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CBN Orders Banks To Charge 0.5% Cybersecurity Levy
The Central Bank of Nigeria has ordered banks operating in the country to start charging a cybersecurity levy on transactions.
A circular from the apex bank on Monday disclosed that the implementation of the levy would start two weeks from today.
The circular was directed to all commercial, merchant, non-interest and payment service banks, among others.
The circular revealed that it was a follow-up on an earlier letter dated June 25, 2018 (Ref: BPS/DIR/GEN/CIR/05/008) and October 5, 2018 (Ref: BSD/DIR/GEN/LAB/11/023), respectively, on compliance with the Cybercrimes (Prohibition, Prevention, Etc.) Act 2015.
The recent public engagements by the Office of the National Security Adviser on the above subject, also refers.
Following the enactment of the Cybercrime (Prohibition, Prevention, etc) (amendment) Act 2024 and under the provision of Section 44 (2)(a) of the Act, a levy of 0.5 per cent (0.005) equivalent to a half per cent 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.
The CBN said that all banks, other financial institutions and payment service providers are now required to implement the directive, saying, “The levy shall be applied at the point of electronic transfer origination, then deducted and remitted by the financial institution. The deducted amount shall be reflected in the customer’s account with the narration, ‘Cybersecurity Levy’.
“Deductions shall commence within two weeks from the date of this circular for all financial institutions and the monthly remittance of the levies collected in bulk to the NCF account domiciled at the CBN by the fifth business day of every subsequent month.”
Exempted from the levy include loan disbursements and repayments, salary payments, intra-account transfers within the same bank or between different banks for the same customer, intra-bank transfers between customers of the same bank.
Also exempted from the levy were inter-branch transfers within a bank, cheque clearing and settlements, Letters of Credits, Banks’ recapitalisation-related funding only bulk funds movement from collection accounts, savings and deposits including transactions involving long-term investments, among others.
The CBN, in recent times, has been making an effort to sanitise the financial sector. It recently issued a directive which barred fintechs from onboarding new customers.
The fintechs have in turn warned their customers against engaging in crypto transactions on their platforms.
This also comes barely a week after the Federal Government had directed Deposit Money Banks to immediately begin the deduction of 0.375 per cent stamp duty charge on all mortgaged-backed loans and bonds.
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Okorocha, hale, hearty, says aide, dismisses death rumour
Rumours that former Imo Governor Senator Rochas Okorocha is dead has been dismissed by his aide, Mr. Ebere Nzeworji.
Nzeworji said Okorocha is alive and well, putting the false social media claims to rest.
According to Nzeworji, Okorocha was attending to his normal duties at his Unity House Garki Abuja office when the fake news started circulating.
He clarified that the former Governor had just returned from Owerri, Imo State where he attended the funeral ceremony of elder statesman Emmanuel Iwuanyanwu and hosted Deputy Speaker Benjamin Kalu and other Reps members.
Nzeworji urged the public to disregard the “wicked lies from mischief makers” and confirmed that Okorocha is continuing his humanitarian work and private business duties without interruption.
Nzeworji reassured the public that the former Governor is “hale and hearty.”
The false report, which first emerged on Wednesday evening, November 6, alleged that Okorocha had died in a London hospital.
He said: “Okorocha had attended the funeral of the late elder statesman, Chief Emmanuel Iwuanyanwu, on Friday, November 1, and subsequently hosted the Deputy Speaker of the House of Representatives, Hon. Benjamin Kalu, along with other lawmakers, at his residence in Owerri.
“These activities demonstrate that Okorocha was in good health and actively engaged in public affairs.”
Nzeworji questioned the motives behind the spread of such baseless rumors, noting that “one can now begin to wonder about the intentions of those behind this fake news.”
He emphasised that Okorocha, who has served Nigeria at the state and national levels, is well-known for his positive contributions and commitment to the well-being of others.
The aide also reminded the public that Okorocha has always been a “cheerful and caring” individual who holds no ill will towards anyone.
He urged Imo people, Nigerians and the global communities to disregard the false report and reassured them that Okorocha is alive and in good health.
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Otti renames Abia Poly after late Onu
Gov. Alex Otti, has renamed the Abia State Polytechnic, Aba, after the first governor of the state, late Dr Ogbonnaya Onu.
Otti made the announcement on Thursday, during a Commendation Service held in honour of the deceased at the International Conference Center, Umuahia.
The News Agency of Nigeria (NAN) reports that Onu, who passed away in April at the age of 72, also served as the Minister for Science, Technology and Innovation.
The governor said that late Onu made significant contributions to the development of the state and nation at large.
“We as a state have decided to immortalize him by renaming the Abia State Polytechnic, Aba after him.
“The Polytechnic will henceforth be known as Dr Ogbonnaya Onu Polytechnic, Aba,”he said.
The governor added that the deceased made significant contributions to Abia’s development.
This, he said was especially with the founding of the Abia State Polytechnic, the Abia State College of Education (Technical), and supporting the establishment of Michael Okpara University of Agriculture (MOUAU).
“The simultaneous establishment of these institutions in the three senatorial districts of the state speaks to Dr Onu’s distinction as a strategic leader.
“He was a leader that understood the connection between institutions of learning and the development of the critical manpower necessary for holistic and widespread economic growth,” he said.
Otti recalled that late Onu’s act of patriotism in 1999 when he sacrificed his presidential bid for national unity, adding that the deceased showed great commitment to Nigeria’s future.
“He loved the country and its democratic future more than his desire to occupy the exalted seat of the presidency.
“Dr Onu was by every measure, qualified to serve this country as its president at the dawn of the Fourth Republic and had a good run at it.
“He only had to let go of his ambition when circumstances contrived against it but he still found other veritable ways of serving the country he loved so dearly.
“He was an important voice for democracy, a true nationalist and patriot who saw beyond the narrow prism of ethnicity and religion.
“He saw every Nigerian as a citizen who has the right to pursue their economic and social aspirations from any part of the country, unrestricted by individual or institutional biases,”Otti said.
He said Onu’s demise had created a social and political void that would be very difficult to fill.
Otti prayed God to grant the family of the deceased and the people of Ebonyi State the fortitude to bear the loss and urged them to emulate his life of service and integrity.
In a homily, the Bishop of Umuahia Catholic Diocese, His Lordship Michael Ukpong, emphasised the need for all to live responsibly.
Ukpong said that the former governor positively impacted lives and left indelible marks in Abia.
He said the deceased would be remembered for many reasons including contributions such as attracting the rebuilding of the Abia Tower of Peace, establishment of Broadcasting Corporation of Abia, National Ambassador among others.
The News Agency of Nigeria (NAN) reports that the event attracted dignitaries including chairman, National burial planning committee, Sen. Anyim Pius Anyim among others.
(NAN)
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Media can now access funds from BoI — Tinubu
President Bola Ahmed Tinubu has asserted that the media is not left out of the Renewed Hope agenda of the Federal Government.
He said media organisations can now also access funds from the Bank of Industry at a single-digit interest rate, for the development and expansion of their businesses.
President Tinubu stated this at the opening ceremony of the All Nigerian Editors Conference in Yenagoa, Bayelsa State capital, on Thursday.
Represented by the Minister of Information and National Orientation, Alhaji Mohammed Idris, the President applauded the role of the media in the fight to to enthrone democracy and the successes recorded in the 25 years of its uninterrupted journey, saluting their longstanding legacy of deeply committed contributions to nation building.
He said the democracy that Nigeria enjoys today would not be possible without the media, just as he saluted media personalities and individual whose collective efforts not just at that time, but even right through to today, as the country celebrates a quarter of a century of unbroken democratic experience.
Tinubu said as someone who was privileged to be in the thick of the pro-democracy struggle, with a front-row view of how it played out, he would always acknowledge the very important role of the media in the struggle.
The President said: “Indeed, in this room are many veteran journalists who played very important roles in ushering in the age of enduring democracy in Nigeria. I salute your individual and collective efforts not just at that time, but even right through to today, as we celebrate a quarter of a century of unbroken democratic experience.
“In any thriving democracy, the roles of the government and the media are intertwined, both essential in serving the public interest. And of course, the media has a duty to hold elected and appointed officials accountable, and ensure that we are doing our work in a manner that strengthens democracy – not weakens it.
“That important work must be done in a spirit of mutual respect and collaboration, not recrimination and opposition; this alignment enables us to achieve common goals that benefit society at large.
“Indeed, our roles are most effective when they are not adversarial but cooperative. By viewing each other as allies in nation-building, we can create an environment where transparency, accountability, and mutual respect thrive.
“Together, the government and the media can empower citizens, strengthen democratic institutions, and build a more informed and resilient society.
“As we gather to discuss a theme that is both timely and urgent, ‘Economic Growth and Development Strategies in a Resource-Rich Country,’ we find ourselves at a critical juncture in our nation’s journey toward sustainable growth and prosperity.
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