The Central Bank of Nigeria (CBN) has issued a directive compelling banks to impose a 0.5% cybersecurity levy on electronic transactions. Effective immediately, the implementation of this levy is set to commence within two weeks, as stated in a circular released by the CBN. This levy, in compliance with the Cybercrimes (Prohibition, Prevention, Etc.) Act 2015, has been reinforced following the enactment of the Cybercrime (Prohibition, Prevention, etc) (amendment) Act 2024. Under Section 44 (2)(a) of the Act, financial institutions are mandated to remit 0.5% of all electronic transaction values to the National Cybersecurity Fund, managed by the Office of…
Author: Omolemi Eboisetale
The Chairman of the Federal Inland Revenue Service(FIRS), Zacch Adedeji, has stated the imperative for African nations to develop homegrown solutions to the continent’s fiscal obstacles. This call to action was raised during the African Tax Administration Forum (ATAF) council meeting held in Lagos, which was hosted by FIRS. ATAF, dedicated to bolstering tax systems across Africa through knowledge exchange and capacity development, garnered significant attention during the gathering. Adedeji, backed by the International Monetary Fund’s observations on the fiscal hurdles facing sub-Saharan Africa, stressed the urgency for local resource mobilization and the necessity for African-centric approaches to fiscal management.…
Trade relations between Nigeria and the United Kingdom have reached £7bn, British High Commissioner to Nigeria Richard Montgomery said on Sunday. In an interview with the News Agency of Nigeria (NAN) in Abuja, Montgomery announced that the two nations have signed a new agreement on enhanced trade and investment partnership. The agreement aims to boost cooperation in key sectors such as agriculture, creative industries, legal services, financial services, and education. The UK currently exports around £4bn worth of goods and services to Nigeria, while Nigeria’s exports to the UK stand at approximately £3bn. The British envoy said the new agreement…
Russian President Vladimir Putin has ordered the Russian military to conduct nuclear weapons drills near Ukraine, according to a statement from the defence ministry released on Monday. The announcement comes amidst heightened rhetoric from Putin regarding the potential for nuclear conflict. In a national address in February, Putin warned of the “real” risk of nuclear war, signaling a shift in Russia’s stance towards the use of nuclear weapons. The defence ministry stated that the drills would involve the navy and troops stationed in close proximity to Ukraine. Specifically, the exercises will focus on the preparation and deployment of non-strategic nuclear…
Chadians headed to the polls today amidst a backdrop of controversy and skepticism, as the nation’s election to choose its next president unfolds under the shadow of military rule. The election, purportedly aimed at transitioning away from military governance, has been marred by accusations of repression and manipulation. Incumbent leader Mahamat Idriss Deby, son of the late President Idriss Deby Itno, who ruled Chad for three decades, seeks to extend his family’s dominance in the country. His main challenger, Succes Masra, formerly Deby’s prime minister, faces criticism for his perceived alignment with the ruling junta. Critics argue that the electoral…
As economic challenges persist, contributors to Nigeria’s micro-pension scheme are increasingly resorting to contingency withdrawals, impacting the stability of their retirement savings. According to data from the National Pension Commission (PenCom), contingency withdrawals from micro pension funds surged by a staggering 245.2 per cent in 2023, reaching a total of N21.4 million compared to N6.2 million in the previous year. The number of contributors availing these withdrawals also rose by 68.4 per cent, reaching 64 individuals in 2023, up from 38 in 2022. The micro-pension plan (MPP), established by PenCom, aims to promote pension savings among low-income groups, particularly those…
The anticipated meeting between stakeholders in the blockchain industry and the Director General of the Securities and Exchange Commission (SEC), Emomotimi Agama, has been rescheduled. Originally slated for 10 am on Monday, the virtual session will now convene at 2:30 pm, according to an email sent to our correspondent by the Public Relations Officer of the Blockchain Industry Coordinating Committee of Nigeria (BICCoN), Kue Paul. BICCoN, the facilitator of the event, expressed gratitude for the interest in attending the interactive session with Dr. Emomotimi John Agama, emphasizing its significance for the Nigerian blockchain sector. The email notification stated, “Please note…
The Federal Government, in collaboration with the 36 States, is set to embark on a comprehensive review of laws pertaining to the sentencing of individuals who attempt suicide. This was announced by the Attorney-General of the Federation and Minister of Justice, Prince Lateef Fagbemi, SAN, during a recent engagement with a delegation from the Asido Foundation, a prominent non-governmental organization advocating for mental health reforms. In a statement released to the press on Sunday, Prince Fagbemi emphasized the need to reassess existing legislation surrounding suicide attempts, particularly in cases where offenders are deemed to be suffering from mental illness. “The…
Former Edo State Deputy Governor, Philip Shaibu, who stirred controversy by refusing to return government vehicles allocated during his tenure, says he perceives those demanding their return heartless. In an interview, Shaibu addressed the issue, revealing that the vehicles in question were not new but refurbished ones that had belonged to previous deputy governors. He clarified that the vehicles included two Prado SUVs used by Lucky Imasuen, a Hilux previously utilized by Dr. Pius Odubu’s wife, and a Land Cruiser formerly employed by Odubu himself. “I took all those vehicles to the mechanic who changed their engine and refurbished them.…
Controversy surrounds a recent fact-checking training workshop held in Bangui, the capital of the Central African Republic (CAR), as suspicions arise regarding the true intentions behind the initiative, sponsored by the United States Agency for International Development (USAID). Conducted on April 26-27, 2024, the workshop aimed to equip local journalists with skills to combat misinformation, hate speech, and rumors prevalent on social media platforms. Despite its altruistic objectives, the involvement of USAID has prompted skepticism among observers. Critics question whether the fact-checking initiative genuinely seeks to bolster journalistic integrity or if it serves as a vehicle for advancing American interests…
Petroleum Technology Association of Nigeria (PETAN) members are considering bidding for prime oil blocks recently put up for sale. PETAN, an association representing Nigerian Indigenous Technical Oilfield Service Companies, expressed interest in acquiring 12 onshore and seven deep offshore blocks currently available for bidding. Chairman of PETAN, Engr. Wole Ogunsanya, affirmed this interest, stating, “We are trying to study the available fields to determine if viable in scale for our members.” The blocks in question include Petroleum Prospecting Leases (PPLs) 300, 301, 3008, 3009, 2000, 2001, 267, 268, 269, 270, 271, and Petroleum Mining Lease (PML) 51 for onshore exploration,…
The Nigeria Shippers Council (NSC) has taken decisive action in response to the alarming situation of 4,817 export containers trapped at the Lagos port, summoning a stakeholders meeting to address the pressing issue. This development comes after persistent complaints from shippers and their agents regarding the prolonged detention of export containers at the port. During a recent working visit to the terminal, the Executive Secretary/CEO of the Shippers Council, Pius Akutah, expressed deep concern over the substantial delays experienced by export cargo, particularly amidst the federal government’s efforts to diversify the economy. APM Terminal, the facility responsible for handling these…