Bank Stocks Tumble as Investors, Analysts Fault Retroactive Finance Bill Insist proposed legislation may reduce banks’ ratings, deter foreign investors Nume Ekeghe and Kayode Tokede Some banking stocks depreciated on
the floor of the Nigerian Exchange Limited (NGX), yesterday following the Senate move to retroactively amend
the Finance Act 2023, and impose a one-time windfall tax on banks’ foreign exchange gains realised in
their 2023 financial statements. A check by THISAY showed that leading banks - Zenith Bank Plc,
Guaranty Trust Holding Company Plc (GTCO), United Bank for Africa Plc (UBA), and FBN Holdings Plc
recorded decline in stock prices on Continued on page 5
Global IT Outage Disrupts Flight Operations, Banks, Other Companies Around the World...
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CBN Orders Banks to Transfer Dormant Accounts, Unclaimed Balances, Others to its Custody...
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FCCPC Imposes $220m Fine on WhatsApp, Facebook over Alleged Violation of Data Privacy Laws, Others James Emejo in Abuja The Federal Competition and Consumer Protection Commission (FCCPC) yesterday, imposed a
$220 million fine on Meta, formerly known as Facebook and WhatsApp over alleged consumer rights' infringements. In a statement, acting Executive
Vice Chairman/Chief Executive, FCCPC, Dr. Adamu Abdullahi, accused the social media platforms of denying Nigerian data subjects the right to self-determine; unauthorised
transfer and sharing of Nigerian data-subjects personal data, including cross- border storage in "violation of then, and now prevailing law." The commission further
indicted the platforms over alleged discrimination and disparate treatment; abuse of dominance; and tying and bundling. The commission further mandated
the Meta parties to take steps and actions to comply with prevailing law and cease the exploitation of Continued on page 5
Tension in Edo as PDP, APC Trade Blame over Shootings, Death of Police Officer Opposition party alleges commissioner of police complicit See story on page 5 Shaibu: My spirit in APC, body in PDP, I’m fighting Obaseki to prove point Edo govt flays purported appointments by reinstated deputy governor
PAYING LAST RESPECTS… L-R: Governors of Edo State, Godwin Obaseki; Osun State, Senator Ademola Adeleke; Ondo State, Lucky Aiyedatiwa; Mrs. Toyin Saraki; Deceased son/former Senate President, Senator Bukola Saraki; Representative of President of Federal Republic of Nigeria/Senate President, Senator Godswill Akpabio and Bauchi State Governor, Bala Mohammed, during the burial of Bukola 's mother, Chief Mrs Florence Morenike Saraki in Lagos...yesterday