CBN directs banks to start deducting cybersecurity levies from customers
Business
Governors okay plan to borrow 17tn from pension fund
- Pensioners kick
State governors have endorsed the proposal to borrow the sum of N17tn from the pension fund for infrastructural development.
A communiqué of the 22nd teleconference meeting of the Nigeria Governors’ Forum signed by its Chairman and Ekiti State Governor, Kayode Fayemi, confirming this approval was made available to journalists in Abuja on Friday December 4, 2020.
But the Nigeria Union of Pensioners (NUP) has opposed the decision, saying that the government has no authority over their money and should not tamper with it.
The NUP Head of Information, Mr Bunmi Ogunkolade, said most governors were not even remitting their workers’ pensions to the pensioner’s fund.
He noted that the governor’s forum was not recognised by the law and so, there would be no one to be held responsible if they failed to pay back.
He said, “We earlier issued a statement warning the Federal Government not to tamper with the pension fund when they mooted that idea. It is the workers’ money; people that would become pensioners tomorrow.
“Nobody should tamper with that money; they should look elsewhere for loans to build infrastructure. By the time the people in service would retire in four, five years, the current government would not be there and you won’t know who to hold responsible. The government should not touch that money and the governors have no right to give the approval to borrow from the fund.”
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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