It would take Facebook just 18 minutes to pay off the £500,000 (almost R9 million) fine proposed as a punishment by the UK's data watchdog for the Cambridge Analytica scandal.
The Information Commissioner's Office (ICO) has suggested fining Facebook the maximum penalty for the way it mishandled user data and failing to safeguard people's information.
But the company makes so much money per minute from advertising that the penalty is barely a drop in the ocean.
Facebook made $4.8 billion (R64 billion) in net profit in the first three months of 2018, according to its own figures.
According to Business Insider's calculations, that means Facebook makes around $37,037 (Just shy of R500,000) a minute, which means it would take just less than 18 minutes to pay the fine.
Here is the calculation:
Q1 2018 (January, February and March) had 90 days.
Each day has 1,440 minutes (24 x 60).
Therefore in Q1 2018 there were 1,440 x 90 minutes, which equals 129,600.
$4.8 billion divided by 129,600 equals $37,037.04 profit per minute.
As of this morning, £500,000 is worth $663,575.
$663,575 divided by $37,037.04 per minute equals 17.91 minutes, or 17 minutes, 55 seconds.
Historically, the ICO hasn't had much power to issue a robust fine to companies which mishandle people's information. The £500,000 figure was the maximum penalty under the UK's data protection laws.
But now Europe brought in much stricter privacy laws in May, the GDPR. Importantly, these laws give regulators like the ICO much sharper teeth when it comes to issuing fines, with a maximum fine of €20 million (R316 million) or 4% of a company's global turnover.
Facebook made around $40 billion in revenue in 2017, meaning its maximum fine under the new laws would be $1.6 billion.
Facebook still has a chance to respond to the ICO before the watchdog makes its final decision. The company is expected to make its case later this month.
Danvic Petroleum International Corporation has unveiled plans to establish a privately owned Petroleum Institute/University to bridge the skill gap in the Nigeria’s oil and gas sector.
Besides, the company has produced the second set of graduates from the Danvic Petroleum Training Centre after six months of practical geosciences training.
The Managing Director of the company, Dr. Mayowa Afe, made this disclosure at the 2nd graduation ceremony of Danvic Petroleum Centre in Lagos on Tuesday.
According to him, the petroleum university is expected to bridge the gap between the Nigerian university theory and the practical knowledge needed in the oil and gas industry.
He disclosed that the university would also contribute to the course of local content development in Africa by grooming students to become employable in the oil and gas sector, particularly in the geosciences and petroleum engineering.
Afe said that geoscience graduates from Nigerian universities are lacking in the necessary skills and exposure that oculd guarantee their employability in a multi-task world-class geoscience environment.
He said that this unfortunate scenario over the years before the advent of the Nigeria Government local content policy has led to many international oil and gas companies who are in the country for business to source for personnel abroad.
Afe who is also the President, Oil and Gas Trainers Association (OGTAN), said that some Nigerian students studying abroad were proffered to detriment of their colleagues studying in Nigerian universities.
This, he said, led to the establishment of Danvic Petroleum Training Centre, which would soon attain the status of a university with the aim of boosting the Nigerian government local content policy and interventions in the oil and gas industry.
Speaking on the training programme, Afe explained: “The Danvic Petroleum School is a six months intensive programme designed for graduates and young professionls of geoscience to take courses on all aspect of oil and gas ranging from exploration to production stages.
The six months courses are divided into four modules.
Module one and two comprises general lectures and theory while module three involves practical sessions taught by practicing geoscientists and engineers from eh oil and gas industry.
Representatives of Austria, Germany and Switzerland have reiterated commitment to expanding business activities and workforce in Nigeria, following the recent ranking by the World Bank Ease of Doing Business index which placed the country among the 10 most improved economies.
The delegate of German Industry and Commerce in Nigeria, Marc Lucassen, said foreign businessmen were optimistic about the economic climate in Nigeria, noting that German companies were becoming more interested in the market.
At the third presentation of Austria-German-Swiss Business Outlook (AGSBO) in Lagos on Wednesday, Lucassen said though Nigeria moved up 24 points in the World Bank Ease of Doing Business index and was among the 10 most improved economies, its business prospects in the next one year might be static.
According to the survey, 47.2 per cent expressed strong believe in general growth of businesses before the end of the year, as against the 8.3 per cent, who thought otherwise.
Lucassen, however, stressed that finding skilled workforce, especially in the field of engineering, was a major challenge, hence, most foreign companies result to recruitment and training of staff in-house.
“Nigeria has to invest heavily in education, as human capital is key for industrialization and diversification,” he advised.
He listed the major factors affecting investment activities in the country as forex supply, transport infrastructure and security.
The Deputy Consul General of the German Consulate General in Lagos, Ms. Alexandra Herr, said a German business desk was launched last year at Access Bank in Lagos in conjunction with the Deutsche Investitions-und Entwicklungsgesellschaft (DEG), aimed at addressing the particular needs of German firms and their local partners seeking financing solutions to enter the Nigerian market.
“I am confident that the interest in the Nigerian market will continue to translate into a series of initiatives, including visits of trade delegations in the months to come.
We will continue to work tirelessly in order to promote our bilateral trade relations,” she said.