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May 7, 2024 Rivers State Declares 20-Day Celebration for Fubara’s First-Year Anniversary
IFMNEWS

Rivers State Declares 20-Day Celebration for Fubara’s First-Year Anniversary

The Rivers State Government has unveiled plans for a 20-day celebration marking Governor Siminalayi Fubara's first year in office. The festivities will include the inauguration and commencement of ten significant projects across various local government areas within the state.

Tammy Dangogo, Chairman of the Central Planning Committee and Secretary to the Rivers State Government, announced the lineup of activities during a press briefing in Port Harcourt on Tuesday. The event will kick off on May 14th with the commissioning of the old Bori Road, providing an alternative route to the Eleme axis of the East-West Road.

Subsequent days will witness the unveiling of various infrastructure projects, including the Andoni section of the Ogoni-Andoni-Opobo/Nkoro Unity Road and the Eleme-Omoku Road, which will connect multiple LGAs.

To bolster economic growth, the Rivers State Economic Summit 2024 will take place on May 22nd and 23rd, focusing on increasing the state's internally generated revenue, attracting investments, and fostering job creation.

Children's Day, celebrated on May 27th, will feature activities for children hosted by the governor's wife, Valerie Fubara, during the day. In the evening, a state banquet will commemorate both Governor Fubara's first year in office and the 57th anniversary of the state's creation.

Other highlights of the anniversary celebration include the launch of a youth development program on May 28th and an accountability forum on May 29th, where Governor Fubara will present his performance report from the past 12 months.

Phase 2 of the Trans-Kalabari Road, a major project initiated by former Governor Peter Odili, will commence on May 30th. May 31st will see the presentation of certificates to certain traditional rulers with pending certificates, followed by an evening of praise.

June 1st will host the Rivers International Marathon, aimed at promoting tourism and healthy lifestyles. The festivities will conclude with a Thanksgiving ceremony on June 2nd at Saint Paul's Anglican Cathedral in Garrison Junction, Port Harcourt.

Danagogo clarified that while only a few projects were selected from various localities, all projects to be commissioned, except one, were initiated by the present administration. He described Governor Fubara's administration as a "calm and quiet revolution," emphasizing the commitment to prudent management of resources.

A comprehensive book detailing the administration's accomplishments, including project costs and specifications, will be published and distributed during an account of stewardship scheduled for May 29th.

May 7, 2024 CBN Issues July 7 Deadline For PoS Operators’ Registration With CAC
IFMNEWS

CBN Issues July 7 Deadline For PoS Operators’ Registration With CAC

The Central Bank of Nigeria (CBN) has set a deadline of July 7, 2024, for Point of Sale (PoS) operators to complete registration with the Corporate Affairs Corporation (CAC). This announcement came during a meeting between Fintechs and the Registrar-General/Chief Executive Officer (CAC) Hussaini Magaji (SAN) in Abuja on Tuesday.

At the event, the CAC boss emphasized that the two-month timeframe for registering agents, merchants, and individuals with the commission aligns with legal requirements and directives from the Central Bank of Nigeria. The objective is to safeguard the businesses of Fintech customers and strengthen the economy, according to a statement titled 'CAC, PoS OPERATORS AGREE TO TWO-MONTH DEADLINE TO REGISTER THEIR AGENTS AND MERCHANTS TO STRENGTHEN THE FINTECH INDUSTRY‘ issued by the CAC.

Magaji clarified that the registration timeline, expiring on July 7, 2024, is not aimed at targeting any particular groups or individuals but rather focused on protecting businesses. He cited Section 863, Subsection 1 of the Companies and Allied Matters Act, CAMA 2020, and the 2013 CBN guidelines on agent banking as supporting this initiative.

Various speakers from the Fintech industry expressed their commitment to collaborating with the commission to ensure the smooth implementation of the directive. While some emphasized the need for comprehensive and collective awareness campaigns to ensure the exercise's success, others, including the Special Adviser to the President on ICT Development and Innovation, Tokoni Peter, pledged to facilitate the process in line with the Renewed Hope Initiative of the present administration.

Representatives from Opay, Momba, Palmpay Ltd, Pay Stack, Fair Money MFB, Monie Point, and Teasy Pay, who attended the event, later signed a document to support the project.

May 7, 2024 CBN Instructs Banks to Charge 0.5% Cybersecurity Levy on Transactions
IFMNEWS

CBN Instructs Banks to Charge 0.5% Cybersecurity Levy on Transactions

On Monday, the Central Bank of Nigeria issued a directive instructing banks to implement a 0.5% cybersecurity levy on transactions. The circular, released by the apex bank, specified that the levy's implementation would commence two weeks from the date of its announcement and applied to all commercial, merchant, non-interest, and payment service banks.

This directive was issued in compliance with the Cybercrimes (Prohibition, Prevention, etc...) Act 2015, following a prior letter dated June 25, 2018 (Ref: BPS/DIR/GEN/CIR/05/008) and October 5, 2018 (Ref: BSD/DIR/GEN/LAB/11/023). Additionally, it was prompted by the enactment of the Cybercrime (Prohibition, Prevention, etc) (Amendment) Act 2024, which stipulates a levy of 0.5 percent (0.005) on all electronic transaction values for businesses specified in the Second Schedule of the Act. This levy is to be remitted to the National Cybersecurity Fund, administered by the Office of the National Security Adviser.

All banks, financial institutions, and payment service providers are now mandated to implement this directive. The levy will be applied at the point of electronic transfer origination, deducted, and remitted by the financial institution, with the deducted amount reflected in the customer's account as "Cybersecurity Levy." Deductions will commence within two weeks from the circular's date, with the levies collected remitted monthly to the NCF account domiciled at the CBN by the fifth business day of every subsequent month.

Non-compliance with the directive carries penalties, including fines of not less than two per cent of the defaulting business's annual turnover upon conviction.

May 7, 2024 Nigerians Oppose Reduction in Electricity Tariffs, Call for Complete Reversal
IFMNEWS

Nigerians Oppose Reduction in Electricity Tariffs, Call for Complete Reversal

Nigerians expressed strong opposition on Monday to the Nigerian Electricity Regulatory Commission's decision to reduce the tariff payable by Band A customers from N225/kWh to N206.8/kWh. In an interview with various groups including the Nigeria Labour Congress, Trade Union Congress, Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture, electricity consumers, and civil society organizations demanded a complete reversal of the recent tariff increase.

The new tariff adjustment was announced just 33 days after the NERC raised the electricity tariff for Band A customers from N68/kWh to N225/kWh, representing a significant 240 percent surge. This move saw the complete withdrawal of electricity subsidies for consumers in the Band A category, which accounts for approximately 15 percent of the total 12.82 million power consumers across the country. The Federal Government estimated that it would save N1.5 trillion as a result of this tariff hike.

Despite opposition from the House of Representatives, organized labor, and the Nigerian Bar Association, the Minister of Power, Adebayo Adelabu, defended the tariff increase during an investigative hearing held by the Senate Committee on Power. He warned of a nationwide blackout within the next three months if the tariff hike was not implemented.

However, despite assertions from the power ministry's spokesperson, Florence Eke, that the tariff hike would remain unchanged, the NERC announced an eight percent reduction for Band A customers. This decision was attributed to changes in macroeconomic indices in April, particularly the appreciation of the naira against the dollar in the foreign exchange market.

READ ASLO:Ikeja DisCo slashes Band A tariff to N206.80/kwh

In response, electricity distribution companies such as the Ikeja, Ibadan, and Port Harcourt DisCos, among others, implemented the tariff reduction. The NERC reiterated its commitment to maintaining a regulatory environment that balances consumer interests with the sustainability of the electricity supply industry.

While some stakeholders welcomed the tariff reduction, others, including representatives from organized labor, emphasized the need for a complete reversal and robust stakeholder engagement. They argued that until there was a significant increase in power supply, any tariff adjustment remained unjustifiable.

The discourse highlights broader concerns about the power sector's sustainability and the government's role in addressing energy challenges comprehensively. While some advocate for pricing that attracts investment, others emphasize the need for greater government intervention to ensure affordable and reliable electricity for all Nigerians.

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