The Federal government has said the country’s healthcare system is attracting foreign patients, including Indians seeking medical treatments.
In an interview on Arise TV on Monday, Minister of State for Health, Dr Tunji Alausa, claimed that the nation’s healthcare was no longer in crisis.
He claimed that with improvements in the healthcare system, the country was witnessing a reversal of the ‘japa syndrome,’ suggesting that medical personnel were returning home from abroad.
The Minister pointed out that Nigeria had become a preferred destination for medical tourism, particularly for surgical procedures, which were more cost-effective compared to other countries.
According to him, the proliferation of aesthetic hospitals, numbering close to 900 across Nigeria, also contributes to attracting patients seeking services such as plastic surgery.
“Today, we have almost 900 aesthetic hospitals around Nigeria. People are coming to get plastic surgery,’’ he said.
He noted that the administration’s commitment to prioritising public health led to positive changes in the healthcare sector.
“We have a President now that believes a healthy nation is the core to harnessing our biggest asset, which is our human capital,” Alausa said.
He added that the government allocated dedicated funds and initiated collaborations to enhance primary healthcare services and expand health insurance coverage.
“The President has mandated us to increase coverage from about seven million to about 50 million people to have health insurance in the next two to three years. This marks the highest budget allocation for the health sector in almost 24 years”, he said.
Buhari’s Close Associates Conspired With Emefiele To Engage In Manipulations, Fraudulent Approvals – Ex- Minister, Shittu
AFOLABIAdebayo Shittu, a former Minister of Communication under former President Muhammadu Buhari, has said his former principal’s administration was full of manipulations and fraudulent approvals.
Recall that presidential spokesman, Ajuri Ngelale, had also said many approvals for releasing funds within the Central Bank of Nigeria (CBN) under Godwin Emefiele did not have Buhari’s signature.
During an interview with Channels Television’s Sunrise Daily on Tuesday, Shittu said many persons close to Buhari manipulated things to their favour, plunging the country’s economy into a downward slide.
Commenting on the reports that the previous administration was printing money to run the economy, Shittu said Buhari was unaware of some things.
The former Minister called on the Economic and Financial Crimes Commission (EFCC) to wade into the matter and ‘probe properly.’
He said, “Let me tell you, there were a lot of manipulations and we even heard that a lot of the so-called approvals did not emanate from President Buhari.
“There were a lot of manipulations and fraudulent approvals which did not emanate from the President.”
“I am telling you confidently that a lot of it did not get his attention. There were a lot of people around the President who exploited their relationship with the President and conspired with the then-CBN governor.
“I hope the EFCC will probe properly as to how these things happen without the President knowing.”
A Nigerian House of Representatives member has called for mercenaries to tackle insecurity in the country.
The lawmaker from Borno State, Ahmed Jaha claimed that the Nigerian security forces have failed.
Jaha, who represents Chibok, Gwoza, Danbuwa made the call on Tuesday while reacting to a motion moved by Obinna Ginger.
Speaking on insecurity, Jaha said the foreign mercenaries almost wiped out the Boko Haram insurgents during the Goodluck Jonathan administration.
He stated that Buhari was wrongly counselled to expel the mercenaries in 2015, adding that insecurity has spread to other parts of the country.
Jaha said Nigerian security forces failed to address insecurity despite the billions of naira spent. He said the House must present a clear position on the deployment of foreign machinery.
“The mercenaries almost wiped out the Boko Haram insurgents during Jonathan’s administration but Buhari sent them out of the country,” he said.
It would be recalled that former President Jonathan invited South African mercenaries to lead the charge in the fight against insurgents.
The All Progressives Congress, APC, have again accused Senator Rabiu Kwankwaso, the 2023 Presidential candidate of the New Nigeria People’s Party, NNPP, of attempting to undermine the political relevance of its National Chairman, Abdullahi Ganduje, ahead of the next election in Kano State.
This was disclosed by the National Legal Adviser of the APC, Prof Abdulkareem Kana when he was featured as a guest on Channels Television’s Politics Today.
Both Ganduje and Kwankwaso, two former Kano governors, were allies before they fell out a few years ago over political differences in the state.
But Kana claimed all evidence at their disposal suggested that the leadership of the NNPP and its chieftains in Kano state were behind the pockets of sponsored protests to remove him as the national chairman of the APC.
The lawyer also admitted on the live programme that it was a show of power targeted at making Ganduje irrelevant ahead of the next election in the state.
He said, “I am not from Kano. But I have heard analysis from prominent politicians who think so (a war between Kwankwaso and Ganduje). It is an attempt to create a problem within our party. Of course, I have heard my chairman speak on this matter and I will believe his analysis that the idea is to demystify him going into the next election in the state. It is also possible to impact his influence, which is looming in Kano.
“But what could have led to the seeming collapse in the relationship between him and Kwankwaso, I really cannot say. These are two politicians who have come a long way. So I think this is pure politics at play and at some point, I am confident that they may likely find themselves at a point of convergence in which the issue will be resolved.
“The individuals who perpetrated the act of claiming identities that were not theirs are not members of our party. Within that community, they are known to be NNPP members. The NNPP is trying to scratch our skin but they are not capable of destabilising our party.
“Having worked with Ganduje for a month, I have come to see him as a father. He is a very responsible leader from the little I have learnt from him and he makes efforts to carry everybody along in his activities. He is a very experienced administrator and we are seeing the quality of his service in the party.”
When contacted, the National Publicity Secretary of NNPP, Ladipo Johnson, described the APC as a confused party with a delusional leader.
He said, “Usually the NNPP won’t like to join issues or give a reply to everything Ganduje and the APC say. The Kwankwaso he mentioned has nothing to do with his travail, which he caused with his own hands.
“We are talking about a man who is having a running battle with the party executives of his ward and who is not bold enough to go to court to face the charges against him.”
The plot to remove the embattled national chairman from office gathered momentum in the past month.
It reached a crescendo two weeks later when scores of demonstrators stormed the APC secretariat in Abuja to demand his resignation and have the seat of the party leadership, previously occupied by Abdullahi Adamu, returned to the North Central zone.
The protesters hinged their request on the recent suspension of Ganduje by a faction of his ward executive and the bribery allegation levelled against him by the Kano State government.
The Joint Admissions and Matriculation Board (JAMB) has released additional results from the just concluded 2024 Unified Tertiary Matriculation Examination (UTME).
Confirming the development on Tuesday morning, the spokesman of the board, Fabian Benjamin, said 531 withheld results were recently released by the examination body.
Naija News understands that the released results bring the total number of JAMB results released so far to 1,842,897.
“As promised, the Board is proceeding with the screening of over 64,000 withheld results. It has, however, released an additional 531 results, taking the total number of results released to 1,842,897.
“In the course of the exercise, other cases of examination misconduct were also established to make a tally of 92 from the 81 initially discovered.
Benjamin said on Tuesday, “The Board is also looking at cases of unverified candidates and will soon come up with a position.”
JAMB had, on April 29, announced the release of the 2024 UTME results.
However, it noted that the board withheld the results of 64,624 out of the 1,904,189 who sat the examination, which will be subject to investigation.
The Nigerian government has drafted a plan to reintroduce the telecommunications tax previously suspended and other revenue-generating measures to secure a $750 million World Bank Loan.
This is according to the recent Stakeholder Engagement Plan for Nigeria – Accelerating Resource Mobilisation Reforms programme between Nigeria and the World Bank.
The document posted on the World Bank’s website showed that the Nigerian government might reintroduce taxes on telecoms, electronic money transaction levies, and other fiscal measures.
The Washington-based World Bank’s contribution of $750 million constitutes a significant portion of the programme’s budget, and the government is expected to contribute $1.17 billion through annual budgetary. Nigeria requested the loan in 2021 but was earlier stopped.
“Domestic Revenue Mobilisation drive in the government ARMOR program seeks to increase revenue on some targeted industries and sectors of the economy. Specific groups and agencies within affected sectors include the Association of Licensed Telecom Operators of Nigeria: The introduction of excises on telecom services requires that all telcos are mobilised to participate fully in collecting such revenue.
“Committee of Bankers: Introduction of EMT levy on electronic money transfers through the Nigerian Banking System would need the buy-in of all banking institutions”, the document partly reads.
The development comes after President Bola Tinubu, in July 2023, ordered the suspension of the five per cent excise duty on telecommunications and the Import Tax Adjustment levy on certain vehicles.
Recall that the Nigerian government applied for the $750 million loan in 2021 to improve the government’s financial position by enhancing its capacity to manage and mobilise domestic resources effectively, which includes improving tax and customs compliance and protecting oil revenues.
Sectors affected include manufacturers of goods such as alcoholic beverages, tobacco products, sugar-sweetened beverages, telecom and banking service providers, and the general tax-paying public, importers and international traders.
The Socio-Economic Rights and Accountability Project (SERAP) has given the Tinubu-led administration 48 hours to withdraw the cybersecurity levy directive issued by the Central Bank of Nigeria (CBN).
Naija News reports that CBN had issued a new directive to all financial institutions, including commercial, merchant, non-interest banks, payment service banks, and mobile money operators, mandating the implementation of a 0.5% cybersecurity levy on all electronic transactions.
This move is in line with the provisions of the recently amended Cybercrime (Prohibition, Prevention, etc.) Act 2024.
The directive, detailed in a circular, instructs that the levy be applied at the point of electronic transfer origination, with the deducted amount to be reflected in the customer’s account as a “Cybersecurity Levy.”
Financial institutions are required to start deductions within two weeks from the date of the circular and remit the accumulated levies monthly to the National Cybersecurity Fund (NCF), which is administered by the Office of the National Security Adviser (ONSA).
In response to the directive, SERAP took to its X handle to demand the withdrawal of the directive.
SERAP demanded the CBN directive’s immediate withdrawal, implementing a 0.5% cybersecurity levy, threatening legal action if not withdrawn within 48 hours.
In the statement, SERAP wrote: “The Tinubu administration must immediately withdraw the grossly unlawful CBN directive to implement section 44 of the Cybercrime Act 2024, which imposes a 0.5% ‘cybersecurity levy’ on Nigerians.
“We’ll see in court if the directive is not withdrawn within 48 hours.”
The Lagos State Government has justified its reason for deporting some youths believed to be Osun indigenes back to their home state.
Naija News learned that several luxury buses over the weekend dropped off hundreds of young individuals at different locations in the Ilesa area of the state over the weekend, following claims of rounding them up from various parts of Lagos state.
In a statement on Sunday, the Lagos Commissioner for Information and Strategy, Gbenga Omotoso, said some of those relocated were miscreants arrested in the state who pleaded to be relocated to their home state due to their current situation.
Omotosho said 450 miscreants were arrested under the Dolphin Bridge at the weekend and 371 pleaded for assistance to relocate to their various states due to the hardship they are facing in Lagos.
The commissioner added that 79 persons have been absorbed into some government facilities for rehabilitation due to their medical state.
He said the ongoing operation was undertaken by the government to tackle the security risk in Lagos caused by the influx of miscreants, beggars, and the destitute in different parts of the state.
The statement reads, “The statewide exercise to free Lagos of visible security risks has continued after the arrest of some suspects under the Dolphin Estate bridge.
“The ceaseless influx of miscreants, beggars, and the destitute onto Lagos streets has raised fears of insecurity of lives and property. This is unacceptable.
“As part of the exercise, 450 miscreants were at the weekend rescued. Of the lot, 371 pleaded for assistance to relocate to their various states due to the hardship they are facing in Lagos; 79 have been absorbed into some government facilities for rehabilitation after showing signs of being unwell.
“The exercise will continue as part of the government’s responsibility to keep our citizens safe and secure.”
Nigeria Labour Congress, NLC, and its Trade Union Congress of Nigeria, TUC, counterpart, have given the Nigerian Electricity Regulatory Commission, NERC, till May 12 to withdraw the recent hike in electricity tariff or face unprecedented industrial action.
The ultimatum was issued in a joint letter to the Chairman/Chief Executive Officer, CEO, dated May 3, 2024, and copied to the Secretary to the Government of the Federation, SGF, the Ministers of Labour and Power and the electricity distribution companies, DisCos, among others, Joe Ajaero and Festus Osifo, President of NLC and its TUC’s counterpart.
The letter read: “This is to refer you to our May Day address where we expressed grave concerns regarding the recent announcement of an astronomical hike in electricity tariff across the nation from N65/kWh to N225/Kwh by your commission.
‘’We believe that this decision is not just morally reprehensible considering the difficulties Nigerians are faced with currently, but it blatantly disregards fundamental principles and statutory obligations.
‘’It is a slap in the face of justice and fairness, and we will not stand idly by as the masses and workers are subjected to such unacceptable exploitation.
“As the regulator of the electricity sector, it is imperative that your commission grasps the weight of its responsibilities. NERC’s role entails the regulation of electricity tariffs in the country, a duty outlined in explicit detail within the statutes governing the commission.
‘’Yet, with this recent tariff hike which you have acquiesced, it is evident that the Commission has forsaken its duty and abandoned the people it was meant to protect to the fat cats in the electricity industry.
“We are miffed that NERC has become a tacit collaborator in crafting the oppressive pricing regime being perpetuated against Nigerian workers and people. The Laws that set up the commission mandate it to act as an unbiased ombudsman in the electricity industry. ‘’Unfortunately, the reverse is the case as it has acted in cahoots with the Distribution Companies, DisCos and the Generating Companies, GenCos, to promote their nefarious market practices.
“The announced tariff hike not only defies the established procedure mandated by law but also tramples upon the rights of Nigerian citizens. It is a flagrant abuse of power and a clear violation of the trust bestowed upon your commission by the Nigerian people. Such actions will not be tolerated, and we refuse to accept them as the new norm.
“Nigerian workers and masses led by the Nigeria Labour Congress, NLC, and the Trade Union Congress of Nigeria, TUC, stand united in denouncing this injustice. We must defend the rights of our fellow citizens against exploitation.
“Therefore, we demand an immediate reversal of the hike in electricity tariff to N65/kwh, immediate cessation of the discriminatory practice of segregating electricity consumers into arbitrary bands, and restoration of the supremacy of the statutes governing the conduct of operators within the electricity industry.
“We give you until Sunday, May 12, 2024, to comply. Failure to do so will result in swift and decisive action on our part as we will not hesitate to mobilize our members and occupy all NERC’s offices and those of the DisCos nationwide until justice is served.”
• It’s welcome, say Reps, Muda Yusuf
The Trade Union Congress (TUC), electricity workers, and consumers yesterday described as ‘negligible,’ the 8.1 per cent reduction in the tariff paid by Band A customers.
They called for a reversal of the tariff announced last month by the Nigeria Electricity Regulatory Commission (NERC) for Band A customers, saying there should not be segregation of electricity users.
The House of Representatives and Center for the Promotion of Private Enterprise (CPPE) Chief Executive Officer Muda Yusuf, however, described the review as a step in the right direction.
NERC which is the regulator of the nation’s electricity sector, had in a statement yesterday directed the 11 electricity Distribution Companies (DisCos) in the country to reduce Band A tariff from N225/kWh to N206.8/kWh for this month.
The DisCos immediately started complying with the order which NERC explained was primarily informed by the stability of the Naira against foreign currencies.
When the commission upped the tariff paid by customers on Band A feeders last month, it cited variables like the high cost of gas, prevailing exchange rate, and other macroeconomic factors as reasons.
However, there was an uproar over the adjustments from different quarters.
Yesterday, TUC which is the umbrella body of senior workers, said pre-April tariff of N66/KWh should be restored while NERC engages with stakeholders .
The union had during the May 1 Workers Day celebration, issued NERC a one- week ultimatum to return the tariff to the old price of N66/KKWh . The ultimatum expires today.
“Our ultimatum was very clear: revert to the old N66/KKWh not to reduce. Because the Electricity Act is very clear there should be stakeholders’ engagement. That was not done.
“ NERC has to revert to the old tariff and let there be stakeholders engagement in line with the provisions of the Electricity Act. So reducing it is unacceptable to us,” said TUC’s Deputy President Tommy Okon.
Also, National Union of Electricity Employees (NUEE) Ag. General Secretary Dominic Igwebike, said: ‘’We are asking for total reversal of the tariff for band A customers.’’
‘’To us as electricity workers, there should be no discriminatory tariff for Nigerians, “ added in a text message.
Consumers under the aegis of the Association for Public Policy Analysis (APPA), argued that the new rate of N206.80/kwh ‘’does not make any difference.’’
They wondered whether or not the reduction was enough incentive for manufacturers to remain in business or reduce the costs of their goods.
“Reducing it (tariff) what is the difference? N225, you are now reducing to N206.80. Industries are dying. What we should be asking is that this amount they are putting now, will it make the industry functional? Will it make the manufacturers to be able to manufacture more and reduce the costs of their products ?,” APPA National President Princewill Okorie, asked.
Recommending solutions to the Federal Government, Okorie urged it to reverse its policy on gas.
He said: ‘’Government should come up with a new policy that will spell out domestic gas obligation for power generation. Why should gas that is produced locally be sold to generating companies(GenCos) in dollars? How should Nigeria that lacks gas for electricity generation export the same product?
‘’It is not a patriotic policy. The solution we want is that the Federal Government should reverse the policy on gas.
“If gas is made available to the generation companies to generate electricity, tariff will be reduced. Why will we have gas in quantity and be buying gas in dollars in Nigeria and no percentage is reserved for generating electricity for Nigerians.
“Rather, the gas is sold abroad by private companies while citizens are suffering by paying high tariffs. It does not help. It is not a patriotic decision at all. Let gas be made available for GenCos.”
The APPA chief also called on the Federal Government to settle the N47 billion that its Ministries, Departments and Agencies are owing the DisCos.
He said that it was unfortunate that government’s decisions in the power were, more often, based on data from the DisCos and not those generated by any of its agencies .
Okorie asked: “Where are the data ? All these decisions taken in the power sector are they based on data from consumers generated at community level? Should the ministry (Power) depend of DisCos to give them report and not verify from the consumers.
“Who is overseeing consumers’ issues in the Ministry of power? Who is advising the ministry and the President on issues regarding power? Nobody.’’
But the House of Representatives which welcomed the 8.1 tariff reduction agreed that there is more to be done.
The House had on April 30 called on NERC to reverse N225/kWh tarrif increase. It also raised a committee to hold a public hearing with stakeholders in the power sector and Organised Labour.
Spokesman for the House Akintunde Rotimi told The Nation that the public hearing would proffer lasting solutions to frequent tariff increases by NERC and DisCos.
CPPE founder Yusuf said NERC had by the review shown that it was responsive to the peoples’ concerns
He added that he believes that the tariff slash, no matter how minimal, would have a positive impact on manufacturing in particular and electricity consumers in general.
Yusuf said: “The review is a welcome development and above every other thing it proves that NERC is sensitive to the concerns that have been expressed by the citizens, electricity consumers and the national assembly. It is a good development for manufacturers and electricity consumers generally.
“As to the factor of macroeconomic environment, I hope that if the situation changes may be by this month or next, NERC would not come back and start reviewing it again because there is also a need for stability in electricity tariff.
‘’Electricity is of strategic importance to the economy and not only for its comfort for the people but for the productivity in the economy.
‘’It is not a sector where we should be expecting another volatility because we have enough volatility in other sectors and no need adding that of electricity into it.’’
Why tariff was slashed, by NERC
Improvement in the exchange rate , among other macroeconomic parameters, induced the tariff reduction, said the commission.
It explained in a statement that the slash was in tandem with the tariff methodology covering this month.
“The commission has considered changes in the macroeconomic parameters over the preceding month of April 2024 and especially the appreciation of exchange rates – consequently the Commission has approved a downward review of end-user tariffs for Band “A” customers from N225/kWh to N206.8/kWh,” the statement read.
NERC also reiterated that it was committed to providing a balanced and effective regulatory regime serving the needs of the Nigerian Electricity Supply Industry (NESI).
In their separate reactions, the DisCos which complied almost immediately by reducing the Band A tariff, said they follow ‘’directives given by the regulators knowing they are in the best interest of all parties.’’
They assured customers of continued improvement in service delivery.
Ikeja Electricity (IE) Head of Corporate Communications, Kingsley Okotie, assured customers in Bands B, C, D, and E that their tariff ‘’remains unchanged.”
Okotie added: “We are a compliant Disco; we follow directives given by the regulators knowing it is in the best interest of all parties. We assure our customers of continued improvement in our service delivery as we strive to give them a better quality of service.
‘’Please be informed of the downward tariff review of our Band A feeders from N225/kwh to N206.80/kwh effective 6th May 2024 with guaranteed availability of 20 to 24 hours supply daily.’’
The Abuja Electricity Distribution Company said: “We are pleased to share with you the revised tariff for our Band A feeders, which will decrease from N225/kWh to N206.80/kWh effective today(Monday). We assure customers on our Band A feeders of continued availability of electricity supply for 20-24 hours daily.”
[TheNation]
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The Federal Government, through the Securities and Exchange Commission, is set to delist the naira from all peer-to-peer crypto platforms as the government steps up efforts to tackle exchange rate manipulators and dollar racketeers.
The development came against the backdrop of the recent moves by the Federal Government to regulate Nigeria’s crypto market estimated at $57bn.
The newly-appointed Director-General of the Commission, Emomotimi Agama, disclosed the government’s latest plan during a meeting with members of the Nigerian blockchain industry on Monday.
The meeting was organised by the Blockchain Industry Coordinating Committee of Nigeria.
Agama confirmed that the government was currently drafting a new set of regulations to govern the crypto sector.
Operators in the crypto space have allegedly used the P2P platforms to manipulate the naira and the exchange rate.
“That is one of the things that must be done to save this space; the delisting of the naira from the P2P platforms to avoid the level of manipulation that is currently happening. I want your cooperation in dealing with this as we roll out regulations in the coming days,” the SEC DG told the members of the local crypto community.
Agama’s announcement came barely a week after the Central Bank of Nigeria instructed payment service banks to caution their customers against engaging in crypto transactions.
The PUNCH understands that some local exchanges in the country, such as OKX, Bitbarter and some platforms under the membership of Stakeholders in the Blockchain Technology Association of Nigeria had already stopped naira services in solidarity with the government.
In March, SiBAN sought collaboration with the Federal Government for proper regulation after developing the Virtual Assets Service Providers Code of Conduct in 2022.
However, the SEC DG urged members of the crypto community in Nigeria to “name and shame” the players involved in the manipulation of the naira.
He maintained that some bad players in the industry were manipulating the national currency, an act that the government was determined to deal with.
Agama said, “We ask with all sense of sincerity that those involved in sharp practices cease. We encourage you to reach out to us by naming and shaming those involved.
“This nation has a future, and this future is dependent on this community. For us at the SEC, our interest is to provide an enabling environment for fintech to thrive, and by so doing; we expect the fintech community to reciprocate by doing the right thing.
“Patriotism can never be wished away. Whatever we do that would bring dishonor to our country, we must try to avoid it. What is very critical and has brought about this meeting are the concerns regarding crypto P2P traders and their effect on the naira.”
He maintained that the SEC under his watch was poised for an innovative digital asset regulatory regime that would sustain Nigeria as Africa’s digital asset powerhouse with diverse solutions like real-world asset tokenization.
This, according to him, will drive wealth and catalyse the country’s capital market.
He said, “We must explore innovative solutions to this problem and strike the right balance between encouraging innovation and safeguarding our national economic interests. This we will do in a friendly and firm manner to enable us to achieve the desired result.
“On that note, I want to emphasise that we are working on different fronts to sustain decent practices within our market. However, we are here to meet ourselves to know those playing within the sector decently and are open to hearing your suggestions on how we can effectively manage all obscure cryptocurrency trading activities within our jurisdiction, P2P inclusive, irrespective of the challenge we all know that P2P trading poses.”
Sunday PUNCH had reported that the proposed Monday meeting would see the government take decisive action on the sector.
Nigeria’s volume of crypto transactions grew by nine per cent year-over-year to $56.7bn between July 2022 and June 2023, according to the 2023 Geography of Cryptocurrency Report by Chainalysis, a United States-based international blockchain analysis firm.
Stakeholders seek collaboration.
In his remarks, the Chairman of the Fintech Association of Nigeria, Dr. Babatunde Obrimah, commended the SEC DG for the bold steps and the proposed partnership with the ecosystem.
He pledged the association’s commitment to working with the DG to sanitise the virtual ecosystem.
On its part, BICCoN requested the setting up of a working group to tackle the various challenges facing the crypto space and move the market forward.
The co-founder of a local exchange, Bitbarter.io, Chukwuemeka Ezike, told The PUNCH that operators within the ecosystem were willing to support and work with the government to ensure that some of the issues relating to the naira’s value were resolved.
While acknowledging that huge investments have been put into building their platforms, he said it would be imperative to work out possible resolutions to enhance the sector’s growth.
On Saturday, the Chairman of BICCoN, Lucky Uwakwe, had said that the group would be seeking to reach a middle ground with the regulator.
Ukakwe said the meeting “is for us to try and bring the industry to be compliant and remove bad actors who abuse technology, especially the concern raised by the government. This has to do with those who use the technology to manipulate the naira.
“We also hope that innovation is encouraged to enable the industry to gain more foreign inflow that will aid the current administration’s drive for foreign investment into the nation, as seen in other countries such as China and the UAE, and not to stifle the industry.”
Fintechs.
Last week, the CBN stopped major fintech firms from onboarding new customers in an ongoing audit of their Know-Your-Customer process.
The ‘Know Your Customer’ compliance level of fintechs has also been a source of worry for regulators. This involves verifying a customer’s identity and understanding their financial activity to prevent financial crimes, such as money laundering, terrorist financing, and fraud.
According to the Nigeria Inter-Bank Settlement System’s fraud watch report, fraud losses increased by 496.96 per cent over the past five years, and financial institution customers lost N59.33bn between 2019 and 2023.
Following the regulatory action, major fintech firms, including Opay and PalmPay, sent emails to their customers on Friday, warning them against trading in cryptocurrency or any virtual currency on their apps. They also threatened to block any accounts found engaging in such activities.
Already, the Economic and Financial Crimes Commission has obtained a court order to freeze at least 1,146 bank accounts owned by various individuals and companies allegedly involved in illegal foreign exchange transactions.
The 85-page court order (document), which listed the bank account details of the suspects, was obtained by The PUNCH on Monday.
Justice Emeka Nwite, in a ruling on the ex-parte motion, moved by counsel for the anti-graft agency, Ekele Iheanacho, also granted the commission’s application to conclude the investigation within 90 days.
Part of the court document read, “That the applicant’s (EFCC) application is hereby granted as prayed.
“That an order of this honourable court is hereby made freezing the bank accounts stated in the schedule below, which accounts are owned by various individuals who are currently being investigated in a case involving the offences of unauthorised dealing in foreign exchange, money laundering, and terrorism financing, to the extent that the investigation will be for a period of 90 (ninety) days.”
The President of the Bank Customers Association of Nigeria, Uju Ogubunka, backed the CBN’s move to suspend new account openings on the affected platforms.
He told The PUNCH that the strict regulations that govern deposit money banks must apply to fintechs and microfinance banks to ensure the integrity of the financial institutions.
He said, “Anything that can disrupt the system should not be permitted. If the platforms are being used for things that are against the regulations, I think the CBN decision is OK. I don’t see anything wrong with that. It behoves the companies now to get their KYC right.
In 2021, the CBN restricted banks and other financial institutions from operating accounts for cryptocurrency service providers.
However, in December 2023, the financial regulator lifted the ban.
But fresh concerns emerged in February over the activities of the largest cryptocurrency exchange in the world, Binance, on its peer-to-peer platform, especially on issues relating to its price cap on USDT trading.
Authorities said those activities contributed to the depreciation of the naira.
On March 8, Binance stopped its naira services after two of its executives were detained by the Nigerian authorities
A presidential spokesman, Bayo Onanuga, said Binance could destroy the Nigerian economy by arbitrarily fixing the foreign exchange, rate if not stopped.
While confirming that the government has taken strict action against the website, Onanuga said, “If we don’t clamp down on Binance, Binance will destroy the economy of this country. They just fix the rate.”
“We have saboteurs. Look at what Binance is doing to our economy. That is why the government moved against Binance. Some people sit down using cyberspace to dictate even our exchange rate, hijacking the role of the CBN.
“They just sit down and fix anything they like. It’s sabotage, and we are trying to prevent that from happening henceforth.”
[Punch]
The Central Bank of Nigeria (CBN) has ordered all banks to start charging a 0.5 per cent cybersecurity levy on all electronic transactions within the country excluding 16 listed banking deals.
According to a circular signed by the Director, Payments System Management Department, Chibuzo Efobi; and the Director, Financial Policy and Regulation Department, Haruna Mustafa; the cybersecurity would commence two weeks from May 6, 2024.
The apex bank, in the circular, directed to all commercial, merchant, non-interest, and payment service banks, among others; to start the implementation of the cybersecurity charges after two weeks of the information.
“The levy shall be applied at the point of electronic transfer origination, then deducted and remitted by the financial institution. The deducted amount shall be reflected in the customer’s account with the narration, ‘Cybersecurity Levy,’” the circular partly read.
However, the CBN listed 16 banking transactions exempted from the new cybersecurity levy.
The exempted transactions are listed below:
1. Loan disbursements and repayments
2. Salary payments
3. Intra-account transfers within the same bank or between different banks for the same customer
4. Intra-bank transfers between customers of the same bank
5. Other Financial Institutions instructions to their correspondent banks
6. Interbank placements,
7. Banks’ transfers to CBN and vice-versa
8. Inter-branch transfers within a bank
9. Cheque clearing and settlements
10. Letters of Credits
11. Banks’ recapitalisation-related funding – only bulk funds movement from collection accounts
12. Savings and deposits, including transactions involving long-term investments such as Treasury Bills, Bonds, and Commercial Papers
13. Government Social Welfare Programmes transactions e.g. Pension payments
14. Non-profit and charitable transactions, including donations to registered non-profit organisations or charities
15. Educational institutions’ transactions, including tuition payments and other transactions involving schools, universities, or other educational institutions
16. Transactions involving bank’s internal accounts such as suspense accounts, clearing accounts, profit and loss accounts, inter-branch accounts, reserve accounts, nostro and vostro accounts, and escrow accounts.
[Vanguard]
The Central Bank of Nigeria (CBN) has directed banks and other financial institutions to implement a 0.5 percent cybersecurity levy on electronic transfers.
This is contained in a circular signed by Chibuzor Efobi, director of payments system management and Haruna Mustafa, director of financial policy and regulation on Monday.
The directive was issued to commercial, merchant, non-interest and payment service banks, as well as mobile money operators.
CBN said the policy would take effect in two weeks and charges would be described as ‘Cybersecurity Levy’.
According to the apex bank, the deduction and collection of the cybersecurity levy is a sequel to the enactment of the Cybercrime (prohibition, prevention etc) Amendment Act of 2024.
“Following the enactment of the Cybercrime (Prohibition, Prevention, etc) (amendment) Act 2024 and under the provision of Section 44 (2)(a) of the Act, “a levy of 0.5% (0.005) equivalent to a half percent of all electronic transactions value by the business specified in the second schedule of the Act, is to be remitted to the National Cybersecurity Fund (NCF), which shall be administered by the Office of the National Security Adviser (ONSA),” CBN said.
CBN said the charges would be remitted to the national cyber security fund, which would be administered by the office of the NSA.
“Deductions shall commence within two (2) weeks from the date of this circular for all financial institutions and the monthly remittance of the levies collected in bulk to the NCF account domiciled at the CBN by the 5th business day of every subsequent month.”
CBN said failure to remit the levy is an offence which attracts a fine of not less than 2 percent of the annual turnover of the defaulting business, amongst others.
“Finally, all institutions under the regulatory purview of the CBN are hereby directed to note and comply with the provisions of the Act and this circular.”
Meanwhile, earlier, banks announced the reintroduction of 2 percent charge on deposits above N500,000.
[TheCable]
The Federal Government is aware of false alarms being raised in some quarters alleging discussions between the Federal Government of Nigeria and some foreign countries on the siting of foreign military bases in the country.
We urge the general public to totally disregard this falsehood.
The Federal Government is not in any such discussion with any foreign country. We have neither received nor are we considering any proposals from any country on the establishment of any foreign military bases in Nigeria.
The Nigerian government already enjoys foreign cooperation in tackling ongoing security challenges, and the President remains committed to deepening these partnerships, with the goal of achieving the national security objectives of the Renewed Hope Agenda.
Mohammed Idris
Minister of Information and National Orientation
06 May 2024