CBN’s 0.5% levy, FG mandates POS registration, Lagos evacuation: Weekly news roundoff

As the week comes to a close, PUNCH Online recaps the biggest headlines that dominated the news landscape.

The Central Bank of Nigeria has ordered all banks operating in the country to start charging a cybersecurity levy on transactions. The Federal Government directed Point-of-Sale operators to register with the Corporate Affairs Commission. Lagos carried out a controversial evacuation of some citizens, and the Rivers State crisis has resurfaced. An investigative journalist who was abducted has regained his freedom.

Below is a recap of this week’s top stories, from May 5 to May 11

• POS registration

The Federal Government has announced a mandatory registration of Point-of-Sale operators nationwide. The FG said this is to combat kidnapping and facilitate the apprehension of ransom recipients. Starting July 7, 2024, operators who failed to register with the CAC risk legal action.

The move, backed by legal provisions and Central Bank directives, seeks to reduce fraud, enhance economic security, and align with efforts to curb cryptocurrency trading.

PoS terminals implicated in 26.37% of fraud incidents in 2023 are facing increased scrutiny. While the initiative promises benefits like access to loans and compliance with regulations, PoS agents express concerns about the burden of registration and its impact on their businesses, especially in rural areas.

Despite divergent opinions, the government remains committed to enforcing the registration deadline, emphasising its role in bolstering business legitimacy and security.

• CBN levy

The Central Bank of Nigeria has mandated banks operating in the country to charge a cybersecurity levy on electronic transactions. The levy, amounting to 0.5% of the value of all electronic transactions, is aimed at funding the National Cybersecurity Fund administered by the Office of the National Security Adviser. This directive follows the enactment of the Cybercrime (Prohibition, Prevention, etc) (Amendment) Act 2024.

Financial institutions are required to deduct and remit the levy on electronic transfers, with exemptions for certain transactions like loan disbursements, salary payments, and inter-bank transfers.

This directive comes shortly after the government instructed banks to levy a stamp duty charge on mortgaged-backed loans and bonds.

Nigerians have criticised the levy, labelling it as extortion and expressing concerns about additional financial burdens. Many question the necessity of the levy and its implications for account security. Some perceive it as part of a pattern of increasing charges by the government, exacerbating economic challenges for citizens.

• Freedom at last

Daniel Ojukwu, a journalist with the Foundation for Investigative Journalism, has been released after 10 days in police captivity. He was abducted by men of the Intelligence Response Team of the Inspector General of Police. Ojukwu had gone missing on May 1, prompting concerns from colleagues and family.

Following protests by Civil Society Organisations and journalists, including a demonstration at the Force Headquarters in Abuja, pressure mounted on the police to release him. Eventually, the police softened their stance, leading to Ojukwu’s eventual release.

FIJ announced plans to seek justice for Ojukwu and prevent future abuses of power against journalists. The police released Ojukwu on bail, with two directors in the Federal Civil Service standing as sureties. The directors were mandated to submit two passport photographs of themselves to the FCID and asked to provide Ojukwu to the police whenever the need arises, PUNCH Online reports.

Meanwhile, Segun Olatunji, the General Editor of the online newspaper First News, has resigned following a controversy over a story about Femi Gbajabiamila, President Bola Tinubu’s Chief of Staff.

The article led to Olatunji’s abduction and detention by the Defence Intelligence Agency. First News’s publisher, Daniel Iworiso-Markson, apologised to Gbajabiamila and settled the case out of court, acknowledging the story contained falsehoods.

Olatunji resigned, citing safety concerns and expressing confidence that the truth would emerge. He thanked the management and urged them to settle his outstanding salaries.

Olatunji was abducted from his home in Lagos in March, causing panic among First News staff. His wife described the abduction, stating armed men took him without explanation.

• Sirika

Former Minister of Aviation and Aerospace, Hadi Abubakar Sirika, along with his daughter, Fatimah Hadi Sirika, and son-in-law, Jalal Hamma, were granted bail by a Federal Capital Territory High Court in Abuja on Thursday. They were charged over alleged N2.7bn fraud related to the Nigerian Air project.

The defendants pleaded not guilty to the charges. The court granted bail to each defendant in the sum of N100m with two sureties each, one of whom must own a landed property within the Federal Capital Territory. The judge barred the defendants from traveling outside the country without permission and set the trial dates for June 10, 11, and 20.

Sirika expressed his readiness to go to prison, likening himself to prophets who had faced imprisonment. In a video from the court, Sirika was seen comforting his daughter, expressing acceptance of whatever fate awaited them.

• Rivers unending crisis

The rift between Rivers State lawmakers loyal to Nyesom Wike, the Minister of the Federal Capital Territory, and Governor Siminalayi Fubara has escalated into a protracted political battle.

This time it is over the proposed renovation of the state legislative quarters. Fubara unveiled plans to renovate the buildings, but pro-Wike lawmakers led by factional Speaker Martin Amaewhuke raised concerns that the renovation might be a pretext for demolition, similar to what happened to the House of Assembly last year.

Amaewhule accused Fubara of intimidation and disrespect for the law, asserting that the buildings were in good condition and built for lawmakers, not the executive branch. Fubara defended his visit, stating it was to assess conditions and make improvements if necessary. The APC accused the governor of intimidation, while the PDP supported the governor’s actions.

• Lagos evacuation

Findings revealed that buses from Lagos dropped youths rounded up in different locations around Lagos in Ilesa, Osun State.

Victims recounted harrowing experiences after allegedly being arrested by Lagos State task force officials and dumped in Osun Forest. They claimed they were threatened with death if they didn’t comply with the officials.

The arrests were part of a Lagos State Government crackdown on miscreants following the discovery of makeshift apartments under Dolphin Bridge in Ikoyi. The victims, including traders and job seekers, were allegedly promised assistance to relocate but were instead abandoned in the forest.

The Osun State Governor, Ademola Adeleke, denied authorising the repatriation of Osun indigenes and urged an investigation into the incident. Adeleke also said he spoke to Lagos State Governor, Babajide Sanwo-Olu, about the matter, and Sanwo-Olu promised an immediate investigation.

This incident would mark the first such occurrence since 2013 when Osun State received destitute individuals, including children, evacuated from Lagos.

The Lagos State government however explained that concerns about the continuous influx of these miscreants in the state raised fears of insecurity of lives and property. In a statement, the Lagos State Commissioner for Information, Gbenga Omotosho, said the situation prompted the government to take action to address the issue.

Omotosho said during the demolition of erected structures under the Dolphin Estate bridge, 450 squatters were arrested.

He stated that many of them, specifically 371 individuals, requested assistance to relocate to their respective states.