CBN directs banks to start deducting cybersecurity levies from customers
Business
Senate asks oil companies to relocate headquarters to Niger Delta
The Senate has requested international oil companies operating in the Niger Delta region to relocate their headquarters to their states of operation.
It passed the resolution during plenary session on Tuesday after the adoption of a motion sponsored by Albert Akpan, lawmaker from Awka Ibom.
There have been calls by the oil-producing states for the relocation of the IOCs and their subsidiaries from Lagos and Abuja to the south-south region.
Vice-President Yemi Osinbajo in March 2017 said relocating the oil firms to the region would mitigate tension in the host communities.
Akpan said on Tuesday that the relocation of the IOCs to their host communities would facilitate development in the areas.
He said the international oil companies should relocate to the region because they once operated there before they left “due to some reasons”.
He said, “The companies attributed their operation outside their host communities to insecurity and hostilities in the host communities,” he said.
“Their operation outside of host communities and operational base accounted for the high cost of oil and gas production.
“This is a big setback to the country’s oil and gas industry and it is militating against maximum revenue from crude oil and gas sales to the federation account.”
Business
CBN directs banks to start deducting cybersecurity levies from customers
The apex bank announced this on Monday, May 6, 2024, in a circular signed by Chibuzor Efobi, Director of Payments System Management, and Haruna Mustafa, Director of Financial Policy and Regulation.
Business
Forex: FG to delist naira from P2P platforms
Forex: FG to delist naira from P2P platforms
The Federal Government is set to delist the naira from all Peer-to-Peer platforms to reduce the manipulation of the local currency value in the foreign exchange market.
Director General of the Securities and Exchange Commission, Emomotimi Agama, made this known on Monday at a virtual conference with blockchain stakeholders.
The goal of this resolution is to combat manipulation of the value of the local currency in the foreign exchange market.
In past months, the nation’s regulatory bodies have started looking into and closely examining cryptocurrency exchanges.
This is part of a number of regulations to be rolled out in the coming days.
He said, “That is one of the things that must be done to save this space. The delisting of the naira from the P2P platforms to avoid the level of manipulation that is currently happening.
“I want your cooperation in dealing with this as we roll out regulations in the coming days.”
The SEC DG decried how some market players were manipulating the value of the naira.
This, he said, was why the commission was “seeking collaboration and help in making sure that the crypto environment is respected globally”.
Business
Ikeja Electric cuts tariff for Band A customers
Ikeja Electric cuts tariff for Band A customers
The Ikeja Electricity Distribution Company has announced a reduction in the tariff for customers under Band A classification from N225 per kilowatt-hour to N206.80kw/h
This is coming about a month after the Nigerian Electricity Regulatory Commission (NERC) approved an increase in electricity tariff for customers under the Band A category to N225 per kwh — from N66.
The commission has clarified that customers under Band A receive between 20 and 24 hours of electricity supply daily.
Ikeja Electric said in a circular on Monday the cut in the new tariff rate would take effect from May 6, 2024.
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