Prominent African leaders gathered at the World Trade Center in New York City for Africa Breakfast Convos, a high-profile event held on the sidelines of the 79th United Nations General Assembly. Co-hosted by global communications firm Allison Worldwide and African public relations company BHM, the breakfast meeting brought together executives from various African nations and across the U.S. to discuss strategies for sustainable development and economic growth across the continent.

L-R: Matthew Della Croce, Chief Growth Officer, Global Client Experience, Allison; Claudine Moore, Managing Director, Africa, Allison; and Ayẹni Adékúnlé, Founder and CEO, BHM.

The event commenced with opening remarks from Claudine Moore, Managing Director, Africa, Allison Worldwide.

She emphasised the importance of leveraging communication and stakeholder engagement for Africa’s sustainable development agenda.

“By harnessing the power of communications and innovation, we can accelerate Africa’s socio-economic progress towards achieving its sustainable development goals,” she stated.

The discussions at the event highlighted Africa’s youthful population as a significant driver of future growth, with 70% of sub-Saharan Africa under 30. Projections indicate that by 2030, one-fifth of the global population will be African, underscoring the continent’s increasing importance on the world stage.

A panel on technology and finance featured insights from Iyin Aboyeji of Future Africa; Tobe Okigbo of MTN Nigeria and Anie Akpe of African Women In Tech (AWIT).

Okigbo expressed how impressive the business landscape on the continent has become saying, “African businesses are not just solving local problems; they’re turning billion dollar problems into billion dollar opportunities.”

Speaking about the opportunities available for Africa’s diaspora, Aboyeji added, “There is an opportunity for Africa’s diaspora to better orchestrate impact on the continent by facilitating its major inflows to deliver value on the ground.

“The diasporan community can, for example, leverage aggregated remittances as capital to establish sustainable infrastructure on the continent.”

The creative economy took centre stage during a discussion led by media executives Sam Onyemelukwe, Senior Vice President of Global Business Development, TRACE and Ayo Animashaun, Founder & CEO at Smooth Promotions, Hip TV, and The Headies.

Onyemelukwe highlighted the global impact of African pop culture and how African creatives are shaping global trends and narratives.

Animashaun spotlighted the economic potential of the creative industries, noting that the creative sector is a powerful engine for job creation and economic growth in Africa.

Speaking on the event’s significance, Ayeni Adekunle, Founder and CEO of BHM, asserted, “this gathering is an opportunity to have the right conversations about our continent – the opportunities and the challenges.

“We’re providing guests with a space where conversations can flow freely, turning ideas into impactful initiatives that foster sustainable growth across Africa.”

Throughout the event, speakers highlighted Africa’s potential for investment and collaboration. Recent data from the UN Trade and Development (UNCTAD) shows that although 2023 was a challenging year, foreign direct investment (FDI) flows to the continent remained relatively stable at $48 billion, although this represented just 3.5 percent of total global FDI.

Claudine Moore, Managing Director for Africa at Allison, added, “The Africa Breakfast Convos represents a unique opportunity to bring together influential voices and decision-makers from across Africa, the U.S. and beyond.

“We’re facilitating meaningful dialogue that will drive sustainable growth and social impact across the continent.”

The Africa Breakfast Convos aligned with UNGA79’s broader theme of global progress and sustainable development. Participants stressed the importance of public-private partnerships and engaging the African diaspora to drive economic growth on the continent.

As the event concluded, there was a palpable sense of optimism about Africa’s future and its potential to lead in sectors like renewable energy and technology, setting the stage for more productive collaboration and continued investment in the continent’s sustainable development.

The import bills on used vehicles, popularly known as tokunbo, into Nigeria fell by 83 percent year-on-year, YoY, to N138.62 billion in the first half of the year (H1’24) from N819.15 billion in H1’23 according to the National Bureau of Statistics, NBS.

Quarter-on-quarter, QoQ, breakdown of the National Bureau of Statistics, NBS, ‘Commodity Price Indices’ and Terms of Trade, ToT, report for the review period showed that in Q1’24, no used vehicle was imported compared to N69.23 billion worth of used vehicles that were imported in Q1’23.

In Q2’24, the value of imported used vehicles stood at N138.62 billion, representing an 81.5 percent decline YoY from N749.92 billion in Q2’23.

The report adds that the used vehicles were imported mainly from the United States of America, stating: “On the other hand, total imports from America in Q2’24 stood at N971.84 billion.

Recall that last year, the federal government introduced a new set of taxes on imported vehicles, and the new tax law stipulates that imported vehicles between 2000 capacity (2 litres) and 3999 capacity (3.9 litres) engine will pay an additional charge known as Import Adjustment Tax (IAT) levy of two percent of the value of the vehicle, while vehicles with 4000 capacity (4 litres) and above engines will attract IAT of four percent of their value.

The new levy is in addition to the 35 percent import duty and 35 percent levy being paid by importers of vehicles but vehicles below 2000cc, mass transit buses, electric vehicles, and locally manufactured vehicles are exempted from the IAT levy.

Ireland’s Data Protection Commission (DPC) has announced a €91 million fine against Meta Platforms Ireland Limited (MPIL) following an inquiry into the company’s handling of user passwords.

This decision marks a significant development in the enforcement of the General Data Protection Regulation (GDPR), highlighting the importance of secure data handling practices by major tech companies.

The inquiry, which began in April 2019, was initiated after MPIL reported that it had inadvertently stored certain users’ social media passwords in plaintext on its internal systems.

Plaintext storage means the passwords were not encrypted or protected using cryptographic measures, leaving them vulnerable to unauthorized access.

Although the incident was contained within Meta’s internal systems and no external parties gained access to the passwords, the company’s failure to ensure proper security led to a series of GDPR violations.

Findings and Violations

The DPC’s investigation concluded that MPIL had breached several key provisions of the GDPR:

Failure to Notify the DPC of the Breach: MPIL violated Article 33(1) of the GDPR by failing to promptly inform the DPC of the personal data breach concerning the storage of user passwords in plaintext.

Failure to Document the Breach: According to Article 33(5) GDPR, MPIL failed to properly document the breach, which is required to ensure transparency and accountability in data handling.

Inadequate Security Measures: MPIL violated Article 5(1)(f) and Article 32(1) of the GDPR by not implementing appropriate technical and organizational measures to secure user passwords, leaving them susceptible to unauthorized processing.

These violations underscore the company’s inadequate response to the risks posed by insecure password storage and its failure to meet the regulatory standards set by GDPR.

Decision and Penalties

On September 26, 2024, the DPC issued its final decision, which included both a reprimand and a €91 million fine.

The decision was reached after the draft was reviewed by Concerned Supervisory Authorities across the EU/EEA, as required under GDPR’s Article 60. No objections were raised, confirming the widespread support for the ruling.

Deputy Commissioner Graham Doyle emphasized the severity of the incident, noting that “user passwords should not be stored in plaintext, given the risk of abuse.”

He stressed that the sensitivity of these passwords, which allow access to personal social media accounts, made it crucial for companies to implement robust security measures.

Series of Fines

This is not the first time Meta is facing fines under GDPR. In 2023, the company was hit with a massive $1.3 billion penalty for breaching EU data privacy regulations.

Additionally, in 2022, Meta was fined $276 million following a 2021 data breach that compromised the personal information of over 533 million users.