News

Reps Direct CBN To Immediately Stop Implementation of Cybersecurity Levy

Published

4 months ago

May 9, 2024

By Gloria Ikibah

The House of Representatives has directed the Central Bank of Nigeria to withdraw the ambiguous circular on the proposed Cybersecurity levy and issue an unequivocal circular in line with the letters and spirit of the law.

This was sequel to a motion of public importance on the “Urgent Need To Halt The Proposed Implementation of The Cybersecurity Levy By The Central Bank Of Nigeria” moved by the Minority Leader of the House, Rep. Kingsley Chinda and 359 others on Thursday at plenary.

Debating the motion, the Minority Leader noted that the Central Bank of Nigeria through a Circular to all Commercial, Merchant, Non-interest and Payment Service Banks, other Financial Institutions, Mobile Money Operators and Payment Service Providers (“CBN Circular’) dated 6th May, 2024 informed Nigerians of a proposed 0.5 per cent levy on electronic transactions in line with Section 44(2)(a) of the Cybercrimes (Prohibition, Prevention, etc.) (Amendment) Act, 2024 (“Cybercrimes Act’).

The motion reads further: “Also notes that Section 44(2)(a) of the Cybercrimes (Prohibition, Prevention, etc.) (Amendment) Act, 2024 provides that “a levy of 0.5% (0.005) equivalent to half percent of all electronic transactions value by business specified in the Second Schedule to this Act” be paid into the Cybersecurity Fund.

“Further notes that businesses which the said Section 44(2)(a) refers to are listed in the Second Schedule to the Cybercrimes Act to be a) GSM Service Providers and all telecommunication companies; b) Internet Service Providers; c} Banks and Other Financial Institutions; d) Insurance Companies and e) Nigerian Stock Exchange.

“Concerned that the CBN circular mandates all Banks, Other Financial Institutions and Payments Service Providers to implement the Cybercrimes Act by applying the levy at the point of electronic transfer origination as “Cybersecurity Levy’ and remitting same.

“Further concerned that the wordings of the CBN Circular leaves the CBN directive to multiple interpretations including that the levy be paid by Bank customers, that is, Nigerians against the letters and spirit of Section 44(2)(a) and the Second Schedule to the Cybercrimes Act, which specifies the businesses that should be levied accordingly”.

The lawmakers expressed worries that this act has led to apprehension as Civil Society Organisations and citizens have taken to conventional and social Media to call out the Federal Government, give ultimatums for a reversal of the “imposed levy on Nigerians’ among other things.

According to him, unless immediate pragmatic steps are taken to halt the proposed action of the CBN, the Cybercrime shall be implemented in error at a time when Nigerians are experiencing the aftermath of multiple removal of subsidies from petroleum, electricity and so on abe the rising inflation.

The House unanimously adopted the motion and mandated the House Committees on Banking Regulation and Banking and Other Ancillary Institutions to guide the Central Bank of Nigeria properly.

News

Rupture In PDP Governors’ Forum deepens

Published

1 hour ago

September 20, 2024

Austin Ojomah

By Ojomah Austin.

The evolving fall-out, which comes barely days to the contentious National Executive Committee (NEC) of PDP, followed a back and forth between the Federal Capital Territory (FCT) Minister, Nyesom Wike and the Governors forum, who declared support for Rivers State governor, Siminalayi Fubara to be made leader of the party in the state.

After a meeting with some members of the party’s National Working Committee (NWC) in Bauchi on Wednesday, Governor Mohammed, said “According to our party’s constitution, any leadership vacancy should be filled by someone from the region where it originated,” stressing that Damagum would be replaced soon considering that he hails from North East and not the North Central.

Same day, Makinde, during the groundbreaking of the upgrading of Ladoke Akintola Airport, Ibadan, to an international airport, which was attended by another set of NWC members, led by Damagum, said he would support whatever decision the Damagum-led NWC would take to reposition the party.

Damagum, who is considered a close ally of Nyesom Wike, the Federal Capital Territory (FCT) Minister, was appointed acting national chairman after the removal of Iyorchia Ayu in June 2023.

Meanwhile, the Board of Trustees (BoT) of the PDP led by Senator Adolph Wabara, met with members of the National Assembly caucus in Abuja.

The close door meeting comes barely hours after the BoT met with Wike in Abuja.

While Wabara refused to comment on the essence of the meeting with the lawmakers, it was noticed that most of the lawmakers didn’t honour the invitation.

News

Tears As Man Takes Own Life Over Tinubu’s Govt Hardship

Published

1 hour ago

September 20, 2024

Naijablitznews

By Mario Deepromoter

Sad development in Marika village, Kiyawa Local Government, Jigawa, where a 40-year-old man, Jibrin Adamu, committed suicide by hanging himself.

According to eyewitnesses, Adamu’s lifeless body was discovered in a classroom at Miftahul Khairat Islamiyya and Primary School Gurdiba on Thursday.

Police spokesperson DSP Lawan Shiisu Adam confirmed the incident, stating that preliminary investigations revealed Adamu had struggled with mental health issues.

“Police received a report on Thursday that at about 1830hrs, a tragic incident was reported at the Command headquarters that one Jibrin Adamu ‘m’ age 40yrs of Jigawar Maroka village, Kiyawa LGA has committed suicide by hanging himself over the ceiling at Islamiyya school,” the Police spokesperson told Daily Post.

The Jigawa State Commissioner of Police, CP AT Abdullahi, has instructed officers to conduct a thorough investigation into the incident.

News

Just in: Dangote Petrol Now Available at N765.99 Per Litre

Published

1 hour ago

September 20, 2024

Naijablitznews

By Mario Deepromoter

11plc, Total Energies, AA Rano, and other marketers have begun lifting Dangote Petrol through Nigerian National Company (NNPC) Trading Limited for N765.99 to retail outlets nationwide.

Findings showed some petroleum marketers who were able to complete their payment process on the NNPC trading payment portal commenced the lifting of petrol earlier this week under the existing agreement between marketers and the refinery.

Tunji Oyebanji, managing director, 11Plc confirmed to BusinessDay on Thursday evening that some marketers have started lifting the products at N765.99 from Dangote Refinery through NNPC who remain the sole off-taker of product.

“We were among the first marketers to complete the payment on the NNPC portal. We have no direct arrangement with the refinery,” Oyebanji said.

It was gathered that NNPC Retail, 11plc, Total Energies, A.A Rano are among the marketers that have picked up products from the refinery.

He added, “We don’t know the contractual financial arrangement between NNPC and the refinery but what I can confirm is we are buying at N765.99 from NNPC to lift Dangote petrol”.

Efforts to get the Independent Petroleum Marketers Association of Nigeria (IPMAN) to confirm if its members have picked up products at the Dangote Refinery proved abortive at the time of writing this report.

See also Nigeria’s Petrol Landing Cost Revealed
Adedapo Segun, executive vice-president, downstream at NNPC said marketers cannot purchase petrol directly from the refinery because the product is still sold at a subsidised rate.

“That is the same thing happening with Dangote. I said earlier that Dangote is a company and it is going to sell at market price,” he told Journalists.

According to Segun, “The market value of PMS is still higher than what N766 or N765 or N799 that NNPC is selling.

“The situation has not changed there. So, NNPC’s off-taking is only because the others would not buy at the price Dangote will be willing to sell, which is reasonable.

“As soon as the price allows for it, you will see the marketers go to Dangote and buy.”