Connect with us

News

Tinubu Bows To Pressure, Orders CBN To Suspend Implementation Of Cybersecurity Levy

Published

on

President Bola Tinubu has asked the Central Bank of Nigeria to suspend the implementation of the controversial cybersecurity levy policy and ordered a review.

This followed the decision of the House of Representatives, which, last Thursday, asked the CBN to withdraw its circular directing all banks to commence charging a 0.5 per cent cybersecurity levy on all electronic transactions in the country.

Advertisement

The CBN on May 6, 2024, issued a circular mandating all banks, mobile money operators, and payment service providers to implement a new cybersecurity levy, following the provisions laid out in the Cybercrime (Prohibition, Prevention, etc) (Amendment) Act 2024.

According to the Act, a levy amounting to 0.5 per cent of the value of all electronic transactions will be collected and remitted to the National Cybersecurity Fund, overseen by the Office of the National Security Adviser.

Financial institutions are required to apply the levy at the point of electronic transfer origination.

Advertisement

READ ALSO: ICYMI: CBN Orders Banks To Charge 0.5% Cybersecurity Levy

The deducted amount is to be explicitly noted in customer accounts under the descriptor “Cybersecurity Levy” and remitted by the financial institution. All financial institutions are required to start implementing the levy within two weeks from the issuance of the circular.

By implication, the deduction of the levy by financial institutions should commence on May 20, 2024.

Advertisement

However, financial institutions are to make their remittances in bulk to the NCF account domiciled at the CBN by the fifth business day of every subsequent month.

The circular also stipulates a timeframe for financial institutions to reconfigure their systems to ensure complete and timely submission of remittance files to the Nigeria Interbank Settlement Systems Plc as follows: “Commercial, Merchant, Non-Interest, and Payment Service Banks – Within four weeks of the issuance of the Circular.

READ ALSO: SERAP Gives FG 48-hr Ultimatum To Reverse CBN’s 0.5% Cybersecurity Levy

Advertisement

“All other Financial Institutions (Microfinance Banks, Primary Mortgage Banks, Development Financial Institutions) – Within eight weeks of the issuance of the Circular,” the circular noted.

The CBN has emphasised strict adherence to this mandate, warning that any financial institution that fails to comply with the provisions will face severe penalties. As outlined in the Act, non-compliant entities are subject to a minimum fine of two per cent of their annual turnover upon conviction.

The circular provides a list of transactions currently deemed eligible for exemption, to avoid multiple applications of the levy.

Advertisement

These are 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.

READ ALSO: Banditry: Niger Speaker To Marry Off 100 Female Orphans

Exemptions include other financial institutions’ transfers to their correspondent banks, interbank placements, banks’ transfers to CBN and vice versa, inter-branch transfers within a bank, cheque clearing and settlements, letters of credit, and banks’ recapitalisation-related funding.

Advertisement

Others are bulk funds movement from collection accounts, savings, and deposits including transactions involving long-term investments such as treasury bills, bonds, and commercial papers, and government social welfare programmes transactions.

These may include pension payments, non-profit and charitable transactions including donations to registered non-profit organisations or charities, educational institutions transactions, including tuition payments and other transactions involving schools, universities, or other educational institutions, and transactions involving the bank’s internal accounts, inter-branch accounts, reserve accounts, nostro and vostro accounts, and escrow accounts.

The introduction of the new levy sparked varied reactions among stakeholders as it is expected to raise the cost of conducting business in Nigeria and could potentially hinder the growth of digital transaction adoption.
PUNCH

Advertisement

 

Advertisement

News

Gift Donation To Judges: NBA President Slams Governors

Published

on

The President of the Nigerian Bar Association, Afam Osigwe, has criticised state governors who publicly donate cars, houses, and other items to judges.

He described the gesture as demeaning and damaging to judicial independence.

Advertisement

Speaking in an interview with Channels Television’s Sunrise Daily, Osigwe expressed concern that the practice undermines the image of the judiciary.

This is as he added that it also fuels perceptions of undue influence by the executive.

READ ALSO:By-election: Low Turnout In Ibadan North Federal Constituency

Advertisement

The host highlighted concerns about judicial independence at the state level, noting that governors’ funding of courts and provision of facilities often fuel suspicions of compromised autonomy.

It is concerning to us that the governors would do things for the judiciary as if they were doing them a favour,

“Oftentimes, it’s annoying seeing some governors talk about how, ‘Oh, I give cars to my judges,’ or even invite the judges and do a public presentation of vehicles or some other material to members of the judiciary,” Osigwe said.

Advertisement

Govs don’t bankroll judges
According to the NBA President, such acts diminish the stature of the judiciary and give the impression that judges are beholden to governors who bankroll their needs.

READ ALSO:Alleged Cultism: NBA Warns Against Suspects’ Rights Violation In Edo

“We believe it’s demeaning and ought not to be.

Advertisement

“The judiciary should be an independent part of government and should not be demeaned or reduced to a point where members of the judiciary should be given handouts as if a favour was being done to them,” Osigwe stressed.

He warned that no judiciary could claim true independence if it relied on the executive for basic operational needs.

There’s no way you can convince any person that the judiciary that finds itself in such a situation is independent. Never!

Advertisement

READ ALSO:Former NBA Player Ben McLemore Convicted Of Raping Incapacitated Woman

Even if it is independent, the perception will always be that they are at the beck and call of the executive, and that the executive will always bend them to their will; otherwise, those handouts will cease,” he declared.

The NBA boss insisted that all judicial needs — from vehicles to courtrooms and infrastructure — must be captured in budgets and executed by the judiciary itself.

Advertisement

He dismissed excuses that the judiciary lacks capacity to manage funds, noting that professionals are employed within the system to handle such responsibilities.

READ ALSO:Refund N300m Confab Hosting Rights, Rivers Tells NBA

“The executive should not emasculate the judiciary, reduce them to a weeping boy, or a beggar.

Advertisement

“It demeans the judiciary, robs it of its independence, and makes it difficult for the people to trust that such a judiciary can be independent,” Osigwe cautioned.

While noting that the federal judiciary enjoys greater financial autonomy, Osigwe urged state governments to urgently adopt similar practices to safeguard the credibility of their courts.

“Justice is rooted in confidence, and the day that confidence is eroded, or seems to be gone, the people’s confidence in the judiciary’s ability will forever be eroded,” he warned.

Advertisement

Continue Reading

News

By-election: Low Turnout In Ibadan North Federal Constituency

Published

on

The Ibadan North Federal Constituency by-election on Saturday began on a shaky note as only a few voters turned out at polling centres.

The by-election followed the death of Olajide Akinremi of the All Progressives Congress on July 10.

Advertisement

According to the News Agency of Nigeria (NAN), officials of the Independent National Electoral Commission arrived as early as 7:30 a.m. at various polling centres, but voter presence was scanty.

At Bodija Ward 10 Unit 26 (8:22 a.m.) and Ward 5 Unit 19 (8:27 a.m.), INEC officials were already on the ground, setting up for the exercise.

READ ALSO:By-Election: Edo Is Home To APC — Deputy Gov, Idahosa

Advertisement

We are 100 per cent ready at Methodist Grammar School, Bodija, Ward 5, Unit 26. As you can see, we are setting up and waiting for voters. Their list will be pasted soon,” Omolara Gbamigbade, an INEC official, said.

Similarly, Bolaji Abiona, a PDP agent at Ward 10 Unit 26, noted: “Everything is set. INEC is here, the police are here. We are waiting for people so accreditation and voting can commence.”

The first voter at Ward 10 Unit 27, Police Station, Bodija Housing Corporation, Miss Oluwaseun Omisakin, arrived at 9:07 a.m. and cast her vote within five minutes.

Advertisement

According to her, the process was smooth. “I got to where the voters’ list was pasted and saw my name. I wasn’t even expecting it. The comportment of the INEC officials was excellent, especially how the BVAS official handled the minor glitch that occurred. It showed they were prepared,” she said.

READ ALSO:By-Election: Edo Is Home To APC — Deputy Gov, Idahosa

NAN, however, reports that apart from Omisakin and one other voter, no one else had turned up at the polling unit by the time of filing the report.

Advertisement

At Sango, Oju Irin, opposite Gateway Baptist Church, Ward 8 Unit 031, PDP party agent, Ajayi Lucas, lamented the late arrival of officials.

We have been calling the collation officer to alert him that INEC officials were not on ground, only for them to arrive at 9:50 a.m. This is not acceptable, it ought not to be so,” Lucas said.

INEC officials were also yet to be seen at Ward 8 Unit 1, Sango Ibadan, at the time of reporting.

Advertisement

Continue Reading

News

By-election: Voters Attack Edo PDP Agent For Allegedly Hoarding PVCs

Published

on

An agent of the Peoples Democratic Party was attacked on Saturday at Ozolua Model Primary School, Iguobazuwa East Ward, headquarters of Ovia South-West Local Government Area, Edo State, for allegedly refusing to release Permanent Voter Cards to eligible voters.

The agent, whose name was withheld, was accused of hoarding the cards.

Advertisement

A voter, who identified himself as Robert, said, “The PDP agent has our voter cards and we need them to vote, but he refused to release them. People got angry and descended on him.

READ ALSO:By-election: PDP, APC Exchange Words Over Alleged Plan To Disrupt Poll

“The fact is that he mobilised us for the registration, so when the cards came, many people handed them over to him, believing they would collect them during the election. However, he refused to release them because most of the people wanted to vote for the APC candidate, Omosede Igbinedion.”

Advertisement

The swift intervention of the police saved the agent from being lynched.

 

Advertisement
Continue Reading

Trending