News
SEE Five levies Nigerians pay for electronic transactions
By Kayode Sanni-Arewa
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 levy implementation 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.
However, the apex bank exempted loan disbursements and repayments, salary payments, intra-account transfers within the same bank or between different banks for the same customer, and intra-bank transfers between customers of the same bank from the levy.
Also exempted from the levy were inter-branch transfers within a bank, cheque clearing and settlements, Letters of Credits, and Banks’ recapitalisation-related funding only bulk funds movement from collection accounts, savings, and deposits including transactions involving long-term investments, among others.
Nigerians on social media are lamenting the new levy, which they complain has added to the multiple levies paid for electronic transactions. In this report, PUNCH Online highlights the five other transaction levies paid and the amount deducted on transactions between N1,000 and N1,000,000.
1. Cybersecurity levy
N5 is charged on the transaction of N1,000
N50 is charged on the transaction of N10,000
N500 is charged on the transaction of N100,000
N5,000 is charged on the transaction of N1,000,000
2. Transfer fee
N50,000 is charged on the transaction of N10,000,000
N10 is being charged on the transaction below N5,000
N25 is being charged on the transaction between 5,001 and N50,000
N50 is being charged on transactions above N50,000
3. Stamp duties
N50 is being charged on transactions between N10,000 and N10,000,000
4. Short Messaging Service (SMS)
N4 is being charged on each electronic transfer notification
ame.
5. Value Added Tax
N0.75 is being charged on N10 transfer fee
N1.875 is being charged on the N25 transfer fee
N3.75 is being charged on N50 transfer fee.
News
Just in: Gov Soludo reveals those behind kidnapping in SE, says it’s now a lucrative biz
… better than oil and drug peddling
Governor Charles Soludo of Anambra State on Saturday disclosed that arrested Finland-based self-acclaimed Biafra agitator, Simon Ekpa “has continued kidnapping for ransom.
Soludo said kidnapping is currently a business that is more lucrative than drugs and oil.
The governor who spoke in Awka, the state capital, said before he became governor, eight local government areas in the state were being controlled by gunmen.
Soludo also recalled how his father was kidnapped in 2009.
He said: “Kidnapping is not new, my father had been kidnapped as far back as 2009. GU Okeke, Pokobros and many others have fallen victim too.
“Before I assumed office, about eight local government areas were being controlled by gunmen.
“They killed policemen and collected guns, attacked and burnt down police stations and went into the bush to label themselves liberators.
We came in and went to work and cleared them and we recovered the eight local government areas that were under siege. These gangs claim to be Biafra freedom fighters. IPOB has dissociated themselves from it, but one Simon Ekpa has continued kidnapping for ransom.
“Kidnapping for ransom is now the most lucrative enterprise, even more lucrative than drugs and oil. For every one naira reported as payment for ransom, five to six naira was not reported.
“With a culture that celebrates wealth without craft, even the kidnappers amongst us are now celebrated. Idolatry which these criminals have converted to have become the fastest growing religion in the South-East. Nothing is sacred to them anymore.”
News
Just in: Obi angry over exorbitant charges by POS operators despite hardship
Ex-governor of Anambra State and presidential candidate of the Labour Party, LP, in the 2023 general election, Mr Peter Obi has protested the level of hardship faced by the poor in Nigeria.
The former governor spoke during a visit to the Archbishop Province on the Niger and Bishop of Awka Diocese of Church of Nigeria Anglican Communion, His Grace Alexander Ibezim.
He said: “The hardship in Nigeria is too much, how can the ordinary people survive. The woman who sells pepper by the road side has to pay huge charges to get her own money. How much is her profit margin and how much will remain after paying charges?
“No country is run like that. Don’t bother to interview me on that, I will write officially to the President on this and state all these things.
“These (POS Charges) is too much, no country is run like this,” Obi told journalists who approached him to speak on the matter.
News
Oborevwori expresses sadness over Edna Ibru’s passage
Delta State Governor, Hon. Sheriff Oborevwori, has commiserated with the Ibru family of Agbarha-Otor in Ughelli North Local Government Area of the State on the death of their wife and mother, Mrs. Edna Ibru.
Mrs Ibru, who reportedly died after a brief illness, was the wife of late Olorogun Senator Felix Ovuodoroye Ibru, first Executive Governor of Delta State.
A former Miss Nigeria, Mrs Ibru in 1964, died in London after a brief illness on Wednesday.
In a statement by the Chief Press Secretary to the Governor, Sir Festus Ahon, the governor described the demise of Mrs Ibru as sad and painful, adding that she was a loving wife and mother who supported her husband and family in all his noble endeavours.
He said, “On behalf of the government and people of Delta, I mourn the passing of a great woman of substance, a caring mother and loving wife, Mrs Edna Ibru.
“The news of her death came to me as a shock, especially now that the family members needed her motherly and wise counsel.
“She was a woman of faith who devoted her time in supporting her husband’s political career which culminated in his election as the first Executive Governor of Delta State.”
Oborevwori prayed to God to accept the soul of the deceased and grant fortitude to the family and friends she left to bear the loss.
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