Business
Nigeria’s identity database not hacked, says NIMC
The National Identity Management Commission (NIMC) says the country’s identity database has not been breached by hackers.
It was reported on Monday that Nigeria’s identity database had been hit by cyberattack.
But NIMC in a statement on Tuesday said its servers were not breached but fully optimised and running at the highest international security levels as the custodian of the most important national database for Nigeria.
The Director-General of NIMC, Aliyu Aziz, was quoted by the statement as saying that the commission, as the custodian of the foundational identity database for Africa’s most populous nation, had gone to great lengths to ensure the nation’s database was adequately secured and protected especially given the spate of cyber-attacks on networks across the world.
“Over the years, through painstaking efforts, NIMC has built a robust and credible system for Nigeria’s identity database. The commission and its infrastructure are certified to the ISO 27001:2013 Information Security Management System Standard which are revalidated annually”, Aziz was quoted by the statement signed by NIMC’s Head of Corporate Communications, Kayode Adegoke.
The statement said NIMC had ensured maximum security of its systems and database because of the critical nature of the identity data which the commission collects, manages and maintains as critical assets for the country.
The commission assured the public that it would continue to uphold the highest ethical standards in data security on behalf of the Federal Government and ensure compliance with data protection and privacy regulations.
The NIMC Director-General stated that the commission neither used nor stored information on the AWS cloud platform or any public cloud despite the usefulness of the NIMC Mobile App available to the public for accessing their NIN on the go.
According to the DG, the NIMC MobileID application has no database within the app, nor does it store information in flat files, adding that the commission has made this app available to the public to reduce and eliminate any delay or challenge(s) in accessing one’s NIN.
He said, “The public should be aware that the possession of a NIN slip does not amount to access to the National Identity Database, but that the NIN slip is just a physical assertion of a person’s identity. Under the data protection regulations, no licensed partner/vendor is authorized to scan and store copies of individuals NIN slips but rather authenticate the NIN using the approved and authorized verification platforms/channels provided.
“As part of its policies to protect personally identifiable information stored in the National Identity Database, the public may recall that the Ministry of Communications and Digital Economy through NIMC launched the Tokenization features of the NIN verification service. This solution is to safeguard the personal data of individuals and ensure continuous user rights and privacy. ”
The commission commended the efforts of several Federal Government agencies such as Joint Admissions and Matriculations Board (JAMB), the Federal Road Safety Corps (FRSC), Nigeria Immigration Services, Pension Commission (PenCom), the Nigeria Police Force, the Nigeria Correctional Service, the Nigeria Customs, and a host of others, that had streamlined their services in line with the use of National Identification Number (NIN) as the valid means of identification.
Business
Tinubu orders creation of single-digit tax system
Tinubu orders creation of single-digit tax system
President Bola Tinubu has directed a creation of a single-digit tax system with a maximum of nine taxes for a company or an individual.
Executive Chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji, disclosed this in Abuja while speaking with the management team of Guinness Nigeria who paid him a visit.
A statement on Wednesday by Dare Adekanmbi, Special Adviser on Media to the FIRS chairman, quoted Adedeji as saying, “The President gave a directive that he wants a single-digit tax in the country, meaning that the maximum number of taxes we will have after the work of the Presidential Committee on Fiscal Policy and Tax Reforms will be nine taxes.”
The statement added that the plan was aimed at having a conducive environment “created for businesses to flourish and grow the economy.”
Business
Naira gains further against dollar
Naira gains further against dollar
The Naira rose further in the official market on Tuesday, trading at N1,382.95 to the dollar.
According to data from the FMDQ’s official trading portal, the Naira rose by N25.09, or 1.78 percent, from the previous day’s rate of N1,408 versus the dollar.
On Tuesday, total turnover was $245.58 million, up from $222.15 million on Monday.
Meanwhile, at the Investor’s and Exporters (I&E) window, the Naira traded between N1,486 and N1,300 against the dollar.
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The News Agency of Nigeria (NAN) reports that the Central Bank of Nigeria (CBN) had, earlier on Tuesday at its 294th Monetary Policy Committee (MPC), raised Monetary Policy Rate (MPR) by 200 basis points from 22.75 per cent to 24.75 per cent.
CBN governor Yemi Cardoso said that was meant to tackle the nation’s rising inflation.
Naira gains further against dollar
(NAN)
Business
CBN jacks up interest rate amid soaring inflation
CBN jacks up interest rate amid soaring inflation
The Central Bank of Nigeria (CBN) on Tuesday raised the interest rate from 22.75 per cent to 24.75 per cent amid soaring inflation.
Governor of the central bank, Olayemi Cardoso, made this known after the two-day Monetary Policy Committee (MPC) meeting held on Monday and Tuesday.
The country’s latest annual inflation rate jumped to 31.70 per cent from 29.90 per cent for last month, fueled by a continuous rise in food prices.
Cardoso disclosed that the MPC voted to adjust the asymmetric corridor around the MPR at +100 to -300 basis points.
He said the committee voted to retain the Cash Reserve Ratio (CRR) at 45 per cent for commercial banks and adjust the CRR of merchant banks from 10 per cent to 14 per cent.
The committee also voted to retain the liquidity at 30 per cent.
He said, “Members noted the continued rise in headline inflation driven largely by food prices, because of supply shortages, and high cost of Logistics and Distribution.
“The committee, therefore, was of the view that addressing food insecurity is key to containing current inflationary pressures.”
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