Blomberg’s recent report has revealed that Nigeria’s currency, the Naira, has emerged as the world’s worst performing currency in the past month. The currency took a downturn after its recent gains and wonderful performance last month, when it was ranked as one of the best-performing currencies globally as of April 2024, reports Saturday Tribu...
•Lawyers Some lawyers have described the introduction of the 0.5 per cent cyber crime levy on all electronic transactions by the Central Bank of Nigeria as illegal and unconstitutional. The Cybercrimes (Prohibition, Prevention, Etc) (Amendment) Act 2024, Section 44 (2)(a), mandates a levy of 0.5 per cent (0.005) equivalent to a half per cent o...
•TUC President Festus Usifo The Trade Union Congress (TUC) has slammed the opposition lawmakers in the National Assembly members over its perceived quietness on the controversial cybersecurity levy. On May 6, the Central Bank of Nigeria (CBN) Nigeria’s central bank directed banks and other financial institutions to implement a 0.5 per cent cyb...
•Alex Otti The Abia State governor, Alex Otti, has made a case for the establishment of agricultural ventures across Nigeria as a panacea to food insecurity. While underscoring the need for all to embrace agriculture for sufficiency, Otti highlighted that a whooping N7.8 trillion was spent by the Nigerian government on food imports over the [&...
The International Monetary Fund has advised Nigeria to ask global crypto trading platforms to register or obtain licenses to operate in the country, subjecting them to regulatory requirements. This recommendation was made in the IMF’s latest staff report, released on yesterday, following the conclusion of its 2024 Article IV consultation with ...
•Ebenezer Olufowose FBN Holdings Plc, has announced the exit of Mr Tunde Hassan-Odukale as Chairman of its subsidiary, First Bank of Nigeria Ltd., following the completion of his tenure. The Board of First Bank appointed Mr Ebenezer Olufowose, a Non-Executive Director, as the new Chairman of the Board of Directors of the Bank. Company Secretar...
•Ajaero President, Nigeria Labour Congress (NLC), Mr. Joe Ajaero, has said that organized labour may increase the minimum wage demand for N615,000 if the raging inflationary pressures, increased tariffs, taxes and rising cost of petrol and other economic challenges persist. Ajaero made this assertion when he led a delegation from the NLC on a ...
The Federal Capital Territory Internal Revenue Service (FCT-IRS) today, Thursday, May 9, sealed Regency Hotels, a school, and three business premises in Abuja over evasion of tax The FCT-IRS Acting Director, Legal Services, Festus Tsavsar, who led the enforcement team, explained that the closure of the premises was in line with a court order o...
•House of Representatives Members of the House of Representatives today asked the Central Bank of Nigeria (CBN) 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 mod...
The federal government has said mandatory registration of Point-of-Sales operators 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 ...