₦airaland Forum

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

This plan, announced in its Monetary, Credit, Foreign Trade, and Exchange Policy Guidelines for Fiscal Years 2024-2025 document released on Tuesday, September 17, stipulates that banks and other financial institutions must deduct the levy from all electronic transactions.

According to the document, the levy has been reduced from the 0.5% earlier announced in May 2024 to 0.005%.

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

“The levy’s proceeds would go towards creating a cybersecurity fund specifically designed to bolster Nigeria’s banking sector’s defences against online attacks. The CBN stresses the significance of cybersecurity measures and requires payment service providers (PSPs), banks, and other financial institutions (OFIs) to comply with minimal cybersecurity standards.

“These standards include the appointment of Chief Information Security Officers (CISOs) to oversee cybersecurity compliance, in line with the 2022 risk-based cybersecurity framework.

“Pursuant to the circular titled ‘Issuance of Risk-based Cybersecurity Framework and Guidelines for Deposit Money Banks and Payment Service Providers’ referenced BSD/DIR/GEN/LAB/11/25, and dated October 10, 2018, issued by the CBN to combat the increasing cyber security threat in the banking industry, banks and Payment Service Providers (PSPs) are mandated to adhere to the guidelines on the risk-based cyber security framework”, the document explains.

While the apex bank is yet to announce a date for the re-commencement of the charges, THEWILL recalls that the CBN had in May this year, instructed banks to start the deduction of the cybercrime fee from customers’ transactions.

President Bola Tinubu, however, directed the suspension of the policy for proper review following widespread public outrage by Nigerians who lamented the hardship they were already going through.

Makavelli001:
'If Tinubu Wins In 2023, We Are All Losers'

One of the most foolish things I've heard is Tinubu supporters saying "we will teach you politics in 2023".

You want to use the lives of over 200 million Nigeroans to "teach politics"?

You are pushing for a sick, incoherent criminal with no history of honest work to win just so you can say "I told you so"?

Listen, if Tinubu wins in 2023, we are all losers. All of us.

Even you that you are pushing for him to win here, you are a big loser.

It should be the height of madness to work hard all your life, shun crime, teach your children to choose honesty and hope they don't turn criminals.

Only for you yourself to be actively campaigning and rooting for a criminal with no history of honest work for President.

There's no excuse for this.

Even if Peter Obi wasn't running, you should be ashamed, if there's any decency left in you, to campaign for someone like Tinubu for President.

You say Peter Obi is a liar.

You say he invested government money in private businesses and the proceeds are going back to government.

Let us assume that all these are true. He would still be 100 times better than Atiku or Tinubu.

If lying is the only vice Nigerian leaders have, this country would not be where it is today.

That's why it's ridiculous when people say "all these politicians are the same" when it comes to justifying why they are supporting Tinubu.

How is lying and being a bag man for drug syndicates, having no traceable history of legitimate work or childhood the same thing?

If you want to be dishonest, chest it. Don't hide under "all these politicians are the same" because everyone can see they are not.

If Tinubu wins in 2023, we should all bow our heads and weep.

You wonder why children say they want to grow up to be internet fraudsters (Mo fe se Yahoo) but would gladly campaign for a man who has no history of legitimate work and is a drug lord for President?

What's there for children to aspire to? Why should anyone choose to work legitimately? Why not do Yahoo? Why not cut corners?

Why work hard and honestly when you can commit crime, not do honest work once in your life and still become President one day?

You should all be ashamed of yourselves. ��‍♂️

Ndiyo!

— James Ogunjimi �

Salewa97:
Better

Ahead of time notification

The Federal Government on Tuesday alerted Nigerians to the water release from the Lagdo dam in Cameroon.

The FG made this known in a statement signed by the Director-General/Chief Executive Officer, Nigeria Hydrological Services Agency, Umar Muhammed.

The statement noted that the authorities of the dam would initiate controlled water releases starting today, September 17, 2024, adding that the water discharge is anticipated to progressively escalate to 1000m³/s over the next seven days based on the inflow from the upstream Garoua River.

The statement read, “The Nigeria Hydrological Services Agency wishes to notify the general public that the authorities of the Lagdo dam in Cameroon have communicated to the agency that they will initiate controlled water releases at a rate of 100m³/s (8,640,000m³/day) starting today, September 17, 2024.

“The water discharge is anticipated to progressively escalate to 1000m³/s over the next seven days based on the inflow from the upstream Garoua River, which serves as the primary source into the reservoir and a significant tributary to the Benue River.”

It noted that “nonetheless, the dam operators have indicated that the planned water discharges will be gradual to avoid surpassing the conveyance capacity of the Benue River system and triggering substantial flooding downstream in Nigeria.

“The overflow from the Lagdo dam is projected to cease once there is a noticeable reduction in the flow into the Lagdo reservoir.”

The agency, however, said there is no cause for alarm “as major flooding downstream in Nigeria is not anticipated since the flow levels along the Benue River are still within cautionary limits.

The statement that all states bordering the Benue River system, namely: Adamawa, Taraba, Benue, Nasarawa, Kogi, Edo, Delta, Anambra, Bayelsa, Cross-Rivers, and Rivers, along with the government at all levels (Federal, State, and LGAs), to “heighten their vigilance and implement appropriate preparedness measures to mitigate potential flooding impacts that may arise due to an increase in flow levels of our major rivers during this period.”

The agency reaffirmed its commitment to “diligently monitor the flow conditions of the transboundary Benue River and the national inland rivers, and consistently provide regular updates on water levels across major rivers to prevent further flood disasters.”