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CBN Withdraws Cybersecurity Levy Directive To Banks

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The Central Bank of Nigeria (CBN) has withdrawn the directive to banks and other financial institutions to charge cybersecurity levy on electronic transfers.

Recall that the apex bank, on May 6, directed all commercial, merchant, non-interest and payment service banks, mobile money operators and payment service providers to charge a 0.5 percent cybersecurity levy on electronic transfers.

As per the apex bank, the implementation of the Cybercrime (prohibition, prevention, etc.) Amendment Act of 2024 is the reason behind the deduction and collection of the cybersecurity levy.

According to CBN, the charges will be handled by the Office of the National Security Advisor (ONSA) and sent to the National Cyber Security Fund.

However, CBN halted the move to charge the cybersecurity levy in a circular titled ‘Re: Cybercrimes (Prohibition, Prevention, ETC) (Amendment) Act 2024 – Implementation Guidance on the Collection and Remittance of the National Cybersecurity Levy,’ and dated May 17.

The circular made public on May 19 was signed by Chibuzo Efobi, director, payments system management department, and Haruna Mustafa, director, financial policy and regulation department.

“The Central Bank of Nigeria circular dated May 6, 2024 (Ref:PSMD/DIR/PUB/LAB/017/004) on the above subject refers,” CBN said.

“Further to this, please be advised that the above referenced circular is hereby withdrawn.

“Please be guided accordingly.”

CBN withdrew the directive after President Bola Tinubu suspended the cybersecurity levy on May 14.

Tinubu directed the apex bank to suspend the implementation and review the modalities for its implementation.

Criticism had trailed the levy, with the Nigeria Labour Congress (NLC) condemning the directive and describing it as “another burden on the shoulders of hardworking Nigerians”.

Joe Ajaero, the president of NLC, on May 7, said such deductions directly affect the disposable income of workers and further diminish the purchasing power of the common citizen.

Ajaero said domestic manufacturers and other businesses were already suffering as a result of the stifling socio-economic environment.

BIG STORY

JUST IN: Nigerian Lawmakers Propose Creation Of 31 Additional States [SEE FULL LIST]

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Nigeria’s House of Representatives Committee on Constitution Review on Thursday proposed the creation of 31 new states in the country.

If the proposal is approved, Nigeria will have 67 sub-national governments, as the current number of states stands at 36, including the Federal Capital Territory.

The proposal for new states was presented in a letter read during Thursday’s plenary session by the Deputy Speaker, Benjamin Kalu, who presided over the session in the absence of the Speaker, Mr. Tajudeen Abbas.

The letter read in part, “The committee proposes the creation of 31 new states. As amended, this section outlines specific requirements that must be fulfilled to initiate the process of state creation, which include the following:

“1. New state and boundaries

“An act of the National Assembly for the purpose of creating a new state shall only be passed if it requires support by at least the third majority of members.

“The House of Representatives, the House of Assembly in respect of the area, and the Local Government Council in respect of the area are received by the National Assembly.

“Local government advocates for the creation of additional local government areas are only reminded that Section 8 of the Constitution of the Federal Republic of Nigeria, as amended, applies to this process.

“Specifically, in accordance with Section 8 (3) of the Constitution, the outcome of the votes of the State Houses of Assembly in the referendum must be forwarded to the National Assembly for fulfillment of state,” the proposal partly reads.

According to the proposal, the new states include Okun, Okura, and Confluence States from Kogi; Benue Ala and Apa States from Benue; FCT State; Amana State from Adamawa; Katagum from Bauchi and Savannah States from Borno and Muri State from Taraba.

Others include New Kaduna and Gujarat from Kaduna State; Tiga and Ari from Kano; Kainji from Kebbi State; Etiti and Orashi as the 6th state in the South East; Adada from Enugu; and Orlu and Aba from the South East.

Also included are Ogoja from Cross River State, Warri from Delta, Ori and Obolo from Rivers, Torumbe from Ondo, Ibadan from Oyo, Lagoon from Lagos, Ogun, Ijebu from Ogun State, and Oke Ogun/Ijesha from Oyo/Ogun/Osun States.

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BIG STORY

El-Rufai Lacks Capacity To Unsettle Tinubu, He Can’t Even Win Senatorial Seat — Daniel Bwala

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Daniel Bwala, special adviser to the president on policy communication, asserts that Nasir el-Rufai, the former governor of Kaduna, lacks the capacity to “unsettle” President Bola Tinubu.

Bwala made this statement on Thursday during an interview with TVC News. He emphasized that Tinubu is not losing sleep over el-Rufai’s continuous criticisms of his administration.

Background

El-Rufai has been targeting some members of the Tinubu administration.

The former minister of the federal capital territory (FCT) recently criticized the ruling All Progressives Congress (APC) for “straying away from its core values,” mentioning that he no longer recognizes his political party.

Bwala had questioned el-Rufai if his stance on the APC would have been different had he been a member of Tinubu’s cabinet.

In response to Bwala’s comments, el-Rufai stated that he would not hesitate to criticize the party, even if he were given a position in the Tinubu administration.

‘On His Own, El-Rufai Is Unelectable’

When asked if the presidency was anxious about el-Rufai’s remarks and the regrouping of opposition politicians, the spokesperson confirmed that Tinubu is not concerned with the opposition’s movements.

Bwala emphasized that the president’s approach has always been one of reconciliation.

“Who is jittery? The political opponents have no direction. There is no organized political party in Nigeria other than APC. Almost all opposition parties are trying to find their way,” Bwala stated.

“I don’t attack because I see that the position of Mr. President is that of reconciliation. In his 18 months in office, he has never reacted to anybody. He has never been seen being combative or aggressive against anybody.”

The presidential spokesperson acknowledged el-Rufai’s dilemma, adding that the former governor cannot accomplish his goals by joining the opposition.

According to Bwala, el-Rufai only becomes a significant political figure when he aligns with a “solid revolutionary” leader.

“El-Rufai, as he said, is still in APC. You treat him like a brother. I know his grandstanding. I know he is facing challenges finding a path,” he stated.

“If you leave a governing party, which you have influence over, and think that you can undertake a mission, you need to have a working platform to do that.”

“He does not have the capacity to make the president unsettled. No opposition party, even if combined, can make the president unsettled.”

“Let me tell you something about my elder brother, el-Rufai, and whether we should be worried.”

“There is a dynamic around el-Rufai. El-Rufai needed a solid revolutionary person to thrive. On his own, el-Rufai may not win the senate.”

“He won governorship because of the Buhari factor and got re-elected because of the Buhari factor. If you leave him now to go and run for senate in Kaduna, he would not win.”

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BIG STORY

Importers To Pay More As Customs Introduces 4% FOB Levy

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The Nigeria Customs Service (NCS) has announced that it will enforce a 4 percent charge on the “free-on-board” (FOB) value of imports.

“FOB” refers to the arrangement where the seller is responsible for delivering the goods to the port of departure, clearing them for export, and loading the goods onto the vessel. Once the goods are on the vessel, the risk transfers from the seller to the buyer, who then assumes responsibility for all subsequent costs.

In a statement released on Wednesday, Abdullahi Maiwada, NCS national public relations officer, confirmed that the directive is in line with the provisions of the “Nigeria Customs Service Act” (NCSA) 2023.

“In line with the provisions of Section 18 (1) of NCSA 2023, the NCS is implementing a 4 percent charge on the “Free On-Board” (FOB) value of imports,” Maiwada stated.

“The FOB charge, which is calculated based on the value of imported goods, including the cost of goods and transportation expenses incurred up to the port of loading, is essential for driving the effective operation of the service.”

“Furthermore, the NCS acknowledges concerns raised by stakeholders over the continued collection of the 1 percent “Comprehensive Import Supervision Scheme” (CISS) fee.”

“It is a regulatory charge imposed for funding Nigeria’s Destination Inspection Scheme alongside the 4 percent FOB charge.”

“As a responsive government agency, the service wishes to assure the general public that extensive consultation is ongoing with the federal ministry of finance to address all agitations raised by our esteemed stakeholders.”

Maiwada urged all stakeholders to comply with the directive, which was conceived after thorough consultation with relevant stakeholders and organizations.

“All stakeholders are urged to support this legally binding initiative,” he emphasized.

“As the measures introduced in alignment with the NCSA 2023 reflect a balanced approach born out of extensive consultations with industry players, importers, and regulatory bodies.”

He also acknowledged the valuable contribution of stakeholders in shaping and actualizing the NCSA 2023.

“Their insights, expertise, and unwavering commitment have been instrumental in ensuring a robust legal framework that enhances efficiency, promotes innovation, and strengthens transparency in customs operations,” he added.

The customs official reiterated that under the leadership of Adewale Adeniyi, the comptroller-general, the service remains dedicated to transparency, fair trade practices, and efficient revenue management.

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