To enhance cyber defenses across Nigeria’s banking sector, the Central Bank of Nigeria (CBN) has mandated all banks to implement a 0.5 per cent cybersecurity levy on electronic transactions per the law. However, recognizing the potential impact on essential services and operations, the CBN has specified 16 exemptions to this levy. A circular signed by Chibuzo Efobi, Director of Payments System Management Department, and Haruna Mustafa, Director of Financial Policy and Regulation Department, outlined the exemptions. Addressed to all commercial, merchant, non-interest, and payment service banks, among others, the circular stated that the levy’s implementation would commence two weeks from…
Author: Elvis Eromosele
In two weeks, banks in the country will start charging a 0.5 per cent cybersecurity levy on electronic transfers, following a new directive from the Central Bank of Nigeria (CBN). The CBN announced this in a circular signed by Chibuzor Efobi, the director of payments system management, and Haruna Mustafa, the director of financial policy and regulation. The circular was directed to all commercial, merchant, non-interest and payment service banks, among others. According to the apex bank, the directive is a follow-up on an earlier letter dated June 25, 2018 (Ref: BPS/DIR/GEN/CIR/05/008) and October 5, 2018 (Ref: BSD/DIR/GEN/LAB/11/023), respectively, on…
The ongoing voting for brands on the Consumers Value Awards portals is gaining traction as consumers continue to express brand satisfaction with their votes. Over 40 categories of brands are listed based on consumers’ nominations on the Consumers Value Awards portal for voting as Value-for-Money brands in the 2024 edition of the award. Consumers cast votes for brands to express satisfaction among various brands. Presenting the one-month result, Akonte Ekine, CEO of BrandXchange, said the initiative is transparent and objective. It’s the consumer position on brands as nomination and voting drive the platform. According to him, in the Telecommunications category (MNOs), MTN…
The 2024 World Press Freedom Index by Reporters Without Borders (RSF) has listed Nigeria among the most challenging countries for journalists in West Africa. Nigeria is ranked 112th position out of 180 countries, an improvement from the 123rd rank in 2023. According to the report, Nigerian journalists are regularly monitored, attacked, and arbitrarily arrested. The index evaluated political, legislative, economic, social, and security factors. RSF noted a high level of government interference in Nigerian media, with increased pressure during elections. Media ownership influences the neutrality of political coverage, and government officials influence media personnel appointments. “The level of governmental interference…
The Federal Government has unveiled plans to establish a comprehensive National Waste Management Network, which will serve as a platform for states to collaborate, enhance their participation in the circular management of waste, and reap significant benefits through the process. Ishaq Salako, Minister of State for Environment, said the initiative is in response to mounting concerns over environmental degradation, indiscriminate piling up of refuse by roadsides and the pressing need to transition toward a more sustainable future. He stated this at the joint press conference in celebration of the 2024 world press freedom day, held at the national press center…
The Federal Government on Wednesday, said the new minimum wage will take off on May 1, 2024. Nkeiruka Onyejeocha, the minister of state for labour, disclosed this in her address during the Workers’ Day celebration, at the Eagles Square, on Wednesday. Onyejeocha who regretted that the new Minimum Wage was yet to take off, stated that workers will enjoy arrears from May 1, whenever it is signed into law. She noted that although the Tripartite Committee On National Minimum Wage is yet to conclude its negotiations, workers will not lose anything as the new minimum wage will take effect from…
The Nigerian government on Wednesday paid N2.75 billion in compensation to property owners affected by the construction of the country’s single largest infrastructure project. David Umahi, minister of works, disclosed this during a stakeholders meeting at Eko Hotel and Suites in Lagos, explaining that the N2.75 billion compensation was for properties on channel 0 to 3 kilometres that were demolished to pave the way for the construction of the 700km Lagos-Calabar Coastal Highway. “These are tough decisions, but had to be taken for economic value,” Umahi said. “A lot of people doubted that we will not pay, but we let them…
The Nigeria Labour Congress (NLC,) on Wednesday urged the federal government to declare a new Minimum wage of N615,000. Joe Ajaero, President of the NLC made the demand on Wednesday in his speech to mark the 2024 Workers Day celebration at the Eagles Square, Abuja Ajaero said ” we want to remind you that the process of fixing the new Minimum wage is still continuing. We have placed our demand of N615,000 before our social partners, while we await their offer”.
MTN Nigeria has revealed that its total subscribers increased by 1.3 per cent to 77.7 million, as of March 31, 2024, from 76.7 million recorded in the same period of 2023. Karl Toriola, MTN Nigeria’s Chief Executive Officer, said this in the company’s unaudited financial statement sent to the Nigerian Exchange Limited (NGX) in Lagos. Toriola said that the subscribers, however, dropped by two million, compared to the year ended December 2023, due to the implementation of the NIN-SIM directive, which affected the development of its user base. He said that the telecommunications service provider’s active data users increased by eight…
The latest data from the Nigerian Communications Commission (NCC) reveals that 5G subscribers in Nigeria have reached 2.7 million, constituting approximately 1.24 per cent of the country’s 219 million GSM subscribers. Among the licensed operators for Nigeria’s 5G spectrum are MTN Nigeria, Mafab Communications Ltd, and Airtel Networks Ltd. These companies acquired their licenses in 2022, with both Mafab and MTN paying $273.6 million each. However, the rollout and adoption of 5G technology have been sluggish due to the high cost of 5G-compatible smartphones and the expenses associated with infrastructure deployment. As a result, 5G services are currently limited to…