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Tinubu Bows To Pressure, Suspends Cyber Security Levy

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President Bola Tinubu has instructed the Central Bank of Nigeria to suspend the implementation of the 0.5 per cent cybersecurity levy in response to public backlash and opposition following its announcement.
Minister of Information and National Orientation, Mohammed Idris, disclosed the suspension of the levy, yesterday.
Idris stated that President Tinubu has directed the CBN to temporarily halt the enforcement of the 0.5 per cent cybersecurity levy and to review the methods for its application.
Recall that members of the House of Representatives last Thursday asked the CBN to withdraw the circular directing financial institutions to commence implementation of the 0.5 per cent cybersecurity levy, describing it as “ambiguous”.
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.
The CBN had, 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.
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.
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.
“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 also 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.
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.
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.
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.

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Walson-Jack Salutes Civil Servants’ Dedication On Workers’ Day

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Mrs Didi Walson-Jack, The Head of the Civil Service of the Federation (HCSF) has commended the Nigerian workers, particularly civil servants, for their resilience, hard work and patriotism to the nation.

Walson-Jack made the commendation in a message personally signed to mark the 2025 Workers’ Day celebration in Abuja, yesterday.

She said that the dedication of workers had remained the bedrock of Nigeria’s development and progress.

“On this Workers’ Day, I extend heartfelt gratitude to all Nigerian workers, especially our dedicated Civil Servants, whose resilience, hard work, and patriotism sustain our nation.

“Your commitment remains the bedrock of our progress.

‘’Today reminds us that through unity, innovation and excellence, we can overcome any obstacle and build a stronger, more prosperous Nigeria, ” said Walson-Jack.

The HCSF urged civil servants to uphold the highest standards of efficiency, productivity, integrity and commitment to national service.

“I salute your invaluable service and call on you to remain resolute in upholding the highest standards in service delivery.

“May your efforts be richly rewarded, and may our nation flourish through your dedication. Happy Workers’ Day,” she added.

 

 

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Tinubu committed to unlocking Nigeria’s potential – Shettima

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Vice-President Kashim Shettima says President Bola Tinubu is committed to unlocking Nigeria’s full potential and position the country as a leading force on the African continent.

Shettima stated this when he hosted a  delegation from the Hertie School of Governance, Berlin, led by its Senior Fellow, Dr Rolf Alter, at the Presidential Villa in Abuja last Wednesday.

He said Nigeria was actively seeking expertise from the global best institutions to enhance policy formulation and implementation, particularly in human capital development.

The Vice-President noted that President Tinubu was determined to elevate Nigeria to its rightful position as a leading force in Africa.

“The current crop of leadership in Nigeria under President Bola Ahmed Tinubu is ready and willing to unleash the full potential of the Nigerian nation on the African continent.

” We are laying the groundwork through strategic reforms, and at the heart of it, is human capital development.”

He described the Hertie School as a valuable partner in the journey.

According to him, Hertie School of Governance, Berlin, has track record and institutional knowledge to add value to our policy formulation and delivery, especially in this disruptive age.

Shettima reiterated the government’s priority on upskilling Nigerians, saying ” skills are very important, and with our Human Capital Development (HCD) 2.0 programme.

“We are in a position to unleash the full potential of the Nigerian people by enhancing their capital skills.”

The Vice-President acknowledged the vital support of international development partners in that effort.

” I want to thank the World Bank, the European Union, the Bill and Melinda Gates Foundation, and all our partners in that drive to add value to the Nigerian nation,” he maintained.

The Vice-President said human capital development was both an economic imperative and a social necessity.

Shettima assured the delegation of the government’s readiness to deepen cooperation.

” We need the skills and the capacity from your school. The world is now knowledge-driven.

“I wish to implore you to have a very warm and robust partnership with the government and people of Nigeria.”

Shettima further explained recent economic decisions of the government, including fuel subsidy removal and foreign exchange reforms.

“The removal of fuel subsidy, the unification of the exchange rate regime and the revolution in the energy sector are all painful processes, but at the end of the day, the Nigerian people will laugh last.

“President Tinubu is a very modern leader who is willing to take far-reaching, courageous decisions to reposition the Nigerian economy,” he added.

Earlier, Alter, congratulated the Tinubu administration for the successful launch and implementation of the Human Capital Development (HCD) strategy.

The group leader described the development as ambitious and targeted towards the improvement of the lives of the citizens.

He expressed satisfaction with the outcome of his engagements since arriving in the country.

He applauded the zeal, commitment, energy and goodwill observed among stakeholders in the implementation of Nigeria’s HCD programme.

Alter said the Hertie School of Governance would work closely with authorities in Nigeria across different levels to deliver programmes specifically designed to address the unique needs of the country.

He, however, stressed the need for government officials at different levels to be agile and amenable to the dynamics of the evolving world, particularly as Nigeria attempted to successfully accelerate its human capital development aspirations.

 

 

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FG Licenses 11 New Private Universities

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The Federal Government, has presented operational licenses to 11 newly approved private universities to expand access to quality tertiary education.

The Minister of Education, Dr Tunji Alausa, at the presentation of the licences to the new private universities in Abuja on Wednesday, said it was sequel to the approval by the National Universities Commission (NUC),

The Tide source reports that the newly licenced universities are: New City University, Aiyetoro, Ogun State, Lens University, Ilemona, Kwara State, and Kevin Ezeh University, Mgbowo, Enugu State.

Others are Southern Atlantic University, Uyo, University of Fortune, Igbotako, Ondo State, Minaret University, Ikirun, Osun State and Abdulrasaq Abubakar Toyin University, Ganmo Kwara State.

Also in the list are,  Monarch University, Iyesi Ota, Ogun State, Tonnie Iredia University of Communication, Benin, Edo State, Isaac Balami University of Aeronautic and Management, Lagos State, and Eranova University, Kuje, FCT.

Alausa said the approval was in line with the Nigerian Education Sector Renewal Initiative designed to restore the glory of Nigeria’s educational system.

“This ceremony is not only a celebration of your achievements, but also a renewed call to action in building a future-ready and globally competitive Nigerian university system,” he said.

He highlighted the urgency of steering Nigeria’s higher education toward priority fields such as STEMM (Science, Technology, Engineering, Mathematics, and Medical Sciences.

“Nigeria has more than enough social science graduates. What we need now are problem-solvers graduates with life skills who can drive industries, build infrastructure, and improve lives.

“We must acknowledge an uncomfortable truth that, while we now have 159 licensed private universities, too many are failing to meet the quality standards Nigeria demands,” he said.

Alausa added that licensing must not be symbolic but must be impactful.

To address this, he said NUC is undertaking a comprehensive review of quality assurance mechanisms aimed at ensuring that all licensed institutions, whether public or private, serve as genuine centres of learning, innovation, and research.

He also encouraged private universities to collaborate with one another and form international affiliations, noting Nigeria’s potential as a hub for global education partnerships.

The minister further revealed that, following presidential directives, several universities that had awaited approval for over four years finally received licenses after a thorough evaluation process completed within three years.

“Private universities must rise to the challenge of delivering high-quality, relevant education that meets the demands of a modern economy.

” With support from regulatory bodies and a renewed commitment to excellence, the newly approved institutions are expected to play a transformative role in shaping the nation’s next generation of leaders and innovators,” he explained.

The NUC Executive Secretary, Prof. Abdullahi Ribadu highlighted the growing importance of private universities as complementary partners to public institutions, particularly in catering to Nigeria’s youthful population.

Ribadu said since the liberalisation of university education in 1999, private universities had significantly expanded the nation’s academic landscape.

” From just 49 universities in 1999, 23 of which were private, Nigeria now boasts of 298 universities, with 159 (53.3 per cent) being privately owned.

“The catalyst for this expansion is the increased participation of the private sector,” he said.

He explained that the licenses awarded were provisional, valid for three years, during which institutions must meet strict quality benchmarks.

“The provisional status is subject to close monitoring by the NUC, with full licenses to be granted only after a thorough evaluation of each institution’s compliance with regulatory standards,” he said.

To ensure readiness for academic operations, the NU C boss announced that a mandatory resource verification exercise would be conducted for all academic programmes.

Speaking on behalf of the proprietors, Sen. Jimoh Ibrahim, Proprietor, University of Fortune, Igbotako, Ondo State, called on NUC to remove barriers preventing Nigerian universities from collaborating more actively with global institutions.

Ibrahim emphasised the urgency and significance of fostering international academic partnerships to drive innovation, skills development, and national growth.

Also, Tony Iredia, Proprietor, Tonnie Iredia University of Communication, Benin, pleaded with the federal government to ensure that moratorium period is not long.

Iredia also said that Nigerian universities might not be doing well in research as a result of poor communication of research works.

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