Mallam Nuhu Ribadu, the National Security Advisor (NSA), has instructed all law enforcement organisations, regulators, companies, and interested parties to set up procedures for the complete execution and enforcing of the Cybercrimes (Prohibition, Prevention, etc.) Amendment Act 2024.

In order to do this, the National Cybercrime Fund will receive payment and be credited with a charge of 0.5 percent of the value of all electronic transactions made by the businesses listed in the Second Schedule to the Cybercrimes Act.

According to a statement by Zakari Mijinyawa, Head of the NSA’s Strategic Communications Office, all obstacles have been removed in order for the Cybercrimes law to fully go into effect.

It reads, “Arising from the high level African International Counter Terrorism Meeting in Abuja between April 22 and 23, 2024, African leaders stressed the urgent need for the improved deployment of greater support and resources towards strengthening cybersecurity activities in Africa and taking concrete steps to prevent the use of social media and other platforms by terrorists and organised criminal groups.

“In view of the need to secure Nigeria’s digital space and safeguard national security and economic interests, as well as deploy additional resources to counter terrorism and violent extremism as provided in section 44(5) of the Cybercrimes Act, all law enforcement agencies, regulators, businesses and stakeholders have been communicated by this office to put in place mechanisms for the full implementation and enforcement of the Cybercrimes (Prohibition, Prevention, Etc) Amendment Act 2024.

“By this amendment, all impediments to the full operationalisation of the Cybercrimes law have been addressed.

“Consequently, a levy of 0.5 percent of all electronic transactions value by the specified businesses in the Second Schedule to the Act shall be paid and credited into the National Cybercrime Fund.”

It will be recall that on July 6, 2022. Nigeria joined 66 other countries that have signed and ratified the Budapest Convention on Cybercrime to enhance international cooperation, provide common platform and procedural tools for efficient and safe cyberspace pursuant to section 41(2) (a) of the Cybercrime Act 2015.

The government’s massive purchases of food as palliatives, according to Olayemi Cardoso, Governor of the Central Bank of Nigeria, are a major factor in the nation’s skyrocketing food inflation.

In his remarks during the March Monetary Policy Committee, which were posted on the CBN website, he made this claim. The benchmark interest rate was raised from 22.75 percent to 24.75 percent by the MPC.

The group stated that combating inflation was the goal of its aggressive approach.

Nonetheless, the nation’s inflation rate surged to 33.2% in March, with food inflation hitting 40.01%, a 15.56 percentage point increase from 24.45% in March 2023 on a year-over-year basis.

According to the National Bureau of Statistics, the surge in food inflation could be attributed to rising prices for items such as garri, millet, yam tuber, water yam, and others.

Following the removal of fuel subsidy, the Federal Government approved N5bn for each state and the Federal Capital Territory to enable them to procure food items for distribution to the poor in their respective states.

In his comments, the CBN governor noted that inflationary pressure had failed to abate despite the hike in the interest rate in February.

He said, “Despite notable stability in the foreign exchange market resulting from decisions taken at that 293rd MPC meeting, inflationary pressure remains unabated. While there is the argument that the significant tightening since the last MPC meeting is yet to fully permeate the system and yield its expected impact, the risk of galloping inflation persists. If such a hyperinflationary scenario is to become reality, available options to control inflation could be severely constrained. From the facts presented to the MPC, there is a clear indication that the monetary factors contributing to inflation are diminishing in their significance.

“This could be considered as evidence of the impact of decisions reached at the 293rd MPC meeting. Staff reports show that the principal drivers of acceleration in inflation are hikes in food and energy prices which are associated with structural factors. Further, new dimensions of inflationary pressure are emerging. First, ‘seller inflation’ arising from the oligopolistic structure of commodity markets such as noticed in the prices of local commodities is gaining significance. In addition, huge purchases by the government for distribution as palliatives to vulnerable citizenry is adding another dimension to the food price inflation, with seasonal factors of food price increases during religious fasting and festive periods, adding price cyclicality.”

He further said that the new sources of inflation were better addressed by the fiscal authorities to complement the efforts of monetary policy.

Another member of the committee, Bala Bello, echoed a similar sentiment about the rising inflationary trend, saying, “Both food and core inflation rose in February 2024, underpinning acceleration in headline inflation to 31.70 per cent in February 2024 from 29.90 per cent in the previous month. This continued rise in inflation was mainly due to persisting high production costs, lingering security challenges and exchange rate pressures.

“Inflation is currently unacceptably high and requires decisive and coordinated efforts to curb it, given its adverse impact on citizens’ purchasing power, investment decisions and broad output performance.

According to Bala, the Federal Government’s initiatives at addressing food insecurity, such as the release of grains from the strategic reserves, distribution of seeds and fertilisers, and support for dry season farming, are important and commendable.

At the 2024 Medic West Africa Event, organised by ABCHealth in collaboration with Informa Markets, Access Bank reaffirmed its dedication to fostering positive transformation in healthcare across Africa.

The event, which served as a platform for stakeholders across industries deliberate on the theme ‘Healthcare Investments in Africa: Mobilizing the Private Sector to Drive Healthcare Investments in Africa,’ aimed to chart a path through which corporates can leverage innovative financing models and strategic partnerships in fostering the achievement of the United Nations Sustainable Development Goals.

The discussions also explored strategies for strengthening healthcare infrastructure, leveraging technological advancements, as well as enhancing community health initiatives.

Lending his voice to the conversation, Ralph Opara, Group Head, Commercial Banking Division at Access Bank Plc, stressed that, “The government can’t carry the burden of the health sector alone. Hence, it is imperative that the private sector explores and implements innovative financing models and strategic partnerships to bridge the healthcare investment gap.”

Opara noted that collaborative effort between the public and private sectors is not only crucial but essential to driving innovation, improving healthcare accessibility, and ensuring sustainable development across the continent.

Walking the talk on partnerships, Access Bank partnered with the Private Sector Health Alliance of Nigeria (PSHAN), to launch the Adopt-A-Health Facility Program (ADHFP) with the primary aim of delivering, at least, one global standard Primary Healthcare Centre (PHC) in each of the 774 Local Government Areas (LGAs) in Nigeria. So far, the initiative has resulted into over 180 PHCs adopted across the country.

Other notable participants at the event include Mories Atoki, CEO, ABCHealth; Jane Ike-Okoli, Head of Specialised Sectors Business & Commercial Banking, Stanbic IBTC; Odunayo Sanyo, Executive Director, MTN Foundation; Ibironke Akinmade, Group Head, Health Finance, Sterling Bank, and Zouera Youssoufou, MD/CEO, Aliko Dangote Foundation.

• About Access Bank PLC

Access Bank, a wholly owned subsidiary of Access Holdings Plc, is a leading full-service commercial bank operating through a network of more than 700 branches and service outlets spanning 3 continents, 21 countries and over 60 million customers. The Bank employs over 28,000 thousand people in its operations in Africa and Europe, with representative offices in China, Lebanon, India, and the UAE.

Access Bank’s parent company, Access Holdings Plc, has been listed on the Nigerian Stock Exchange since 1998. The Bank is a diversified financial institution which combines a strong retail customer franchise and digital platform with deep corporate banking expertise, proven risk management and capital management capabilities. The Bank services its various markets through three key business segments: Corporate and Investment Banking, Commercial Banking, and Retail Banking. The Bank has enjoyed what is arguably Africa’s most successful banking growth trajectory in the last 18 years, becoming one of the continent’s largest retail banks.

As part of its continued growth strategy, Access Bank is focused on mainstreaming sustainable business practices into its operations. The Bank strives to deliver sustainable economic growth that is profitable, environmentally responsible, and socially relevant, helping customers to access more and achieve their dreams.