President Bola Tinubu has instructed the Central Bank of Nigeria to halt the controversial cybersecurity levy policy and conduct a review.

This follows the House of Representatives’ resolution last Thursday to request that the CBN rescind its circular mandating all banks to charge a 0.5% cybersecurity tax on all electronic transactions in the country.

The CBN 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 has 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.

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.

‘Stop levy now’

Members of the House of Representatives on Thursday asked the Central Bank of Nigeria to withdraw the circular directing financial institutions to commence implementation of the 0.5 per cent cybersecurity levy, describing it as “ambiguous”.

The development was in response to a motion on the urgent need to halt and modify the implementation of the cybersecurity levy, moved by Kingsley Chinda.

According to the House, the CBN is to withdraw the initial circular, and “issue a more understandable one”.

Chinda had drawn the attention of the House to multiple interpretations of the CBN directive against the specifications in the Cybersecurity Act.

The House then expressed worry, that the Act would be implemented in error if immediate steps were not taken, to address the concerns around the interpretation of the CBN directive and the Cybersecurity Act.

However, sources with knowledge of Tinubu’s position on the issue told Sunday PUNCH that the President was aware of the economic burden on Nigerians since his hardline economic reforms began last May, adding that he did not want to risk adding to the burden with more levies.

A senior presidency official who preferred not to be named told our correspondent, “The President is sensitive to what Nigerians feel. And he will not want to proceed with implementing a policy that adds to the burden of the people.

“So, he has asked the CBN to hold off on that policy and ordered a review. I would have said he ordered the CBN, but that is not appropriate because the CBN is autonomous. But he has asked the CBN to hold off on it and review things again.”

Another presidency official who preferred to remain anonymous as he was not authorised to speak on the issue said these discrepancies prompted the President to order a review.

“If you look at it, the law predates the Tinubu administration. It was enacted in 2015 and signed by Goodluck Jonathan. It is only being implemented now.

“You know he (Tinubu) was not around when that directive was being circulated. And he does not want to present his government as being insensitive. As it is now, the CBN has held off the instruction to banks to start charging people. So, the President is sensitive. His goal is not to just tax Nigerians like that. That is not his intention. So, he has ordered a review of that law.”

….vows to resist war mongers, sponsors of mischievous publications

A Niger Delta coalition, Coalition of Niger Delta Ethnic Nationalities Youth Leaders for Peace Group, (NDENYLPG) has warned some Ijaw groups allegedly blackmailing the Olu of Warri, Ogiame Atuwatse III over unfounded allegations.

The National Coordinator of the group and ex-militant leader, Self-styled General Osama ( Ijaw Ethnic Nationality) and the National Secretary, General Jemine Josiah, an ex-militant leader (Itsekiri Ethnic Nationality) respectively, vehemently warned the sponsored Ijaw groups to henceforth stop their tissues of lies and cheap blackmail sponsored by some unscrupulous elements calling for the termination of the contract to the Niger Delta’s revered monarch of international recognition and repute, the Olu of Warri, Ogiame Atuwatse III.

The group, after a meeting in Edo State on the 2nd of May 2024, Stated that “We the youth leaders of the Coalition of Niger Delta Ethnic Nationalities Youth Leaders for Peace Group, NDENYLPG, deemed it fit to gather from all parts of the Niger Delta, where our leaders from Istekiri, Ijaw, Urhobo, Kalabari, Okrika, Egbema, Isoko, Bini, and others converged urgently on Edo Stat from the creeks of the Niger Delta on the 2nd of May 2024, for an all-important emergency meeting to deliberate and address some pressing issues that is threatening the fragile but sustained peace that is existing in the heart of the Niger Delta region.

“We totally condemn calls for the termination of the contract of Ocean Marine Solutions company that is handling the Trans-Forcados Pipeline (TFP), which the Olu of Warri Kingdom, Ogiame Atuwatse III, OFR, is the Chairman.The Itsekiri Tribe in Delta State owns over 60 per cent of that Trans Forcados Pipeline, while only 30 per cent of that TFP kriss-kross the Ijaw communities in the creek and by virtue of this, who is supposed to awarded with the responsibility of the security of the TFP pipeline surveillance contract, definitely it is well deserved for the revered first class Monarch, the Olu of Warri kingdom Ogiame Atuwatse the III, OFR, to handle it”.

“Therefore, we want to warn that the so-called disgruntled and jobless fellows of this group, Niger Delta Stakeholders Forum NDSF, headed by one Chief Julius Daukoru from Ijaw ethnic nationality to call for the cancelation of the surveillance contract handled by Ocean Marine Solutions Company (OMS) chaired by the revered Monarch, the Olu of Warri kingdom Ogiame Atuwatse III, OFR, is an insult, aberration and sacrilege to the Itsekiri Nation as whole”.

“And calling to re-award it to Tompolo, an ex militant leader, who is an Ijaw man from Gbaramatu Kingdom, is totally condemnable disheartening and uncalled for, which is adding injury to the matter and we therefore stand against this move made by the so-called disgruntled, unscrupulous and notorious group of persons that are playing the script of their paymasters.”

“In the last few weeks or thereabout in April, there was a group who called themselves Niger Delta Stakeholders Forum headed by one miscreant, a jobless fellow and a disgruntled unscrupulous element that is not known in the Niger Delta struggle.”

“He is rather known for cheap blackmail and he is an instigator who creates hatred and animosity between people of different ethnic nationalities in the region by Julius Daukoru or whatever they call him is hired to do”.

“We sternly warn Mr Julius Daukoru and his paymasters to immediately stop this disgusting action and mischief by dancing naked in the market place, and we know those who are behind him and his fabrications of lies against the Imperial Majesty, The Olu of Warri kingdom, Ogiame Atuwatse III with the ploy to drag his personality and image including that of Ocean Marine Solutions Company in the mud.”

“We will not allow these evil minded persons to throw the Niger Delta into a war zone, we will resist vehemently. We also want the people of Niger Delta to discard whatever the so-called Niger Delta Stakeholders Forum, (NDSF), led by Julius Daukuro had published on some so-called online medium.”

The coalition also made it clear that for the purpose of clarity and putting the records straight asserted that, “Ocean Marine Solutions company has never breached its contract terms and guidelines of the contract agreement entered with the Nigerian National Petroleum Corporation Limited, NNPCL, as falsely alleged by Julius Daukuro.

“It is on record that Ocean Marine Solutions had always engaged critical and relevant stakeholders including the host communities in the NNPCL’s Right of Way, RoW, and also it is imperative to let Nigerians and the world know that in the Trans- Forcados and that of Trans-Escravos recruitment, the host communities surveillance guards both the Ijaw communities and the Itsekiris benefitted.

“We, the Coalition of Niger Delta Ethnic Nationalities Youth Leaders For Peace Advocacy Group, condemns in totality the call for the revocation of the Olu of Warri pipeline surveillance contract being handled by a world class and competent oil servicing company with global best practices, Ocean Marine Company.

“We also dismiss as a lie that the highly respected Olu of Warri kingdom was behind a protest organized in Lagos by some group of persons against Government Ekpemupolo also known as Tompolo who is the chairman of Tantita Surveillance Security Company that is handling the major part of the Trans Niger Pipeline (TNP) pipeline surveillance contract, and such purported accusation is faulty, diminishing, condemnable, and should be disregarded by Nigerians and the entire world.

“We want to dismiss this false claim that the Olu of Warri kingdom is responsible for the largest portion of the Trans Niger Pipeline (TNP) surveillance contract job that was being awarded by the federal government through the Nigerian National Petroleum Company Limited (NNPC-L) up to 80 per cent while the Tantita Security Services Limited is handling 20 per cent in the pipeline surveillance contract job.

“We stand here to state categorically that this claim is faulty demeaning because it is untrue and far from the truth, and for the purpose of clarity let us bring it to the knowledge of the general public, the presidency and the entire Niger Delta region know that it was the Tantita Security Services Limited chaired and owned by Tompolo a former militant leader in the Niger Delta from Gbaramatu kingdom that was awarded the largest portion of the contract, which Tantita Security surveillance company is in charge of the Western corridor, which comprises the entire Delta state, the including the Uhrobo land, the Isoko nation, the Kwale part of Delta north and some part in Edo State and that of Ondo State as well, and the same Tantita Security surveillance company is also in charge of the Central corridor, which comprises the entire Baylesa State”.

According to the coalition, “The management of Pipeline Infrastructure Nigeria Limited PNL, under the watch of the great Olu of Warri kingdom never owed any of his subcontractors neither owed any monthly salary to its surveillance employees like that of the so-called ‘almighty’ Tantita Security surveillance company that is owing its workers and subcontractors to six and eight months without any single payment.”

“In order to put the record straight again, the management of Ocean Marine Solutions Company do abide by the Nigerian Local Content laws of doing business as a reputable law abiding oil firm”.

“The Coalition of Niger Delta Ethnic Nationalities Youth Leaders For Peace Advocacy group is saying that enough is enough and that they should not push us to the world to reveal more dirty lies of the ‘almighty’ Tantita Security surveillance company operations.”

The Economic and Financial Crimes Commission (EFCC) has issued a stern warning to foreign missions operating in Nigeria, prohibiting them from conducting financial transactions in foreign currencies. Instead, they are now required to use the Nigerian naira for all their financial dealings.

The EFCC has also made it compulsory for Nigerian foreign missions abroad to accept naira in their financial businesses.

According to the anti-graft agency, the move is to tackle the dollarisation of the Nigerian economy and the degradation of the naira.

Read also: Naira slips from best performing to worst currency in the world

In an advisory to Yusuf Tuggar, the minister of foreign affairs, titled: “EFCC Advisory to Foreign Missions against Invoicing in US Dollar,” the EFCC expressed reservations and displeasure “regarding the unhealthy practice by some foreign missions to invoice consular services to Nigerians and other foreign nationals in the country in United States dollar(s).”

In a letter dated April 5, 2024, which was addressed to the Minister of Foreign Affairs, Ministry of Foreign Affairs, the EFCC Chairman, Ola Olukoyede expressed dismay over the invoicing of consular services in Nigeria by foreign missions in dollars.

The EFCC cited Section 20(1) of the Central Bank of Nigeria Act, 2007, which makes currencies issued by the apex bank the only legal tender in Nigeria.

The anti-graft agency held that such dollarisation undermines Nigeria’s monetary policy and aspiration for sustainable economic development.

“I present to you the compliments of the Economic and Financial Crimes Commission, and wish to notify you about the commission’s observation, with dismay, regarding the unhealthy practice by some foreign missions to invoice consular services to Nigerians and other foreign nationals in the country in United States dollar,” the letter read.

“This trend can no longer be tolerated, especially in a volatile economic environment where the country’s macroeconomic policies are constantly under attack by all manner of state and non-state actors.

“In light of the above, you may wish to convey the commission’s displeasure to all missions in Nigeria and restate Nigeria’s desire for their operations not to conflict with extant laws and regulations in the country.”

The move by EFCC compliments monetary policy reforms by the Central Bank to strengthen the naira.

…Promises Support For First Class, Second Class Upper Students In Post-Graduation Pursuit

The Administrator of the Presidential Amnesty Programme (PAP), Dr. Dennis Otuaro, has charged students under the Amnesty scholarship scheme to intensify efforts to sustain their record of academic excellence in the universities.

Otuaro spoke while visiting the PAP scholarship students at the Edwin Clark University, Kiagbodo, the Western Delta University, Oghara, and the Michael and Cecilia Ibru University, Agbarha-Otor, all in Delta State on Thursday.

He had earlier visited PAP scholarship students at the Igbinedion University, Okada, and Benson Idahosa University, Benin, all in Edo State as part of his tour of partnering institutions to interact with the managements and the students, on Wednesday.

Otuaro, who was inundated with the beautiful record of academic performance by students under the PAP scholarship scheme, stressed that the positive reports would only encourage the government to do more to invest in human capacity development.

He stated in a statement issued by his Special Assistant on Media, Mr. Igoniko Oduma, that this was in line with the policy of the Tinubu administration to channel the human resources in the oil-rich Niger Delta to productive activities as part of the sustained efforts to promote peace for economic growth in the area.

Otuaro, who was briefed differently by the Vice-Chancellors of the three institutions, promised that the PAP would give the necessary support to brilliant and serious-minded students under the scheme who might want to do masters degree if they are able to secure admission.

He said, “Formal education is a critical aspect of this programme. We have produced many students who have First Class, Second Class Upper while others made distinctions at post graduate level.

“These excellent grades are a very encouraging way of bridging the human capacity development gap in the Niger Delta. I hold the view strongly that formal education would offer self-reliance and higher chances of success to 80 percent of beneficiaries.

“The Presidential Amnesty Programme is for the poor. When you make a great grade, we will make efforts to support your post-graduate studies. We are committed to their success in life and will offer necessary support to those who make good grades to get employment opportunities.

“We are happy and indeed the President would be encouraged by the record of performance of students of the various partnering institutions.

“I advise the students to improve on their inter-personal relationships. They should adhere to the rules and regulations of the institutions.

“It is the belief of the President that impact of government should be felt by the people not only during elections, and that is why he has taken these steps.”

The story of academic success ran through all the three universities where some of the students were retained as reward for sterling academic performance.

In his remarks, the Vice-Chancellor of the Western Delta University, Prof Augustine Ikelegbe, commended President Bola Tinubu for appointing Otuaro, a stakeholder with tested passion for the development of the region, to lead the PAP.

Ikelegbe said that the institution runs an innovative mentorship programme and had trained several lecturers with certification to take care of students to prevent them from straying.

He commended the amnesty students for putting up a superlative performance in character and academics saying, “One of the best students had several prizes. He topped three years of graduating sets and won several prizes.This shows that your students are very good. One other was retained as a graduate assistant in economics. We retain our best. She is on leave of absence in the UK.”

He added, “I expect the programme to be transformed and more advanced with this appointment. He ran the two masters degree concurrently. Only a brilliant person can achieve that from the University of Benin. That shows class and depth, and capacity to interpret the challenges of the Niger Delta. We should have a broader, systematic and performing PAP.”

At the Edwin Clark University, the Vice-Chancellor, Prof Samuel Ugbolue, said that the institution is proud of the achievements of the amnesty students one of whom was engaged as a Personal Assistant to the Governor of Delta State.

He assured the PAP administrator of the readiness of the institution to embrace a strengthened and expanded relationship with the PAP.

He stressed that the South-South region and indeed country need scholarship opportunity to promote human capital development.

At the Michael and Cecilia Ibru University, Prof Ibiyinka Fuwape, the Vice-Chancellor, said that the feedback on the students was excellent as some of them made the overall best results in the institution.