequences like poor service, inadequate infrastructure, poor remuneration, obsolete critical port facilities, equipment and infrastructure.

[DailyTrust]

The Managing Director of TVC Entertainment Channel and host of the ‘Your View’ program, Morayo Afolabi-Brown, has shared her thoughts on the ongoing divorce drama between singer 2Face and his wife, Annie.

DAILY POST reports that 2Face, in a viral video, confirmed his relationship with his new lover, Natasha Osawaru. He further announced his plan to marry her.

The development came two weeks after announcing his separation from his wife, Annie.

Reacting to the controversy sparked by the news, Morayo, during the ‘Your View’ program on Wednesday, opined that the singer should not go scot-free for the damage caused by his divorce decision.

While questioning the point at which he fell out of love with Annie, Morayo said, “I think he should not go scot-free for what he has done. I think he has probably damaged this woman (Annie).

“Maybe it is societal pressure that has caused him to stay with this young woman. Maybe, for whatever reason, he needs to tell us because society was there when they were getting married. At what point did you say you are no longer with Annie?” she asked.

[DailyPost]

Even after Pastor Enoch Adeboye had distanced himself from the arrest of a TikToker who disrespected him Olumide Ogunsanwo (SeaKing), the church PR unit still put out a notice overriding him. The church claimed that Pastor Adeboye weighed in before the video was reviewed. After watching it, they think, “It has become necessary to allow the law to take its course.” I will not pretend to know how the church’s PR unit runs, but this is one of the instances in which wisdom would have been profitable to direct them regarding their public communication.

From the clumsy wording of their statement, one is unsure which video they said had not been reviewed when their pastor commented on it. Was it the original one by Ogunsanwo or the Concerned Christian Youth Forum that stated why they got him arrested? Either way, saying their G.O. spoke out of turn is unbecoming. However, that was not the only part of their statement that was poorly thought out. Also, saying the law should take its course on a spurious issue such as this is merely hiding behind a needle. It is, in fact, what moral cowardice looks like.

Even a child in Nigeria knows that no law anywhere fully defines our lives. What we call the law is mostly a bunch of suggestions enforced based on the contingent circumstances. The “law” can easily be set aside if certain characters with money and influence want it. Just recently a legal luminary announced he—and unilaterally too—instructed his lawyers to instruct the police to withdraw a criminal case from the court. That is how the police are remote-controlled by small men with big egos who will pursue a random social media user over comments they should be too important to notice.

Sometimes you wonder why the countries that invented these social media networks do not have incidents of billionaires, pastors, CEOs, politicians, public officials, lawyers, religious organisations, etc., convulsing over online insults. How come their police are not jobless enough to drive across multiple state lines to arrest people over online comments and incarcerate them until some big man instructs otherwise?

Nigeria’s supposed elites can afford to be petty because of the nature of our laws and the defective policing system. The police in Nigeria are not—and we can argue that they have never been either—an autonomous agency that carries out its constitutionally stipulated duty with detached professionalism. They are mostly errand boys for the rich and powerful, and therefore largely shorn of principled competence. Things have grown worse with the current IG Kayode Egbetokun, under whose watch a record number of abuses are being perpetrated by the police. They have always been abusive and oppressive, but under Egbetokun, they have elevated pursuing social media commentators into a defining agenda. Part of the problem, I suspect, is that Egbetokun is overcompensating for the insecurity of being branded an “illegal IG” and cannot rein in the sadistic officers under his watch. His illegitimacy makes him cover his appearance of weakness with needless brutality. His legacy will be that he oversaw an era where the police took their institutionalisation of injustice to stratospheric levels.

The only reason that Ogunsanwo was arrested and detained was because some people who could influence the police decided to flex their power.  What law was the RCCG referring to that had become necessary to be enforced? No law anywhere stops us from disrespecting our elders. Respect is a cultural norm, an ethical requirement necessary for a society to function, but there are no legal obligations to accord them to anyone by default. Even Jesus Christ called Herod a “fox”. If it were present society, some people would have been yelling that Jesus should have respected constituted authority. Jesus routinely criticised the Pharisees and Sadducees, the religious leaders, intellectuals, and elders of his time. If someone does the same on TikTok today, people like VDM would jump out and criticise them. What exactly have eyes not seen before?

I hope the RCCG learns a lesson from this and, going forward, knows what it can afford to do or not as arguably the largest Pentecostal denomination in Nigeria. As a church, it owes it to the public to always project higher ethical standards in its conduct and public communication. If the worldly standard is for those with social clout to subject critics to an unjust system of punishment to satisfy their ego, the church must act differently—and better. You are not called to be the same as the world; you are supposed to project higher moral standards. It is not for nothing that Jesus envisioned the church to be a city set on a hill.

Here is what I think is the problem: for far too long, Christians have openly rued how Muslims get away with using violence to settle scores when they feel disrespected. I suppose copying that same propensity to demonstrate power is what drove the Concerned Christian Youth Forum to try and enforce respect “legally” by subjecting a critic to police abuse while vowing to hunt down more. The RCCG’s press statement gave them away as supportive of such initiatives to deter the others who have turned frequent criticism of its G.O. into content-making. Unfortunately, that is a path that is not only unsustainable but also diminishing.

They ought to know that as they grow into a formidable institution, they will naturally attract a lot more anti-establishment sentiment. Their response should not be to outsource their responses to gbàrànmídelérù initiatives like Concerned Christian Youth Forum who will do the dirty work of beating up critics while, like Pontious Pilate who washed his hands off the crime for which he was morally culpable, they pretend it is simply the law doing its thing. If they see themselves as a church organization that will still exist in another 100 years, then they ought to think and act long-term in their approaches to issues like this. They should take cues from centuries-old churches like the Catholic Church that has maintained their institutional dignity in the face of relentless criticism from all sides. Imagine a world where the Pope uses the police to chase down his social media critics.

The RCCG should act with similar self-regard and set aside pushing silly correspondences to the public. They are not the first church that will be criticized, and they are not going to be the last. Powerful religious organizations routinely face scrutiny, and they absorb some of the severe criticisms. I am not talking about simple observations lobbed from the corner of a bedroom by a TikToker wielding a Tekno phone, but critical attacks from formidable cultural organizations who take on churches on aspects of their doctrine. Do those churches fold up and die? No. When they respond, they do not fly into a rage. They project the ideals of Christian ethics and intellectualism.

If the RCCG cannot handle just one TikToker, then what hope is there for them that they would know what to do if someone ever writes a popular book about them like Dan Brown’s The DaVinci Code did with the Catholic Church? What if someone makes a popular show that criticizes their doctrines like The Book of Mormon did with the Latter-Day Saints (the Mormon Church? The Latter-Day Saints first baulked, then turned the popular satire into a promotional tool for their church. It would have been a mess and a missed opportunity if they had chosen to arrest the artist.

The RCCG has a university, a structure from where they can build an intellectual agenda to defend what is best about them (and restructure their shortcomings). Instead of abridging possibilities by taking the shortcut of violence, they should invest in creating their own apologists—people trained in cultural studies/theology who can project the positive side of them to the world to balance the negative narratives about them. That strategy will take exposing their people to the best education, polishing them until they are equipped to push back at their critics with intelligence.

The House of Representatives, on Thursday, passed the ₦54.99 trillion 2025 Appropriation Bill.

The ₦54.99 trillion budget is structured to address key national financial commitments.

Statutory transfers account for ₦3.645 trillion, ensuring funding for constitutionally mandated entities.

A significant portion, ₦14.317 trillion, is allocated to debt servicing, reflecting Nigeria’s ongoing fiscal obligations.

Recurrent expenditure, covering salaries, overheads, and government operations, takes up ₦13.64 trillion, while the highest allocation, ₦23.963 trillion, is earmarked for capital projects under the development fund, aimed at infrastructure growth and economic expansion.

Last week, President Bola Tinubu raised the proposed 2025 budget from ₦49.7 trillion to ₦54.2 trillion, seeking legislative approval.

More details to follow…

[Punch]

MTN Nigeria has publicly apologized to its customers following widespread backlash over a sudden 200% increase in the price of its 15GB digital bundle plan.

The telecommunications giant admitted the adjustment was an error and assured subscribers of better decision-making in the future.

In a statement posted on its official Instagram handle on Thursday, MTN acknowledged the frustration caused by the price hike.

“You dey vex. We know,” the company stated, recognizing the anger among its users. “We know how upsetting it must have been to suddenly wake up to a 200% increase on your favourite digital bundle.”

While the company refrained from offering detailed explanations, it accepted responsibility for the pricing change.

“We could share several reasons, and provide explanations, but omo, all that one na story. We don cast. We get it and admit it. Let’s just say na mistake,” the statement read.

In a bid to mend its relationship with customers, MTN appealed for forgiveness, particularly during the Valentine’s season, emphasizing its appreciation for loyal subscribers.

“In this love season, don’t stay angry with us. Please forgive and forget. You matter die, and we will never stop showing you how much,” the statement continued.

The company concluded by reaffirming its commitment to customer satisfaction. “Let’s continue our relationship. Thank you for your understanding.”

MTN’s apology comes amid growing concerns over rising data costs and telecom services in Nigeria.

The sudden price hike, which raised the cost of a 15GB weekly data plan from N2,000 to N6,000—a 200% increase—caught many internet subscribers off guard and sparked widespread outrage on social media on Wednesday.

The statement, however, did not mention whether the tariff had been reduced.

[Punch]

The Advertising Regulatory Council of Nigeria, ARCON, has been in the news recently over the N1 million violation fee it slammed on a restaurateur who violated Article 148 (b) of its Act. Reading the umbrage against the regulatory agency from certain quarters, what comes to mind is Chimamanda Adichie’s admonition in her October 7, 2009 TED talk on the danger of a single story.

The single story of a N1 million fine has achieved the primary purpose of leading people to develop prejudiced ideas about ARCON as a government agency that stifles and ultimately ruins businesses, particularly small and medium scale enterprises. But nothing could be farther from the truth. Granted, a N1 million fine is steep but it is a punishment for an infraction that, ironically, demands only a N15,000 compliance levy. So, the steepness of the fine is deliberate – to serve as a deterrent to those who run afoul of the law.

Article 148 (b) of the Act states that any person who sponsors or benefits from an advertisement without proper authorisation from ARCON, including the exposure of unauthorised advertising, is liable for a fine. The Act, which became operational on June 27, 2022, clearly states that notwithstanding the provisions in any other Act, ARCON has the exclusive power “to determine, pronounce upon, administer, monitor and enforce compliance by persons and organisations on matters relating to advertisements, advertising, and marketing communication in Nigeria, whether of a general or specific nature.”

Not only that, the primary goal of the ARCON Act was “to establish a regulatory framework for the Nigerian advertising, advertisement and marketing communications industry and for this purpose to create an effective, impartial and independent regulatory authority; ensure that all advertisement exposed and directed at the Nigerian market is legal, decent, honest, truthful, respectful, and mindful of… Nigerian culture, constitutional tenets and relevant lawful enactments; prepared with high sense of social responsibility, devoid of misinformation or disinformation in advertising and marketing communication; promote and encourage local content whilst entrenching best practices in the advertising industry in Nigeria.”

The law requires that all advert materials are handed in for vetting beforehand, which attracts N15,000 fee — a nominal charge that covers administrative costs associated with reviewing the content. The review serves common good. For instance, the U.S. Food and Drug Administration, FDA, mandates pre-clearance for pharmaceutical advertisements to ensure claims about drugs are scientifically validated. The idea is to deter would-be offenders and by so doing, the system has been credited with preventing the exposure of 45 misleading drug advertisements to the public.

So, the single story which paints the picture of ARCON as an obtuse government agency, asphyxiating small businesses that are already on life support because of harsh economic environment with excessive fees is misleading.

And a regulated advertising space where sanctions are meted out to offenders is not peculiar to Nigeria. For instance, those in breach of advertising regulations in the United Kingdom risk fines as high as £500,000. It is even higher in the U.S. where breaches attract multimillion-dollar fines.

So, while the highly nuanced narrative of a restaurateur being asked to pay within seven days a violation fee of N1 million for posting about her restaurant on Instagram “without the vetting and approval certificate of the Advertising Standards Panel,” may be seductive to the uninitiated, the truth remains that such a narrative does not paint the whole picture. And the idea that the imposition of fine portrays ARCON officials as scavengers trivializes the matter.

If the argument is on the medium of advertisement, well, in this era of digital marketing, advertisement has migrated online. In 2005, Microsoft founder Bill Gates predicted that the Internet would attract $30 billion in advertising revenue annually within the next five years. But he was remarkably off the mark because barely three years thence, internet advertising leapt to $40 billion, and by 2010, it had grown to $80 billion. It was such a seismic shift that according to current market data, the value of online advertising globally in 2024 was projected at nearly $796 billion. This signifies a substantial growth in digital advertising spending, demonstrating the increasing reliance of businesses on online platforms to reach their target audiences. So, it does not matter whether the advertisement is on Tiktok or Instagram.

It will be understandable if the argument is for a reduction in the vetting fee paid by small businesses in advertising promotional materials. But to argue, as some are doing, that there is no need to vet such materials is self-serving because advertising regulation is not just a bureaucratic exercise, it is an essential mechanism for protecting consumers from misleading claims, financial scams, and public health hazards.

Globally, regulatory frameworks exist to ensure that advertisements uphold truth, transparency, and consumer safety, and no country leaves advertising unregulated because right advertising frameworks are foundational to consumer trust, market stability, and economic growth.

In the United States, the Federal Trade Commission, FTC, enforces stringent guidelines on truth-in-advertising, and has been protecting consumers for over 100 years. For instance, in 2022, the U.S. Securities and Exchange Commission, SEC, fined Kim Kardashian $1.26 million for promoting a crypto currency token on Instagram without going through the statutory processes and disclosing that she was paid $250,000 for the endorsement.

The United Kingdom’s Advertising Standards Authority, ASA, employs a hybrid regulatory model. While broadcast advertisements undergo pre-exposure vetting, digital and print ads are monitored post-publication, with penalties for violations. The ASA’s “CAP Code” requires all advertisments to be “legal, decent, honest, and truthful,” with fines reaching £500,000 for repeat offenders. Such regulations also abound in Europe. The idea is to protect the public from the unethical machinations of unscrupulous businessmen driven solely by quest for profit maximization.

Nigeria cannot be an exception. The need for a regulated advertising space cannot be overemphasized, taking into cognizance the country’s delicate socio-cultural and even economic sensitivities.

In a country where debilitating primordial sentiments, particularly of the religious hue, is an ever-present ticking bomb, the 2022 Sterling Bank Easter advert, which drew an insane comparison between Jesus rising from the grave and the in-oven rising of “Agege Bread” nearly set the country ablaze. Similarly, the 2024 Federal Inland Revenue Services, FIRS, advert – Christ Paid for Sins, Not Taxes – was another thoughtless advertising gimmick. Last December, a banner displayed at the gate of the Lekki Central Mosque in Lagos, with the inscription, “Jesus Christ is not God. He is a Prophet and Messenger of God!” almost set the State ablaze.

Granted, ARCON doused the sectarian fire these unhinged adverts provoked before it could gain traction and snowball into national crisis, but even at that, that was only because Christians were at the receiving end. Imagine what would have happened if the joke was on Muslims.

But all that could have been avoided if the materials were sent to ARCON for vetting as required by law. Such adverts wouldn’t have seen the light of the day. Viewed from this prism, advert regulation is a national security imperative which should not be trifled with.

Is the ARCON Act perfect? Not exactly. Which means that it could be tinkered with if need be without sacrificing its essence on the altar of the unbridled petulance of an entitled few. But to suggest as some people are doing that it should be discarded wholesale is tantamount to throwing away the baby with the bath water. That will serve no useful purpose. What needs to be done is a more robust stakeholders’ engagement and to ensure that it does not become a tool for vendetta – business, political or otherwise.