News
Five Things To Know About The New Cybersecurity Levy To Be Paid By Nigerians
The Central Bank of Nigeria, on Monday, directed banks and other financial institutions to start charging a cybersecurity levy on all banking transactions.
According to the circular sighted by The PUNCH, the implementation of the levy would start in two weeks.
The circular read in part, “Following the enactment of the Cybercrime (Prohibition, Prevention, etc) (amendment) Act 2024 and pursuant to the provision of Section 44 (2)(a) of the Act, ‘a levy of 0.5% (0.005) equivalent to a half percent of all electronic transactions value by the business specified in the Second Schedule of the Act,’ is to be remitted to the National Cybersecurity Fund, which shall be administered by the Office of the National Security Adviser.”
Here are some things to know about the cybersecurity levy to be paid by Nigerians, according to the CBN circular:
1. A new levy of 0.5%, equivalent to half per cent, is applied to electronic transactions as mandated by the Cybercrime (Prohibition, Prevention, etc) (amendment) Act 2024.
2. The levy is paid by the originator of the electronic transaction and deducted by the financial institution. The deducted amount shall be reflected in the customer’s account with the narration: “Cybersecurity Levy.”
3. Financial institutions will deduct the levy and remit it to the National Cybersecurity Fund administered by the Office of the National Security Adviser.
4. Deductions shall commence within two weeks from the date of the circular, May 6, and financial institutions must remit collected levies in bulk to the NCF account domiciled at the CBN monthly by the fifth business day of the following month.
5. Financial institutions have deadlines to update their systems to handle levy deduction and remittance. Failure to remit the levy can result in penalties, including a fine of up to 2% of a financial institution’s annual turnover.
The Dangote Group has announced a reduction in the price of its Premium Motor Spirit (PMS) to N970 per liter.
This was contained in a statement issued by Anthony Chiejina, the Group’s Chief Branding and Communications Officer, on Sunday.
Chiejina stated that the refinery has lowered its petrol price for marketers from N990 to N970 per liter, providing them with a N20 discount per liter.
Furthermore, he emphasized that despite the price reduction, the quality of the company’s products remains uncompromised.
The statement regarding the price adjustment reads:
“Dangote Petroleum Refinery has effected a reduction in the prevailing price of its Premium Motor Spirit (PMS) from N990/litre to N970/litre for the marketers.
“As the year comes to an end, this is our way of appreciating the good people of Nigeria for their unwavering support in making the Refinery a dream come true. In addition, this is to thank the government for their support as this will complement the measures put in place to encourage domestic enterprise for our collective well-being.
While the refinery would not compromise on the quality of its petroleum products, we assure you of best quality products that are environmentally friendly and sustainable.
“We are determined to keep ramping up production to meet and surpass our domestic fuel consumption; thus, dispelling any fear of a shortfall in supply.”
Bandits have k!lled seven farmers, including a vigilante, and burnt 50 bags of maize inside a truck in Bangi, Mariga Local Government Area of Niger State.
Sources on Saturday, November 23, told Daily Trust that the victims had gone to bring the harvested maize home from their farm when the bandits ambushed them, k!lled all the occupants in the truck and set the truck.
Bandits have killed seven of our farmers who had gone to farm to bring the maize they had harvested home. The attackers hid and waited until after the victims had loaded the 50 bags of maize into the truck and were about to take off to return home when they opened fire on them. After k!lling the victims, they also set the truck and the 50 bags of maize already loaded ablaze,” a source said.
He said it was difficult for farmers in Mariga to harvest their crops this year due to k!llings and kidnappings by bandits.
The Bishop of the Catholic Diocese of Auchi, most Rev. Dr. Gabriel Ghieakhomo Dunia announces the passing unto eternal glory of Rt. Rev. Monsignor Thomas Oleghe, at the Immaculate Conception Cathedral Auchi, during the solemnity of Christ the King
Rev. Monsignor is the oldest Catholic Priest in Nigeria.
Monsignor Oleghe death is very remarkable as the centenarian died during the feast of Christ the King.
The demise of the priest of the order of Melchizedek should be best described as (TRANSITION TO GLORY)
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