Economy - Abia ThinkTank News

May

2024

Its Official: Tinubu Suspends Cybersecurity Levy

CBN/Commercial Banking, Economy, News Flash, Presidency

IT’S OFFICIAL: Tinubu Suspends 0.5% Cybersecurity Levy The federal government confirmed on Tuesday the suspension of the implementation of the cybersecurity levy, the imposition of which was recently announced. Minister of Information and National Orientation Mohammed Idris told correspondents after the meeting of the Federal Executive Council (FEC) presided over by President Bola Tinubu at the Presidential Villa in Abuja that the 0.5% levy on electronic transactions has been put on hold to enable the government to review it. He affirmed that the federal government did not want Nigerians to be overburdened at a time when things are already difficult.…

May

2024

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By Abia ThinkTank

Economic Hardship: Church Shares Food, Cash To Less Privileged During Service

Economy, News Flash, Religion

Economic Hardship: Church Shares Food, Cash To Less Privileged During Service GISTSMATE MEDIA reports that the Taraba branch of Deeper Life Bible Church, on Sunday, distributed food items and cash to the less privileged in the state to cushion the effects of the economic hardship on them. Pastor Samuel Omajali, the state director of the church while answering questions from journalists at the end of the combined service to thank God over the just concluded global crusade held by the general overseer of the church, Pastor William Kumuyi in Wukari, expressed worry over the difficult situation citizens were going through.…

May

2024

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By Abia ThinkTank

Tinubu Orders CBN To Suspend Implementation Of Cybersecurity Levy

Economy, Abuja, FGN, News Flash

Tinubu Orders CBN To Suspend Implementation Of Cybersecurity Levy President Bola Tinubu has asked the Central Bank of Nigeria to suspend the implementation of the controversial cybersecurity levy policy and ordered a review. This followed the decision of the House of Representatives, which, last Thursday, asked the CBN to withdraw its circular directing all banks to commence charging a 0.5 per cent cybersecurity levy on all electronic transactions in the country. The CBN on May 6, 2024, issued a circular mandating all banks, mobile money operators, and payment service providers to implement a new cybersecurity levy, following the provisions laid…

May

2024

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By Abia ThinkTank

Canada Fines Binnance $4.38Million For Violating Money Laundering, Terrorist Financing Laws

Crime, Economy, Foreign Affairs, News Flash

Canada Fines Binance $4.38Million For Violating Money Laundering, Terrorist Financing Laws Canada’s anti-money laundering agency has imposed a nearly C$6 million ($4.38 million) fine on cryptocurrency exchange Binance for violating the country’s money laundering and terrorist financing laws. The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) on Thursday said Binance had failed to register as a foreign money services business with the intelligence body despite several deadlines. According to Reuters, the anti-money laundering agency added that Binance, which ceased operations in Canada last year, had not reported receiving virtual currency worth C$10,000 or more on 5,902 separate occasions…

May

2024

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By Abia ThinkTank

IMF Advises Nigerian Govt Over Crypto Trading Platforms

CBN/Commercial Banking, Economy, News Flash

IMF Advises Nigerian Govt Over Crypto Trading Platforms The International Monetary Fund has advised the Nigerian government to ask global crypto trading platforms to register or obtain licences before operating in the country. This recommendation was made in the IMF’s latest staff report, released on Thursday following the conclusion of its 2024 Article IV consultation with Nigeria. According to the report, compelling global crypto trading platforms to register will subject them to regulatory requirements. The IMF emphasised the need for Nigeria to establish a robust regulatory framework to oversee the growing cryptocurrency market, ensuring financial stability and protecting investors. It…

May

2024

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By Abia ThinkTank

Food Security: ABIA To Train 300 Farmers At Nassarawa Farm

Abia State, Economy, Good Governance, News Flash

FOOD SECURITY: ABIA TO TRAIN 300 FARMERS AT NASSARAWA FARM Abia State Governor, Dr. Alex Otti, OFR, has said that one of the ways Nigeria can solve the problem of food security is through the mechanisation of farming and establishing such businesses across the states of the federation. Governor Otti said with this measure, Nigeria would have found a panacea to food security amid rising import cost. The Governor made the call on Thursday during a capacity building training for the first batch of 300 candidates selected for agricultural training at CSS Global Integrated Farms, Nassarawa State. He stressed the…

May

2024

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By Abia ThinkTank

FG Orders Registration Of All POS Operators In Nigeria

CBN/Commercial Banking, Economy, FGN, News Flash

FG Orders Registration Of All POS Operators In Nigeria The Federal Government through the Corporate Affairs Commission has issued a two-month registration deadline to Point of Sales companies, to register their agents, merchants, and individuals with the commission in line with legal requirements and the directives of the Central Bank of Nigeria. The agreement was reached on Monday during a meeting between Fintechs and the Registrar-General CAC, Hussaini Ishaq Magaji, in Abuja. According to the Nigeria Inter-Bank Settlement System, there are over 1.9 million PoS terminals deployed by merchants and individuals nationwide. Speaking at the meeting, the CAC boss said…

May

2024

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By Abia ThinkTank

16 Banking Transactions Not Affected By New CBN’s Cyber security Levy

CBN/Commercial Banking, Business, Economy, News Flash

16 Banking Transactions Not Affected By New CBN’s Cybersecurity Levy The Central Bank of Nigeria (CBN) has ordered all banks to start charging a 0.5 per cent cybersecurity levy on all electronic transactions within the country excluding 16 listed banking deals. According to a circular signed by the Director, Payments System Management Department, Chibuzo Efobi; and the Director, Financial Policy and Regulation Department, Haruna Mustafa; the cybersecurity would commence two weeks from May 6, 2024. The apex bank, in the circular, directed to all commercial, merchant, non-interest, and payment service banks, among others; to start the implementation of the cybersecurity…

May

2024

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By Abia ThinkTank

Adeleke Got N10 Billion Foreign Loans In 2023 – Reports

Economy, News Flash, Politics

Adeleke Got N10 Billion Foreign Loans In 2023 – Reports – We have never borrowed a kobo, says Adeleke Osun state governor, Ademola Adeleke reportedly secured the sum of N10,022,382,348.40 billion loans from foreign bodies and organizations in 2023 for projects across the state. The report of 2023 budget performance obtained by The Nation on the website of the Osun government revealed that the state recorded 99 percent performance on loans received from foreign bodies. A separate document titled 2023 Citizens Budget tagged ‘Budget of Consolidation’ prepared by the state Ministry Econimic Planning, Budget and Development, which was equally uploaded…

May

2024

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By Abia ThinkTank

We’ll Block Loan Apps That Harass Customers – FCCPC

CBN/Commercial Banking, Economy, News Flash

We’ll Block Loan Apps That Harass Customers – FCCPC The FCCPC has said it will block loan app that harasses customers. This was disclosed on the Commissions X page on Saturday, 4 May 2024. The acting Chairman of FCCPC, Adamu Abdullahi, made it known that it won’t happen again as they have begun to address the issue. Adamu said, ” It would soon be history in the country that online platforms that many people know as loan sharks, where some Nigerians access money quickly to solve urgent issues.” However, if they don’t pay back on time, some of these loan…