Nigeria set to gain from new maritime territory

The newly approved 16,300 square kilometres of maritime territory has immense potential for the economy, experts have said. They highlighted opportunities for oil and gas exploration, improved maritime security and job creation. The United Nations granted Nigeria about 16,300 square kilometres of additional maritime territory, about five times the size of Lagos State. The extension […]

BUA Cement to fund N120bn Lokoja-Benin road reconstruction

The Federal Executive Council has given the green light for the equalisation of the Okpella section of the Lokoja-Benin road and other projects totalling N120 billion. The funding for these projects will be provided by BUA Cement Plc under the tax credit scheme. This decision was reached during a lengthy meeting chaired by President Bola […]

CAC registration: Police to go after illegal PoS operators

The Federal Government has said mandatory registration of Point-of-Sales operators (PoS) nationwide will reduce kidnapping and help security agencies arrest recipients of ransom payments from kidnap victims. It also vowed that security agencies would go after PoS operators who fail to comply with the directive to register with the Corporate Affairs Commission after July 7, […]

The purpose of Cybersecurity levy 

The Presidency yesterday said the cybersecurity levy was introduced to tackle cybercrimes and terrorism. It said the nation lost over N273billion (approximately $762million) to cybercrime alone in 2022. It also claimed that the same levy is in place in Ghana and Rwanda. Opposition to the policy grew yesterday, with the Trade Union Congress (TUC), ex-Labour […]

SERAP gives FG 48-hr ultimatum to reverse CBN’s 0.5% cybersecurity levy

  The Socio-Economic Rights and Accountability Project has issued a warning to the Federal Government to reverse the 0.5 per cent cybersecurity levy imposed by the Central Bank of Nigeria. SERAP also threatened to deal in legal action against the government if it failed to reverse the levy within a 48-hour timeframe. The non-governmental organisation […]

FG set to ban naira from all crypto trading platforms 

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 […]

List of  those exempted from CBN’s 0.5% cybersecurity levy

The Central Bank of Nigeria has ordered banks operating in the country to start charging a cybersecurity levy on transactions. A circular from the apex bank on Monday, May 6 informed implementation of the levy would start two weeks from today. The circular was directed to all commercial, merchant, non-interest and payment service banks, among […]

BREAKING: Banks to charge Nigerians for cybersecurity on every transaction

Amid the ongoing hardship ravaging Nigeria, deposit money banks in the country will now start charging 0.5% cybersecurity levy on transactions. This was contained in a circular dated May 6, 2024 by Central Bank of Nigeria (CBN) to all commercial, merchant, non-interest and payment service banks as well as mobile money operators and payment service […]

Customers in state of panic as CBN bans Opay, Palmpay, others’ new accounts

Some bank customers have expressed panic as the Central Bank of Nigeria (CBN) bans mobile money operators including fintech firms from onboarding new customers. However, the Bank Customers Association of Nigeria backed the CBN directive. The new directive will affect fintech companies such as OPay, Palmpay, Kuda Bank, and Moniepoint, from opening new accounts until […]

FAAN reopens Lagos airport runway after Dana Air incident

The Federal Airports Authority of Nigeria has announced the reopening of Runway 18L/36R at Murtala Muhammed Airport in Lagos, following a temporary closure caused by a Dana Air plane skidding off the runway on Tuesday This was disclosed in a press release signed by the Director of Public Affairs and Consumer Protection, FAAN, Obiageli Orah, […]