logo
Nigerians seek homegrown social media platforms amid Meta's possible exit

Nigerians seek homegrown social media platforms amid Meta's possible exit

Business Mayor18-05-2025

Following Meta Platforms Inc.'s warning that it may cease operations in Nigeria, social media users across the country have called for the development of indigenous networking platforms.
Meta, the parent company of Facebook, Instagram, and WhatsApp, threatened to shut down its Facebook and Instagram services in Nigeria after a tribunal upheld a \$220 million fine against the company last year.
In separate interviews with the News Agency of Nigeria (NAN) on Sunday, users said establishing homegrown platforms would make regulation and data protection easier to enforce in the country.
Mr. Moses Atuegwu, a WhatsApp user, described Meta's exit threat as 'uncalled for' considering the large Nigerian user base. He added, 'We cannot continue to be controlled by these foreign platforms. We should have an alternative that is indigenous based.'
Ms. Pearl Adekunle, a user of WhatsApp and Instagram, said homegrown platforms would allow Nigeria to better scrutinise online content and boost local technology and the economy. She noted, 'China and Russia have their own indigenous social media platforms, and this enhances the data protection policy of their governments. Nothing stops Nigeria from adopting the same to promote and advance indigenous technologies.'
Esther Indiana-Obong, a Facebook subscriber, said that creating indigenous platforms would foster competition and innovation in Nigeria's IT sector while reducing dependence on foreign brands.
Alhaji Aminu Zakari, also a social media user, pointed out that a local platform would help the government regulate social media more effectively.
Meta's threat followed the Federal Competition and Consumer Protection Tribunal's decision in July 2024 to uphold a $220 million fine against Meta Platforms Inc. and WhatsApp LLC for violating the Federal Competition and Consumer Protection Act (FCCPA) and Nigeria Data Protection Regulation (NDPR). The tribunal also ordered Meta to pay $35,000 as investigation costs.
According to the Federal Competition and Consumer Protection Commission (FCCPC), Meta's violations include denying Nigerians control over their personal data, transferring user data without authorisation, discriminating against Nigerian users compared to those in other regions, and abusing its dominant market position through unfair privacy policies.
The FCCPC described Meta's exit threat as a calculated move to induce public pressure on the commission.

Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

TEM Investor News: If You Have Suffered Losses in Tempus AI, Inc. (NASDAQ: TEM), You Are Encouraged to Contact The Rosen Law Firm About Your Rights
TEM Investor News: If You Have Suffered Losses in Tempus AI, Inc. (NASDAQ: TEM), You Are Encouraged to Contact The Rosen Law Firm About Your Rights

Business Upturn

time7 hours ago

  • Business Upturn

TEM Investor News: If You Have Suffered Losses in Tempus AI, Inc. (NASDAQ: TEM), You Are Encouraged to Contact The Rosen Law Firm About Your Rights

NEW YORK, June 07, 2025 (GLOBE NEWSWIRE) — WHY: Rosen Law Firm, a global investor rights law firm, announces an investigation of potential securities claims on behalf of shareholders of Tempus AI, Inc. (NASDAQ: TEM) resulting from allegations that Tempus AI may have issued materially misleading business information to the investing public. SO WHAT: If you purchased Tempus AI securities you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement. The Rosen Law Firm is preparing a class action seeking recovery of investor losses. WHAT TO DO NEXT: To join the prospective class action, go to or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action. WHAT IS THIS ABOUT: On May 28, 2025, before the market opened, published an article entitled 'Tempus AI stock sinks following Spruce Point short report.' The article stated Tempus AI shares had fallen after 'the company was targeted in a short-seller report by Spruce Point. The report raised serious concerns about the integrity of Tempus AI's product, the credibility of its management, and its financial reporting practices.' On this news, Tempus AI's stock fell 19.2% on May 28, 2025. WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources, or any meaningful peer recognition. Many of these firms do not actually litigate securities class actions. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm achieved the largest ever securities class action settlement against a Chinese Company at the time. At the time Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs' Bar. Many of the firm's attorneys have been recognized by Lawdragon and Super Lawyers. Follow us for updates on LinkedIn: on Twitter: or on Facebook: Attorney Advertising. Prior results do not guarantee a similar outcome. ——————————- Contact Information: Laurence Rosen, Esq. Phillip Kim, Esq. The Rosen Law Firm, P.A. 275 Madison Avenue, 40th Floor New York, NY 10016 Tel: (212) 686-1060 Toll Free: (866) 767-3653 Fax: (212) 202-3827 [email protected]

CEG, OKLO, and SMR Get Set to Power the AI Boom via Nuclear Energy
CEG, OKLO, and SMR Get Set to Power the AI Boom via Nuclear Energy

Yahoo

time11 hours ago

  • Yahoo

CEG, OKLO, and SMR Get Set to Power the AI Boom via Nuclear Energy

The nuclear energy sector is experiencing a resurgence unseen in decades, driven largely by its potential to power the burgeoning AI revolution. Major technology companies such as Meta (META), Microsoft (MSFT), and Alphabet (GOOGL) are competing to secure reliable energy sources for their expanding data centers, and nuclear power's clean, consistent output has positioned it as a key player in this race. Easily unpack a company's performance with TipRanks' new KPI Data for smart investment decisions Receive undervalued, market resilient stocks right to your inbox with TipRanks' Smart Value Newsletter Leading this revival are three companies—Constellation Energy (CEG), Oklo (OKLO), and NuScale Power (SMR)—each bringing a distinct approach to the nuclear landscape. Over the past year, all three have outperformed the market, capturing investor attention amid rising energy demand. Constellation Energy is the 800-pound gorilla of U.S. nuclear power, and it's just landed a deal that's got everyone's attention. Just two days ago, CEG signed a 20-year power purchase agreement with Meta to deliver 1.1 gigawatts from its Clinton Clean Energy Center in Illinois, starting in 2027. This isn't an ordinary contract, but rather a lifeline for a plant that was on the verge of closure when its zero-emissions credits expire. The deal, which also boosts Clinton's output by 30 megawatts, underscores CEG's ability to secure tech giants. Microsoft is already on board with a Three Mile Island restart. What makes CEG a one-of-a-kind destination for tech titans is its scale. With 94 reactors across the U.S., they're a one-stop shop for tech companies chasing net-zero goals while powering AI workloads. Their shift away from co-located data center plans to grid-connected projects, as noted in last month's update, indicates they're adapting to regulatory hurdles, such as FERC's rejection of expanded co-location deals. Moreover, the Meta deal demonstrates that CEG can pivot and still secure massive contracts. Sure, their stock's run-up makes it a bit daunting to be bullish on today, but with AI data centers projected to eat up 9% of U.S. electricity by 2030, CEG's infrastructure could be a cash cow in waiting. Currently, most analysts are bullish on CEG stock. The stock features a Moderate Buy consensus rating based on eight Buy and five Hold ratings assigned in the past three months. No analyst rates the stock a sell. CEG's average stock price target of $319.45 implies ~10% upside over the next twelve months, despite shares having already rallied 30% year-to-date. Oklo, the newest entrant in the nuclear energy space and backed by OpenAI's Sam Altman, is focused on small modular reactors (SMRs)—compact, flexible power plants ideally suited for data centers. The company's stock has surged 440% over the past year, fueled by high-profile agreements such as its December deal with Switch to supply 12 gigawatts through 2044. Additionally, a recent memorandum with Korea Hydro & Nuclear Power to advance their 75-megawatt Aurora Powerhouse fast reactor has further accelerated momentum. While Oklo remains pre-revenue and is currently investing heavily in technology development, with commercial operations still several years away, its 'power-as-a-service' model—where the company builds, owns, and operates reactors—could revolutionize how data centers secure reliable power without significant upfront costs. Recent executive orders easing nuclear regulations have also provided a regulatory boost. However, significant risks remain, including ongoing R&D challenges and the high costs of scaling production. For investors who believe SMRs are key to powering the AI revolution, Oklo's long-term vision holds considerable promise. On Wall Street, Oklo stock carries a Moderate Buy consensus rating based on six Buy and three Hold ratings. No analyst rates the stock a sell. Oklo's average stock price target of $54.40 implies about 15% upside potential over the next twelve months. NuScale Power holds a distinct advantage as the first U.S. company to secure Nuclear Regulatory Commission (NRC) approval for its small modular reactor (SMR) design—the 77-megawatt VOYGR module. But the company isn't resting on this milestone; it is rapidly advancing a 2-gigawatt agreement with Standard Power to supply data centers in Pennsylvania and Ohio. Despite posting losses as it invests in expanding its supply chain, NuScale's Q1 report revealed an impressive 857% year-over-year revenue increase. The recent Meta-Constellation Energy deal also boosted NuScale's stock, signaling strong market confidence in its role in nuclear's resurgence. What distinguishes NuScale from its competitors is its pragmatic approach. Its light-water reactor technology is more established and less experimental than Oklo's fast reactors, making it a safer candidate for near-term deployment. However, supply chain constraints and complex project coordination remain significant challenges that could delay progress. Still, with tech giants like Google and Amazon entering SMR agreements, NuScale's first-mover advantage positions it well to meet growing energy demands. Its factory-built, modular design aligns perfectly with data centers' requirements for scalable, reliable power. NuScale Power is currently covered by eight Wall Street analysts, who generally hold a bullish outlook. The stock carries a Moderate Buy consensus rating, reflecting five Buy ratings, two Holds, and one Sell over the past three months. However, SMR's average price target of $27.42 suggests approximately 12% downside potential over the next twelve months. The resurgence of the nuclear sector is no coincidence, as the soaring energy demands of AI are reshaping the industry landscape. Constellation Energy (CEG) brings scale, Oklo (OKLO) leads with innovation, and NuScale Power (SMR) holds a regulatory advantage. Each faces its own challenges—CEG's stock trades at a premium valuation, Oklo is still managing significant cash burn, and NuScale navigates operational risks. Nevertheless, the potential upside is substantial. With tech giants committing to multi-gigawatt agreements and nuclear capacity projected to quadruple by 2050, these companies are at the forefront of a transformative energy revolution and merit close attention. Disclaimer & DisclosureReport an Issue Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into the world of global news and events? Download our app today from your preferred app store and start exploring.
app-storeplay-store