The Central bank of Nigeria (CBN) has issued a new directive requiring deposit money banks in the country to impose a 0.5% cybersecurity levy on certain transactions conducted by their customers.

New Cybersecurity Levy Directive by Central Bank of Nigeria

This directive was communicated through a circular dated May 6, 2024, addressed to various financial institutions including commercial, merchant, non-interest, and payment service banks, as well as mobile money operators and payment service providers.

Key Points from the Circular:

• The levy is in accordance with the Cybercrime (Prohibition, Prevention, etc) (amendment) Act 2024.
• The levy amount is set at 0.5% of the value of all electronic transactions specified in the Second Schedule of the Act.
• Funds collected through this levy will be remitted to the National Cybersecurity Fund (NCF) administered by the Office of the National Security Adviser (ONSA).
• Implementation of the levy is scheduled to commence two weeks from the circular’s date.

• The levy will be deducted at the point of electronic transfer origination and reflected in the customer’s account as ‘Cybersecurity Levy’.

• Financial institutions are required to remit the collected levies to the NCF account at the CBN by the fifth business day of each subsequent month.

Exempted Transactions:

• The cybersecurity levy will not apply to transactions such as loan disbursements and repayments, salary payments, intra-account transfers within the same bank or between different banks for the same customer, inter-branch transfers within a bank, cheque clearing and settlements, Letters of Credits, and certain funding activities related to banks’ recapitalization.
• Transactions involving savings, deposits, long-term investments, and other specified categories are also exempt from this levy.

This new cybersecurity levy aims to enhance cybersecurity measures in the financial sector and ensure the protection of electronic transactions against cyber threats. Financial institutions and customers are advised to familiarize themselves with the details of the directive to comply with the requirements set forth by the CBN.

A video posted on social media shows the condition of a road in an Abia community following a heavy rainfall. According to the TikTok user, this happened after attending an event.

Video Shows Road Conditions in Abia Community After Rainfall

The video was accompanied by the caption: [Caption].

“You went to an event in Abia state and after it rained you couldn’t go back home”.

Check out some of the reactions below:

ndzika
I love how they defend their “best governor” saying “he can’t touch everywhere, na small small etc. But if na another Governor na so so insults up and down.

realtor_amos
Hand wey touch my comment, Go buy land this year

design_ba_gratia
Is small small, the governor can not do everything once ✌️

mydivinityhouse
Visit my state and you will know we have the best road network in Nigeria. Akwa Ibom to the world…

makuo_chukwu_004
Some of this baddies na road to there house be this

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santos_watchmysuccess
All eyes on Lagos 😂😂😂 he reach una turn now una 1 explain, it’s so unfair…. If u dey stay glass house no trow stone 🪨 oh 😂😂😂😂😂

cyril_unusual
Just watch people insult the governor, they forget that this is a village, and the governor can’t touch everywhere at the same time

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Instagram video credit: LiB

The Nigeria Labour Congress  (NLC) strongly criticized the Nigeria Governors Forum (NGF) for their opposition to the proposed ₦60,000 minimum wage, deeming it a move towards economic disaster.

Nigeria Labour Congress (NLC) Criticizes Governors’ Refusal to Pay ₦60,000 as Minimum Wage

The NLC accused the governors of acting in bad faith during wage negotiations in a recent statement.

The Governor’s Forum spokesperson, Mrs. Halima Ahmed, expressed concerns that the wage increase would deplete state funds, hindering their ability to cover other expenses from monthly allocations.

In response, NLC’s Benson Upah highlighted the rise in FAAC disbursements from ₦700 billion to N1.2 trillion, suggesting that reducing governance costs and corruption could make the wage hike viable.

The NLC stressed that the minimum wage aims to protect vulnerable workers, urging governors to reconsider given workers’ economic challenges like inflation, fuel subsidy removal, and currency devaluation.

They cautioned that neglecting the wage adjustment could harm the national economy, especially in states where the public sector drives economic activities. The NLC called for a balanced approach considering workers’ welfare and the broader national interest.

The statement reads;

“We do believe the Governors have acted in bad faith. It is unheard of for such a statement be issued to the world in the middle of an on-going negotiation. It is certainly in bad taste.

“As for the veracity of their claim, nothing can be further from the truth as FAAC allocations have since moved from N700 billion to N1.2 trillion. making the governments extremely rich at the expense of the people.

“All that the governors need to do to be able to pay a reasonable national minimum wage (not even the N60,000) is cut on the high cost of governance, minimise corruption as well as prioritise the welfare of workers.

“It is important to explain here that a national minimum wage is not synonymous with the different pay structures of different states. The national minimum wage is the lowest floor below which no employer is allowed to pay. The aim is to protect the weak and the poor.

“We are not fixated with figures but value. Those who argue that moving the national minimum wage from N30,000 to N60,000 is sufficiently good enough miss the point. In 2019, when N30,000 became the minimum, N300 exchanged for $1 (effectively making the minimum wage an equivalent of $100 or thereabout) while inflation rate was 11.40.

“At the moment the exchange rate is at N1,600 to $1 while inflation hovers at 33.7% (40% for food). This puts the value of the minimum wage at $37.5 for a family of six. This is happening at a time costs of everything rose by more than 400% as a result of the removal of fuel subsidy. This is an extreme bad news for the poor.

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“Government’s policies of fuel subsidy removal, mindless devaluation of the Naira, energy tariff hike by 250% and interest rate hike by 26.5% will continue to hurt the economy (especially manufacturing sector) and the poor.

“Already manifest is the mass incapcity of Nigerians leading to overflowing warehouses of the productive sector of the economy. The downward trend will continue except the capacity of workers and businesses is enhanced.

“Paying a miserable national minimum wage portends grave danger to not only the workforce but the national economy as in truth, economies of most states are driven by workers wages.In light of this, we urge the governors to do a re-think and save the country from a certain death.”

Abiodun, also known as ‘Iya Sunday’, stated that she burned her mother because she believed her mother was responsible for her troubles.

Daughter Sets Her 86-Year-Old Mother on Fire in Ondo

A 45 year old woman named Abiodun, also known as ‘Iya Sunday’, set her 86 year old mother on fire by pouring petrol on her in Ondo City, Ondo West Local Government Area of Ondo State.

She claimed she did this because she believed her mother was responsible for her problems. According to an eyewitness named Sola Oladele, the incident occurred when the suspect arrived at her mother’s house at 5 am on a Friday, called her out, poured petrol on her, and set her on fire.

“I went to my mother’s house around 4 am and sat outside. When it was 5 am, I called out my mother from the house. Immediately after she came out, not knowing what was happening, I poured petrol on her body and set her on fire.

“It all started when I went to one pastor for prayers, and he told me that my mother was behind what was happening to me. I did not believe it at first. My mother also took me somewhere to see a woman. After my mother left, the woman also said the same thing.

“I burnt my mother because of what I heard from the pastor and the woman, that I can only be free from bondage when my mother is dead,” the witness said

The spokesperson of Ondo State Police Command, SP Funmilayo Odunlami-Omisanya, confirmed the incident, stating that the victim passed away on Saturday.

She mentioned that as the woman died during treatment at the hospital, the suspect will be charged with murder.

The Executive Chairman of the Economic And Financial Crime Commission (EFCC), Olanipekun Olukayode, formed a Disciplinary Team to investigate two EFCC officers who allegedly assaulted a female staff member at Regional Hotel, Ojo, Lagos.

EFCC Officers Captured on Video Assaulting Lagos Hotel Staff to Face Disciplinary Panel

Incident: The officers were captured in a viral video assaulting a hotel staff member during a sting operation on June 27, 2024.

Actions Taken:

Arrest: Olukoyede ordered the arrest of the officers.

Disciplinary Process: The officers are required to appear before a joint Disciplinary Team consisting of the Appointment, Promotion, and Disciplinary Committee (APDC) and the Department of Ethics and Integrity on July 1, 2024, in Abuja.

Investigation: The team will assess the case and recommend appropriate disciplinary actions.

Statement: Olukoyede emphasized the thoroughness of the investigation to hold the officers accountable for their unprofessional behavior.

Incident Details: The officers, dressed in plain clothes, forcibly entered a hotel room where they were seen assaulting a woman, believed to be a hotel employee, in the video footage captured by Closed Circuit Television (CCTV).