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May 20, 2024 CBN Withdraws Cybersecurity Levy Circular After FG’s Suspension

CBN Withdraws Cybersecurity Levy Circular After FG’s Suspension

The Central Bank of Nigeria (CBN) has retracted its previous directive that required banks to impose a controversial 0.5% cybersecurity levy on electronic transactions.

This decision follows significant public backlash that emerged after the policy's announcement two weeks ago and the Federal Government's suspension of the levy last week.

In a new circular dated May 17, 2024, the CBN referenced its earlier directive from May 6, 2024, informing financial institutions that the initial circular on the cybersecurity levy "is hereby withdrawn." This latest circular was signed by Chibuzo Efobi, Director of the Payments System Management Department, and Haruna Mustafa, Director of the Financial Policy and Regulation Department.

The initial circular had been addressed to all deposit money banks, mobile money operators, and payment service providers, instructing them to deduct the levy and remit it to the National Cybersecurity Fund (NCF), managed by the Office of the National Security Adviser (ONSA).

The policy's announcement led to widespread public outrage, with labor unions threatening action and pressure groups criticizing the levy’s timing amid a cost-of-living crisis exacerbated by rising inflation. Responding to the public outcry, the Federal Government suspended the contentious cybersecurity levy on May 14, 2024.

CBN Withdraws Cybersecurity Levy Circular After FG’s Suspension
CBN Withdraws Cybersecurity Levy Circular After FG’s Suspension
May 19, 2024 Man City Win Historic Fourth Straight English Premier League Title

Man City Win Historic Fourth Straight English Premier League Title

On Sunday, Manchester City made English Premier League history by becoming the first team to secure four consecutive titles after defeating West Ham at the Etihad Stadium.

No other team in the history of the English top flight has achieved four successive titles, but under Pep Guardiola, City has grown accustomed to breaking records. The Catalan coach has led City to six Premier League victories in the past seven seasons, surpassing 90 points in four of those years. This season, City outpaced Arsenal, who had been vying for their first title since 2003/04, by winning their last nine league games and scoring 33 goals.

Despite feeling the pressure in a recent 2-0 win against Tottenham, City were relentless. Unlike two years ago, when they needed a dramatic comeback against Aston Villa, there was less tension as West Ham succumbed in David Moyes' final game.

Phil Foden, recently named football writers' player of the year, scored twice early on, securing City's lead. A brief scare came when Mohammed Kudus scored an overhead kick for West Ham, but City quickly reestablished control with Rodri's goal early in the second half.

City's dominance continued with a 35-game unbeaten streak in all competitions, except for a penalty shootout loss to Real Madrid in the Champions League. They now aim for a double by winning the FA Cup against Manchester United next weekend.

City's historic achievement has solidified their claim as one of the greatest sides in English football. The match ended with an anti-climactic scene as City players had to ask fans to clear the pitch for the full-time whistle, despite earlier pleas to stay off the playing surface.

May 19, 2024 Jurgen Klopp says heartfelt goodbye to Liverpool with final-day victory against Wolves

Jurgen Klopp says heartfelt goodbye to Liverpool with final-day victory against Wolves

Liverpool bid farewell to their long-time manager Jurgen Klopp with a 2-0 win over 10-man Wolves, marking an emotional end to his eight and a half years at Anfield.

Dressed in black for his 491st and final game, Klopp witnessed a celebratory atmosphere despite the tears. The crowd sang old favorites, honoring past players like Roberto Firmino and Sadio Mane. Goals from Alexis Mac Allister and Jarell Quansah, both symbolizing Liverpool's future, followed Nelson Semedo’s red card.

As Klopp and much of his staff depart, the club faces a period of uncertainty with key players entering the final year of their contracts. Incoming manager Arne Slot inherits a strong squad, despite missing the title race by a narrow margin. Klopp leaves a legacy of numerous records, including the longest unbeaten home run, and his tenure is celebrated more for the emotional journey and memories than just the trophies.

The match saw dominant performances, a first clean sheet in 16 games, and Klopp’s name chanted throughout the final minutes as fans and owners applauded his impactful era.

May 16, 2024 NNPP Leader Warns Tinubu: N48,000 Minimum Wage Insufficient for Workers

NNPP Leader Warns Tinubu: N48,000 Minimum Wage Insufficient for Workers

A member of the New Nigeria People's Party (NNPP), Ambassador Olufemi Ajadi, has criticized the proposed N48,000 minimum wage by the federal government, stating that workers are insufficient to survive.

Following reports that the meeting between the federal government and labor unions ended in a deadlock over the proposed N48,000 minimum wage, Ajadi expressed his disappointment with the figure. In a statement released Thursday, Ajadi revealed that he closely monitored the negotiations between the government and organized labor on the new minimum wage. He emphasized that the government did not take into account the current economic realities before proposing N48,000.

to Ajadi, the suggested minimum wage does not align with the present economic conditions in Nigeria, especially considering the high cost of living and skyrocketing prices of essential commodities like petrol and food items. He argued that with petrol selling for over N700 per liter in most filling stations, and basic food items becoming increasingly expensive, it would be unrealistic for workers to manage their expenses with a monthly salary of N48,000. Ajadi suggested alternative measures, such as paying workers based on their working hours, to ensure that those who genuinely put in effort are adequately rewarded.

also highlighted the example of states like Edo, which have independently increased their minimum wage to N70,000. While acknowledging the presence of inefficiencies in the civil service, Ajadi urged the federal government to prioritize the welfare of Nigerian workers and consider raising the minimum wage. He called on labor unions to continue negotiations with the government rather than rejecting the proposal outright, emphasizing the need for constructive dialogue to reach a fair and realistic wage agreement.

In conclusion, Ajadi stressed that any minimum wage below N200,000 would be inadequate and urged labor representatives to clearly articulate the reasons why N48,000 is insufficient for workers to sustain themselves.

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