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Reps order CBN to suspend cybersecurity levy

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The House of Representatives Thursday asked the Central Bank of Nigeria to withdraw the circular directing all banks to commence charging a 0.5 per cent cybersecurity levy on all electronic transactions within the country, The Nation reports.

The motion on the urgent need to halt and modify the implementation of the cybersecurity levy was moved by the member representing the Obio/Akpor Constituency, Kingsley Chinda.

The circular, which was directed to all commercial, merchant, non-interest, and payment service banks, among others; noted that the implementation of the levy starts two weeks from Monday, May 6, 2024.

 

“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.

In the motion, Chinda said, “The House notes that businesses which the said Section 44(2)(a) refers to are listed in the Second Schedule to the Cybercrimes Act to be GSM Service Providers and all telecommunication companies; Internet Service Providers; Banks and Other Financial Institutions; Insurance Companies and the Nigerian Stock Exchange.

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“The CBN circular mandates all banks, other financial institutions and payments service providers to implement the Cybercrimes Act by applying the levy at the point of electronic transfer origination as “Cybersecurity Levy,” and remitting same.

“The wordings of the CBN circular leaves the directive to multiple interpretations including that the levy be paid by bank customers, that is, Nigerians, against the letters and spirit of Section 44(2)(a) and the Second Schedule to the Cybercrimes Act, which specifies the businesses that should be levied accordingly,” the lawmaker noted.

 

The development according to the lawmaker “has led to apprehension as civil society organisations and citizens have taken to conventional and social media to call out the Federal Government to give ultimatums for a reversal of the ‘imposed levy on Nigerians’ among other things.”

 

He argued that unless immediate pragmatic steps are taken to stop the proposed action of the CBN, “The Cybercrime Act shall be implemented in error at a time when Nigerians are experiencing the aftermath of multiple removal of subsidies from petroleum, electricity and so on and the rising inflation.”

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Raisi’s vice expected to be sworn in as president of Iran

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Iran’s first vice president, Mohammad Mokhber, is expected to assume the presidency after Ebrahim Raisi’s death in a helicopter crash as the country gears up for early elections.

The Iranian constitution stipulates that the first vice president take over “in the event of the president’s death, dismissal, resignation, absence or illness for more than two months”.

 

Raisi, who died on Sunday along with Foreign Minister Hossein Amir-Abdollahian and other officials, was nearing the end of his first four-year term as president.

 

Mokhber’s interim appointment requires the approval of Iran’s supreme leader Ayatollah Ali Khamenei, who has the final word in all state affairs.

 

Presidential elections to pick a permanent successor are to be held within 50 days, according to the constitution.

 

A council made up of the parliament speaker, head of the judiciary and the vice president are to be tasked with organising the national vote.

 

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Mokhber, 68, was appointed vice president as Raisi took office in August 2021.

 

The vice president was born in Dezful city in the southwestern province of Khuzestan, where he held several official positions.

 

For years since 2007, Mokhber chaired the Execution of Imam Khomeini’s Order, a governmental organisation tasked with managing properties confiscated following the 1979 Islamic revolution.

 

The foundation, established in the 1980s, has over the years grown to become a major state economic conglomerate with shares in various sectors.

 

Iranians head to the polls for presidential elections every four years since the Islamic Republic’s first vote in 1980.

 

The constitution sets a two-term limit for Iranian presidents.

 

The position of prime minister does not exist in Iran, and the president — assisted by several vice presidents — is responsible for appointing and directing the cabinet.

AFP

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Good morning! Here Are Some Major News Headlines In The Newspapers Today: CBN withdraws circular on cybersecurity levy

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1. The Central Bank of Nigeria (CBN) has withdrawn its earlier circular directing commercial banks, mobile money operators, and other financial institutions to implement the National Cybersecurity Levy. The move was primarily informed by President Bola Ahmed Tinubu’s directive and widespread concerns raised by Nigerians.

 

2. There are indications that President Bola Ahmed Tinubu is expected to receive the scorecard of members of his cabinet this week. The administration will be one year old next week, but the ministers will clock nine months in office tomorrow, having been sworn in on August 21 last year.

 

3. Troops of the Nigerian Army have rescued 383 women and children abducted by terrorists and insurgents in Sambisa Forest in Borno State. Those rescued include women and children who had been held in the forest for 10 years.

 

4. Presidential candidate of the Labour Party (LP) in the 2023 general elections, Peter Obi, has visited victims of Kano mosque arson. Obi, who arrived in Kano, on Sunday, went straight from the Mallam Aminu Kano International Airport to the Murtala Muhammad Specialist Hospital, where some of the victims are receiving treatment.

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5. President Bola Ahmed Tinubu has offered a fresh appointment to Ajuri Ngelale, his Special Adviser on Media and Publicity. Ngelale was named Special Presidential Envoy on Climate Action and secretary of the newly established 25-man committee to oversee Green Economic Initiatives.

 

6. A helicopter carrying Iran’s President Ebrahim Raisi was involved in “an accident” amid poor weather conditions on Sunday, state media reported, with a search underway and no news yet on his condition.

 

7. A man, Taiwo Badejo, has allegedly stabbed his friend, identified simply as Monday, to death over N2,500 debt in the Oko Oba area of Lagos State. It was gathered that Badejo and Monday were arguing over the money when the argument degenerated into a fight between them on Friday.

 

8. The National Drug Law Enforcement Agency has declared a couple, Kazeem and Rashidat Owoalade, wanted for running a cocaine cartel from India. This followed the arrest of four members of the syndicate in Lagos, where a Sports Utility Vehicle was recovered and two houses traced to them were sealed for forfeiture to the Federal Government.

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9. Organised Labour has told the Federal Government to perish any thought of offering N100,000 as the new minimum wage. It also asked the government to be serious with negotiations on the issue of workers’ wages, insisting that it used the lowest minimum in arriving at N615,000 as the new minimum wage.

 

10. Olubadan-designate, Oba Owolabi Olakulehin’s nomination is awaiting Oyo State Governor, Seyi Makinde’s approval, Local Government and Chieftaincy Affairs Commissioner, Segun Olayiwola said on Sunday. He disclosed that his nomination as the next Olubadan of Ibadanland has scaled through all the stages, except the final approval.

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BREAKING: Iran’s President Raisi killed in helicopter crash

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Iran’s President Ebrahim Raisi has died in a helicopter crash at age 63, Iranian news outlets have reported. Foreign Minister Hossein Amir-Abdollahian was also among those killed, along with seven others.

His death comes at a fraught moment in the Middle East, with war raging in Gaza. The helicopter crashed weeks after Iran launched a drone-and-missile attack on Israel in response to a deadly strike on its diplomatic compound in Damascus.

Hardliner Raisi became president in a historically uncompetitive election in 2021. Previously the chief justice, he has overseen a period of intensified repression of dissent in a nation convulsed by youth-led protests against clerical rule.

Raisi was the second-most powerful person in the Islamic Republic’s political structure after Supreme Leader Ayatollah Ali Khomeini. The Iranian Constitution mandates that, in the case of the death of the president, the first vice president shall assume with the approval of the Supreme Leader.

 

Iranian state broadcasters are airing Islamic prayers in between their news broadcasts following the announcement that President Ebrahim Raisi and eight others died after the helicopter they were traveling in crashed in Iran’s East Azerbaijan province.

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Iran’s government convened an “urgent meeting” on Monday, according to Iranian state news agency IRNA.

 

A photo shared by IRNA showed that the chair that Raisi usually sits in was vacant and draped with a black sash in memory of the president.

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