Connect with us

News

Reps Direct CBN To Immediately Stop Implementation of Cybersecurity Levy

Published

on

 

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.

Advertisement

 

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’).

Advertisement

 

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.

Advertisement

 

“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”.

Advertisement

 

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.

Advertisement

 

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.

Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

News

Shettima becomes 1st VP to lead Nigeria’s delegation to UN Assembly in 25 yrs

Published

on

President Bola Ahmed Tinubu has decided not to attend the 79th United Nations General Assembly (UNGA) session in New York this year.

The president has thus directed Vice President Kashim Shettima to lead Nigeria’s delegation.

President Tinubu, who returned to the country last Sunday after his trip to China and the United Kingdom, according to a statement yesterday by his spokesman, Bayo Onanuga, wants to focus on domestic issues and address some of the country’s challenges, especially after the recent devastating flooding.

“At UNGA 79, Vice President Shettima will deliver Nigeria’s national statement to the General Assembly, attend important sideline events, and hold bilateral meetings.”

Advertisement

“The high-level General Debate, with the theme ‘Leaving no one behind: Acting together for the advancement of peace, sustainable development and human dignity for present and future generations,’ will run from Tuesday, September 24, through Saturday, September 28, 2024,” the statement added.

Since return to democratic governance in 199, Shettima will be the first Vice President to Nigeria’s delegation to UNGA.

Only Goodluck Jonathan represented Nigeria as Acting president in September 2010 at the 65th UNGA, while late President Umaru Musa Yar’adua was away in Saudi Arabia due to his ill health.

Advertisement
Continue Reading

News

Plateau Assembly approves N5.8bn for LG election

Published

on

The Plateau State House of Assembly, on Thursday, approved N5.8bn for the conduct of the local government election in the state slated for October 9, 2024.

The approval by the House followed a communication from Governor Caleb Mutfwang, which was read at plenary by the Assembly Speaker, Gabriel Dewan.

The Speaker stated that the request was necessary as there was no budgetary allocation for the LG elections in the 2024 budget.

A member of the State Assembly, who declined to be named because he was not authorised to speak for the Assembly, confirmed the development to The PUNCH in Jos on Thursday.

Advertisement

The lawmaker said, “Governor Mutfwang, at Tuesday’s plenary, sought the House’s approval for N5.7bn as the 2024 supplementary, which was increased after upward review by the legislators.”

He continued, “The House leader, Joseph Bukar, presented the bill during our plenary. While soliciting the support of members for speedy passage, he said PLASIEC was running out of time in preparation for the election.”

“In their individual contributions, Hon. Kalamu Dal suggested a downward review of the budget size, while Hon. Daniel Nanbol urged for a critical review and deliberations. Afterwards, members approved a revised sum of N5.8bn, as opposed to the N5.7bn requested.”

The increase, as explained by Bukar, was due to an increase in security allocation for the election, from N2.7m to N4.2m. “So, that is what happened, and that is where we are at the moment regarding the forthcoming LG election,” the lawmaker concluded.

Advertisement
Continue Reading

News

Enugu, Kwara tighten security ahead of LG polls

Published

on

Security measures have been intensified in Enugu and Kwara states ahead of their Local Government elections scheduled for Saturday, September 21, 2024.

In Enugu State, the Police Command has pledged to ensure the safety of lives and properties during the elections.

However, the peace accord signing for the elections was marred by the absence of major parties like the Peoples Democratic Party, All Progressives Congress, and Labour Party.

Only representatives from the All Progressives Grand Alliance and Accord attended but chose not to sign the accord, citing the lack of participation from the leading parties.

Advertisement

Enugu State Commissioner of Police, Kanayo Uzuegbu, said all wards and flashpoints had been identified, and security personnel would be on high alert to prevent any disruptions.

The Chairman of the Enugu State Independent Electoral Commission, Prof. Chris Ngwu, said the commission was fully prepared for the elections with the support of the state government in procuring necessary materials.

In Kwara State, security agencies have been actively coordinating to ensure a smooth electoral process.

Over 3,000 personnel from the Nigeria Security and Civil Defence Corps have been deployed across the state.

Advertisement

The Kwara State Independent Electoral Commission has completed arrangements for a trouble-free election.

Kwara State Police Public Relations Officer, Toun Ejire-Adeyemi, reported that a strategic meeting with heads of various security agencies, including the Nigerian Army, Navy, Air Force, and others, had been held to ensure coordinated efforts for maintaining law and order.

The Commissioner of Police, Victor Olaiya, guaranteed maximum security for the election period.

The NSCDC Commandant, Dr. Umar Mohammed, announced the deployment of 3,000 personnel to various polling units and emphasised their role in preventing violence, ballot snatching, and other disruptions.

Advertisement

Meanwhile, the Chairman of the Benue State Independent Electoral Commission, Telumun Tombowua, announced on Thursday that eight political parties will participate in the upcoming LG elections in the state, scheduled for October 5, 2024.

Addressing journalists in Makurdi, Tombowua said the election would be conducted fairly and transparently.

He emphasised that the law establishing the BSIEC does not permit the use of Bimodal Voter Accreditation Machines for this election.

Regarding the APC, Tombowua confirmed that the National Working Committee of the party had requested the commission to work with the seven-man caretaker committee appointed to oversee party affairs in the state.

Advertisement

He noted that while 14 parties had initially shown interest, only eight completed the necessary processes and submitted their candidates.

Continue Reading

Trending

Copyright © 2024 Naija Blitz News