An agency of the Nigerian government, the Advertising Regulatory Council of Nigeria says it has lodged a suit against Meta.
Investors King learnt that the Advertising Regulatory Council of Nigeria (ARCON) is seeking a penalty of N30 billion against Meta in a suit filed at the Federal High Court in Abuja.
Meta is the parent company of Facebook, Instagram and WhatsApp. American billionaire Mark Zuckerberg has a majority stack in the company.
ARCON claimed that both Facebook and Instagram displaced unapproved advertisements to Nigerian audiences.
The advertisement regulatory agency further stated that the actions have caused a loss of revenue for the Nigerian Government.
ARCON stated that “the continued publication and exposure of various advertisements directed at the Nigerian market through Facebook and Instagram platforms by Meta Platforms Incorporated without ensuring the same is vetted and approved before exposure is illegal, unlawful and a violation of the extant advertising Law in Nigeria”.
It also stated that the council will not permit unethical and irresponsible advertising in Nigeria’s advertising space.
Meta’s agent, AT3 Resources Limited was also joint in the suit. However, the court has not fit a date for the suit.
If the court rules in favour of ARCON, it will change the face of social media advertising in Nigeria.
ACORN further clarified that the council is not regulating the online media space. Rather, its focus is on advertising and marketing communications on the online platforms in line with its establishment Act.
The Advertising Regulatory Council of Nigeria (ARCON) has the government mandate to oversee, approve or disapprove any advertisement in the Nigerian public space. It also has the statutory mandate to generate revenue for the government through public advertisements.