How Financial Institutions are Handling the #TwitterBan in Nigeria: Of Foghorns and Anxiety

Proshare

Friday, June 11, 2021 / 02:00PM / Proshare Business / Header Image Credit: Proshare Ecographics

 

 

Exactly a week ago, the Federal Government of Nigeria through the Minister of Information and Culture, Alhaji Lai Mohammed, suspended the use of Twitter in Nigeria indefinitely.

 

The reactions to government's action have been different shades of grey as several organisations have chosen to "do nothing", while some media and international bodies continue to lend their voices in support of ordinary citizens calling for the lifting of the suspension on Twitter, companies like Proshare in a posted editorial on June 8, 2021 titled "Twitter and the Nigerian State: Matters Arising" have sought to enlighten and offer solutions to dealing with the unintended consequence of the ban.

 

While the #TwitterBan continues to gain international attention, as the National Broadcasting Commission (NBC) by way of an advertorial in national  newspapers on June 10, 2021 directed every online broadcast service provider and social media platforms to obtain service licences, financial institutions have been stumped as they try to understand the digital broadcast licensing rules. As happened during the COVID-19 pandemic and the #EndSars protest, brands are again in a dilemma as they try to defend their brand equity.


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Throughout the week, Proshare monitored various institutions to study how key financial organisations were responding to the #TwitterBan.

 

Out of the 52 institutions scanned which included Commercial Banks, Merchant Banks, Microfinance Banks, Insurance Companies, Capital Market Operators, Securities Exchanges, Fintechs and Audit Firms operating in Nigeria, TajBank, Zedcrest, and Unity Bank Plc were seen to have communicated alternative channels on June 06, June 07, and June 10, 2021 respectively, through which their customers could stay connected with them; while Heritage Bank, Linkage Assurance and NEM Insurance all tweeted on June 05, 2021, just as Sovereign Trust Insurance and Jaiz Bank Plc tweeted on June 06 and June 10, 2021, respectively despite the ban (see table & screenshots below).

 


 Proshare Nigeria Pvt. Ltd.


Proshare Nigeria Pvt. Ltd.


 Proshare Nigeria Pvt. Ltd.



Proshare Nigeria Pvt. Ltd.


Corporate communication specialists have noted that in a time societal values and culture are threatened, it becomes necessary to communicate, collaborate and connect with audiences. Companies caught in the snare of unexpected events like the recent #TwitterBan need to have contingency plans to deal with the likelihood of a newly spun regulation or directive that could throw a spanner in the corporate works.

 

A public relations firm seen to have produced a guide on how corporations, public relations firms, and professional bodies should respond to the #TwitterBan is Mosron Communications (see infographics below).

 


 Proshare Nigeria Pvt. Ltd.


 

In coming weeks, it is expected that more engagements would be made to overcome the "fear of missing out".

 

For feedback & enquiries, kindly contact the Proshare Business & Market team via email market@proshareng.com or Call 0700PROSHARE or send a Whatsapp message to +2349024075284

 

 

 

Proshare Nigeria Pvt. Ltd.

 

 

Related to Twitter's Suspension

1.   Lessons from India: How Modi Govt's New Rules Will Regulate Digital Media and OTT Content

2.   SERAP Takes Buhari Govt to ECOWAS Court Over Unlawful Suspension of Twitter

3.   Odujinrin and Adefulu Issue Statement on the Indefinite Suspension of Twitter Operations in Nigeria

4.   OPAN Seeks Immediate Lifting of Twitter Ban in Nigeria

5.   Twitter and the Nigerian State: Matters Arising

6.  Twitter Ban: The Need to Embrace and Support the Digital Economy

7.  Twitter Ban and the Giant Leap in the Dark: Our Response and Measures in Place to Keep Serving You

8.   NBC Directs Broadcasting Stations to Stop Using Twitter

9.   NCC Instructs ALTON to Suspend Access to Twitter

10.NBA Finds No Legal Authority to Support FG's Action on Twitter Ban

11. FG Suspends Twitter Operations in Nigeria

12. President Buhari Reacts to INEC Chairman's Briefing on National Security


Proshare Nigeria Pvt. Ltd.

 

 

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Related News on Regulations on Communications and Social Media

1.     Constitution of the Federal Republic of Nigeria 1999

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7.     National Broadcasting Communications Act

8.     National Security Strategy of Nigeria 2019

 

 

Proshare Nigeria Pvt. Ltd.


Proshare Nigeria Pvt. Ltd.

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