The Central Bank of Nigeria (CBN) has disclosed its intention to re-introduce and enforce the payment of the controversial Cybersecurity Levy on electronic transactions by Nigerians.

The CBN made this known in its Monetary, Credit, Foreign Trade, and Exchange Policy Guidelines for Fiscal Years 2024-2025 document released on Tuesday.

Naija News, however, observed, according to the document, that the levy has been reduced from the 0.5% earlier announced in May 2024 to 0.005% in the new guidelines.

The document read: “The CBN shall continue to enforce the payment of the mandatory levy of 0.005 per cent on all electronic transactions by banks and other financial institutions, in accordance with the Cybercrime (Prohibition, Prevention, etc.) Act, 2015.”

This move is in line with the provisions of the recently amended Cybercrime (Prohibition, Prevention, etc.) Act 2024, and is aimed at bolstering the nation’s cyber security infrastructure.

The commercial banks and other financial institutions operating in the country are expected to deduct the levy from all electronic transactions by customers.

However, the CBN is yet to announce a date for the re-commencement of the charges.

It would be recalled that the CBN instructed banks in May this year to start the deduction of the cybercrime fee from customers’ transactions.

The development, however, generated widespread condemnation from Nigerians, who lamented the hardship they were already going through. Subsequently, the apex bank ordered banks to halt the charges.

The CBN directive follows an order from President Bola Tinubu for the suspension of the policy for proper review.

The Economic and Financial Crimes Commission (EFFC) has denied having the embattled former Kogi State Governor, Yahaya Bello, in its custody.

According to a statement on Wednesday by the EFCC spokesman, Dele Oyewale, Bello is not in the custody of the anti-graft agency and remains a wanted man.

The EFCC added that the subsisting warrant of arrest for Bello over an alleged ₦80.2billion money laundering charges remains in place.

“Media reports today that a former Governor of Kogi State, Mr. Yahaya Bello is in the holding facility of the Economic and Financial Crimes Commission, EFCC, is incorrect. The Commission wishes to state that Bello is not in its custody.

“Bello, already declared wanted by the Commission for alleged N80.2billion money laundering charges, remains wanted with a subsisting warrant for his arrest,” Oyewale said.

The position of the anti-graft agency differs from an earlier statement from Bello’s media office, which claims the former Governor honoured the EFCC invitation after consulting with his family, legal team, and political allies, asserting that he has “nothing to hide.”

This development comes after a history of resistance from Bello, who had previously evaded multiple EFCC invitations and faced a dramatic scene at his Abuja residence.

The EFCC had even obtained a warrant for his arrest, but intervention from his successor, Governor Usman Ododo, had staved off immediate action.

Bello currently faces a 19-count alleged money laundering charge, with his trial adjourned until September 25.

The Joint Action Committee of the Senior Staff Association of Nigerian Universities (SSANU) and the Non-Academic Staff Union of Educational and Associated Institutions (NASU) have threatened that its members would embark on strike unless their demands are met.


The university unions threatened to embark on a fresh strike in three weeks’ time unless the government meets their demands.

In a statement jointly signed by SSANU President, Mohammed Ibrahim, and NASU General Secretary, Peters Adeyemi, the unions noted that an initial 10-day grace period given to the government to meet their demands expired on 26th July, 2024 and the government failed to take action.

They added that six weeks after the grace period elapsed, the government has yet to fulfill this obligation.

The unions, therefore threatened that if the federal government fails to act within the new grace period, they’ll be left with no choice than to shut down universities and inter-university centres.

“It is in light of the above that we inform the government of the decision of the National JAC of NASU and SSANU, at the meeting held on 12th September 2024, that the government is given a final three-week ultimatum from Tuesday, 17th September 2024, to pay the four months’ withheld salaries and implement the agreement reached on 20th August 2022. Failing this, our members may be forced to embark on indefinite strike action at the expiration of the ultimatum,” Ibrahim said.

The statement added that, during the National Minimum Wage meeting, President Bola Tinubu had approved the payment of the four months’ withheld salaries on 18th July 2024, following discussions with the leadership of the Nigerian Labour Congress and the Trade Union Congress.

“We have it on good authority that Mr President approved the payment of the four months’ withheld salaries as far back as 18th July 2024 at the National Minimum Wage meeting with the NLC and TUC leadership.

“Recently, we also heard that Mr President has approved the actual release of the payment. Regrettably, despite these approvals, nothing has been forthcoming,” the statement added.

The unions are demanding, among other things, the payment of four months’ withheld salaries, improved remuneration, earned allowances, and the implementation of the 2009 agreements with the government.

Peter Obi, presidential candidate of the Labour Party (LP) in the 2023 elections, says the Independent National Electoral Commission (INEC) and security agencies should ensure a free, fair, and credible election in Edo state.

The Edo state off-cycle governorship election will be held on September 21.

Obi spoke on Wednesday during the grand finale of the LP governorship campaign in Benin, the state capital.

The former governor of Anambra called on the people of Edo to vote for Olumide Akpata, the LP governorship candidate.

Obi said Akpata if voted as governor of Edo, would deliver the needed change for the benefit of the masses.

“If elected, the Labour Party’s candidate will address federal roads connected to the state without waiting for the federal government to act,” Obi said.

He added that the era of election rigging is over in Nigeria, noting that “anyone who tries to rig the election would be rigged”.

 

“Election rigging is coming to an end in this country. This time around, anyone who rigs the election, we will rig him,” he said.

“Nigerians are suffering every day with hardship, and we cannot continue. That is what the Labour Party wants to change.”

Datti Baba-Ahmed, Obi’s running mate in the 2023 presidential elections, asked LP supporters in the state to leverage their numerical strength to ensure the victory of their candidate.

On his part, the LP governorship candidate asked his supporters to use their votes to “chase” the People’s Democratic Party (PDP) out of the Edo government house.

The Sokoto state commission of inquiry has commenced an investigation into the sales of the state’s shares worth N16.1 billion during the administration of Aminu Tambuwal, the immediate past governor.

The shares were sold by the Sokoto State Investment Limited.

Amanzi Amanzi, a lawyer, told journalists on Tuesday at the end of the panel’s session that the commission was called upon to investigate the sale of government shares unaccounted for between 2018 and 2023.

“In 2018, the accountant-general of the state transferred all government shares to Sokoto State Investment Limited through an official letter,” Amanzi said.

“Between 2018 and 2023, these shares were sold, but the proceeds are unaccounted for. This commission has been called upon to investigate the sales and trace the whereabouts of the funds.”

Amanzi alleged that N16.1 billion was unaccounted for from the sales of the shares, adding that N4 billion out of the amount was distributed to private and corporate accounts without justifiable cause.

The lawyer added that the commission received memoranda from individuals and corporate bodies, raising concerns on various issues, including land disputes, encroachment, and other related matters.

As the Edo State governorship election draws near, a former Vice President, Atiku Abubakar, has said voting for All Progressives Congress in the state would be an endorsement of misery and hardship.

He urged the voters to ask themselves if the APC has made life better, or only deepened their struggles before casting the ballot.

He also said the APC has plunged Nigeria into an abyss of suffering and has sown seeds of poverty, despair, and insecurity.

Atiku made this known in a statement on his Facebook on Wednesday titled ‘The clear choice for a prosperous Edo State’.

 

”They criticized past leaders for raising fuel prices, yet today, they preside over an era where fuel costs soar above N900 per litre. Their cruelty and disregard for the plight of the masses are unmatched. A vote for the APC is a vote for the continuation of misery, hunger, and despair,” Atiku, who was the Peoples Democratic Party presidential candidate during the 2023 general elections, said.

“Do not be swayed by the empty promises of the APC. Electing Dr. Asue Ighodalo of the PDP is not just a vote; it is an act of reclaiming our future. It is a choice to consolidate the good work of Governor Godwin Obaseki and to build a future of prosperity, dignity, and hope,” he added.

According to him, the power to break free from the chains of bad governance, and the power to chart a new course for Edo lies in the residents’ which must be used as a tool for change.

 

Atiku said, ”The APC has donned the mask of a friend to the masses, but behind this veil lies a sinister reality. They have lured gullible voters with sweet promises, only to reveal their true nature— a party driven by a hunger for power rather than the well-being of the people.

”They have forsaken the ideals of governance, ignoring the cries of the common man while pursuing their selfish ambitions. Under their watch, Nigeria has been plunged into an abyss of suffering. They have sown seeds of poverty, despair, and insecurity.

”The once vibrant spirit of our nation has been dimmed by a relentless struggle for survival, where even the simplest of needs, like food, have become out of reach for millions. In this grim reality, our people are not dying of disease but of hunger. We stand at the lowest point in our nation’s governance.

”The APC has not served the people; they have served themselves. And when the people, rightfully aggrieved, have raised their voices in protest, they have been silenced, dragged to courts under charges of treason. Meanwhile, the APC’s leaders bask in luxury, indifferent to the hardship that grips the nation.”

The former vice president said despite the gloomy situation, the PDP candidate was ready to serve with competence and a genuine commitment to the people’s welfare.

”People of Edo State, the time has come to use the power vested in you. As you go to the polls, ask yourself: Has the APC made your life better, or has it only deepened your struggles?

”The answer is clear. Your vote for Ighodalo will not only bring change to Edo State but will also send a resounding message across Nigeria that we reject the deceit and self-serving ways of the APC.

 

”Let us march to the polls this Saturday, united in our resolve to bring about the change we so desperately need. Let us cast our votes for Asue Ighodalo and usher in a new dawn for Edo State. The power is yours. Use it wisely,” Atiku said.

Governors elected on the platform of the Peoples Democratic Party, (PDP) have once again pledged their support to the Governor of Rivers State, Siminalayi Fubara.

They insisted that Fubara is the leader of the party in the state.

Recall that the Minister of the Federal Capital Territory (FCT), Nyesom Wike had warned the PDP governors to steer clear of Rivers State, threatening that he will set fire in their various states if they interfere.

However, responding to Wike’s controversial outbursts, the Chairman of PDP Governors’ Forum, Governor Bala Mohammed said there is no going back on their support for Fubara.

Speaking on Tuesday when he received the delegation of the party’s National Working Committee (NWC) Mohammed, said party stakeholders were working behind the scene to bring Fubara and Wike together.

Addressing journalists shortly after the meeting, Mohammed added that as the number one member of the PDP in Rivers state, Governor Fubara should be allowed to have control over the party’s structure.

He told reporters that the NWC delegation has supported “the decision of the PDP Governors’ Forum to back Rivers State Governor Similayi Fubara as the leader of the PDP in the state.

“The decision is in order and that is how it is supposed to be. Governor Fubara is the leader of the party in the state. It is along this line that we collectively agreed for the rule of law, and the delegation gave their firm commitment and support for the position of the PDP Governors Forum in Rivers State.”

“We all know the relationship between the FCT Minister and the current Governor of Rivers state which is that of the mentor and the mentee. We are working behind the scenes to ensure they come together to work together in a manner that PDP is known for.

“Certainly, it is not something we can dictate here but we have summoned the courage and the will to ensure that the correct thing is done.”

The Central Bank of Nigeria (CBN) has approved a new chairman and board of directors for Keystone Bank.

This was confirmed in a statement on Wednesday by Keystone bank, in which it noted that the move was part of the apex bank’s strategy to ensure sustained growth for the financial institution.

 

The CBN appointed a new board chairman, five non-executive directors and two new directors.

Recalls the CBN had confirmed in January that it had dissolved the board and management of Union Bank, Keystone Bank, and Polaris Bank.

The apex bank, in a statement signed by its acting director of Corporate Communications, Sidi Ali Hakama, said the move became necessary due to the non-compliance of these banks and their respective boards with the provisions of Section 12(c), (f), (g), (h) of Banks and Other Financial Institutions Act, 2020.

According to the fresh statement on Wednesday, Lady Ada Chukwudozie has been appointed as the new board chairman.

The five other non-executive directors are Abdul-Rahman Esene, Mrs. Fola Akande, Akintola Ayodeji Olusoji, Obijiaku Samuel, and Senator Farouk Bello.

In addition, the CBN also named two new executive directors, Ladi Oluwole and Abubakar Usman Bello.

Lady Ada Chukwudozie, a prominent figure in Nigeria’s corporate sector, brings nearly three decades of experience in business strategy, management, and administration.

Her expertise cuts across multiple industries, including De-Endy Industrial Company Limited, Dozzy Group, the Manufacturers Association of Nigeria, and Vogue Afrique Magazine.

Abdul-Rahman Esene, with over 43 years of experience in banking, investment management, and corporate finance, has held leadership roles in major institutions such as Fidelity Bank, Afrinvest, and Global Arbitrage International Inc.

Mrs Fola Akande boasts over 25 years of experience in legal, compliance, and risk management, having worked with global brands like Cadbury, Stanbic Chartered Bank, and Shell.

Akintola Ayodeji Olusoji has a distinguished 30-year career in accounting, finance, and business development, having served at institutions such as Sterling Bank, Access Bank, and Intercontinental Bank.

Obijiaku Samuel, with more than 35 years of experience in banking and treasury operations, has left a significant mark on Nigeria’s financial sector, previously working with Zenith Bank and Fidelity Bank.

Senator Farouk Bello, a seasoned banker with over 20 years of experience, has led initiatives across both the public and private sectors, including the National Assembly and Guaranty Trust Bank.

Meanwhile, the two new executive directors bring their vast expertise to the table. Ladi Oluwole, the new Executive Director of Risk Management, comes with over two decades of experience in credit and enterprise risk management, including previous roles at Bank of America. Abubakar Usman Bello, Executive Director for the Northern Directorate, has extensive experience managing corporate, retail, and public sector clients.

Speaking on the appointments, Keystone Bank’s Managing Director and CEO, Hassan Imam, expressed confidence in the new board members, stating that their wealth of experience would play a crucial role in the bank’s continued repositioning and growth.

“We are pleased to welcome the new chairman, non-executive directors, and executive directors to the board of Keystone Bank. We are confident that their extensive experience will be invaluable as we continue to reposition the bank to seize emerging economic opportunities while maintaining strong corporate governance and providing our customers with a secure and reliable banking experience,” Imam said.

The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has denied suggestions that the Nigerian National Petroleum Company Limited (NNPCL) has been allowed to usurp its powers by determining the price of petrol coming from Dangote Refinery.

The NMDPRA maintained that the deal between Dangote Refinery and NNPCL was based on a willing seller and willing buyer relationship.

The Chief Executive Officer of NMDPRA, Engr. Farouk Ahmed, who made the submission, said in line with the provisions of the Petroleum Industry Act (PIA), 2021, the interaction of market forces is what determines the price of petrol in the country since the government has deregulated the sector.

He added that the role of the NMDPRA is not to allow anyone to go overboard by exploiting the market or the final consumers.

Naija News recalls after lifting petrol from Dangote Refinery as the sole buyer of products from the facility, the NNPCL released a price template which indicates ₦950.22 as the average price of a litre in Lagos State, and ₦1, 019.22 per litre for Borno State, the longest and extreme end of the supply route.

This development raised concerns among stakeholders and industry watchers, with insinuations that the NNPCL had taken over one of the key functions of the NMDPRA.

But speaking in a chat with Daily Trust on Tuesday, Engr. Ahmed said the controversy generated by the action is needless.

He submitted that the pump price announced by the NNPCL was meant for its outlets across the country, and other marketers are not bound by the prices.

“We try to restrain ourselves from needless controversy,” he said.

“But to put the record straight, the recent transaction between NNPCL and Dangote Refinery is strictly based on a willing buyer and a willing seller.

“But I know you will ask me that the supply is not sufficient in Nigeria, hence the high price. Of course, things would work fine when we have more players in the sector.

“But in a situation whereby some Nigerians expect us to regulate the price, it then means that the sector has not been deregulated; and it means we would continue to have problems,” he added.

More controversy has emerged in the execution of a sale-purchase deal on premium motor spirit, otherwise known as petrol, between the Nigerian National Petroleum Company Limited, NNPCL, and Dangote Refinery. 

Findings by Vanguard yesterday indicated that while the NNPCL believes Dangote cannot supply an adequate quantity of the product, Dangote told Vanguard it had already delivered 111 million litres of the product within three days (last Sunday to yesterday), adding that loading was still ongoing steadily.
NNPCL last weekend said Dangote could only deliver 16.8 million litres out of the 25 million litres it initially agreed with NNPC.

 

A source at the NNPCL also told Vanguard, yesterday that the refinery is struggling to deliver the 16.8 million litres it promised.

But with the latest delivery figure it disclosed, Dangote must have significantly surpassed its promised delivery as well as the national demand put at over 40 million litres per day.

This also means that Dangote can make further petrol importation unnecessary.
But against the backdrop of this latest development, Vanguard learned that importation by NNPCL may have intensified with several consignments, totalling over 135 million litres, within three weeks from September 27, 2024, with the latest import arriving Friday.

This also implies a sudden excess supply of petrol barely a few days after the country was suffocated by acute shortage of the product, resulting in a sharp rise in the price.

Speaking to Vanguard on the development, the Group Chief Branding and Communications Officer of Dangote Refinery, Anthony Chiejina, stated: “We have already loaded 111 million litres of petrol and the exercise is ongoing.

“We are refining and have no reason not to load. So, loading is ongoing and we would continue to provide the product to the market.”

More imports by NNPC

However, Motor Tanker Vessels Report, sighted by Vanguard, yesterday, indicated as of September 13, 2024, vessels such as Mia Grace, Valle Azzurra, Hafina Lioness and Clean Justice brought in 37,000 metric tonnes, 37,234 metric tonnes, 24,352 metric tonnes and 36, 934 metric tonnes of imported petrol into Nigeria for the government. 

Also, another vessel, known as Savanna, brought in 20,000 metric tonnes of import petrol through Mainland for distribution in Calabar while Mycroft brought in another 20,000 metric tonnes of diesel for Total Oil for distribution in Port Harcourt, Rivers State.

Two vessels – Ostria and Moriarity – brought in 15,000 metric tonnes each through Taurus and Awariste for distribution in the Warri, while Bedford brought in 12,000 metric tonnes of diesel.
Also Zonda and Capt. Gregory brought in 15,000 metric tonnes of petrol and diesel for Nepal and Awariste respectively, while Matrix Pride and Stellar also brought in 15,000 metric tonnes of petrol.

NNPCL did not respond

Efforts to get NNPCL to officially comment on the latest delivery figures from Dangote failed as the Chief Corporate Communications Officer of NNPCL, Mr. Olufemi Soneye, did not respond to questions from our reporter.

But in its earlier statement, the company had stated that 16.8million were available for loading from the refinery to its filling stations.

 

Why marketers can’t import petrol, lift from Dangote — NNPCL

Meanwhile, the Executive Vice-President, Downstream at NNPC, Adedapo Segun, said oil marketers have not been able to import petrol, despite the import permits granted them.

He said: “When the marketers go to Nigerian Midstream and Downstream Petroleum Regulatory Authority, NMDPRA to get the permit or licence to get the import, typically they will say they want to import amount of automotive gas oil (AGO), aviation turbine kerosene (ATK), and some of them actually include petroleum motor spirit (PMS).

“They then go to market, check the market indices and say to themselves: PMS is still being sold below cost; if I bring it in, I’ll make a loss.

“Now they have approval to bring in ATK, AGO, and PMS, but they end up bringing only AGO and ATK.

“They do not bring in that PMS because the market is still not right for them. So, it is not because NNPC wants to be the sole importer or provider of PMS, it is because the other marketers won’t do it if it’s not profitable.”

 

Segun, who said marketers could also not purchase petrol directly from Dangote refinery, stated: “That is the same thing happening with Dangote. I said earlier that Dangote is a company and it is going to sell at market price.

“Basically, the situation has not changed there. So, NNPC off-taking is only because the others would not buy at the price Dangote will be willing to sell, which is reasonable. As soon as the price allows for it, you will see the marketers go to Dangote and buy.

“So, instead of saying NNPC is the only off-taker, let’s put it this way: NNPC is the only entity that is willing to off-take because NNPC has a role under law to be the energy provider of resort.”

FG should provide welfare packages — CPPE

Reacting to the development yesterday, the Chief Executive Officer, Centre for the Promotion of Private Enterprise, CPPE, Dr Muda Yusuf, said the recent upward review of petrol price has worsened the plights of most Nigerians and, of course, businesses.

“I think we need to go back to the drawing board, the social safety net in Nigeria is exclusively very weak, the people are suffering seriously and there is a limit to what they can absorb in terms of the pains of all these policies

 

“The government should wade into this and see how they can restore normalcy as the citizens should not be exposed to commercial pricing of petroleum products.

“The citizens are not finding it easy at all. Most recent increases have even further fuelled inflation as many citizens are trekking to places where they would have taken buses and so on. So, we are praying for an urgent intervention from the presidency on this matter.”