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Home > Archives for > Page 142
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Nelson Ugwuagbo

Nelson Ugwuagbo

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JUST IN: SERAP gives Nigerian govt 48 hours to reverse cybersecurity levy

by Nelson Ugwuagbo May 7, 2024
written by Nelson Ugwuagbo

The Socio-Economic Rights and Accountability Project has given the Federal Government 48 hours to withdraw the 0.5% ‘cybersecurity levy’ imposed on Nigerians.

This is contained in a statement on its official X handle on Tuesday.

SERAP threatened to drag the Federal Government to court if the “grossly unlawful” directive by the Central Bank of Nigeria is not withdrawn.

The statement reads, “The Tinubu administration must immediately withdraw the grossly unlawful CBN directive to implement section 44 of the Cybercrime Act 2024, which imposes a 0.5% ‘cybersecurity levy’ on Nigerians. We’ll see in court if the directive is not withdrawn within 48 hours.’’

LeadingReporters recalls that the Central Bank of Nigeria, CBN, had in a circular on Monday, directed banks to levy a 0.5 per cent cybersecurity charge on electronic transactions effective May 20, 2024.

The CBN clarified that the levy would be separately “reflected in the customer’s account” as “Cybersecurity Levy” and “applied at the point of electronic transfer origination, then deducted and remitted by the financial institution.”’

May 7, 2024 0 comments
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Headlines

JAMB releases results of additional 531 candidates

by Nelson Ugwuagbo May 7, 2024
written by Nelson Ugwuagbo

The Joint Admissions and Matriculation Board, JAMB, has released additional 531 results of the recently conducted Unified Tertiary Matriculation Examinations, UTME, taking the total number of results released to 1,842,897.

This is contained in a statement by the Public Communication Advisor of the Board, Dr Fabian Benjamin on Tuesday in Abuja.

Mr Benjamin said the Board had proceeded with the screening of over 64,000 withheld results due to cases of examination misconduct.

“In the course of the exercise, other cases of examination misconduct were also established to make a tally of 92 from the 81 initially discovered,“ he said.

He said the Board is also looking at cases of unverified candidates and would soon come up with a position.

He added that the attention of the Board had been drawn to some fallacious publications purporting that an unknown candidate, who did not sit for the Board’s 2024 UTME obtained scores.

Mr Benjamin described this as fake, malicious and a calculated attempt to undermine the integrity of the Board, while urging the public to disregard such publications.

He said that the publication which levels such a grievous allegation, has no details of the candidate for proper verification.

“The Board is not surprised as this is the season of mischief makers, who would want to deceive gullible candidates.

“The examination template of the Board is designed with the highest sense of responsibility and is not an allocation platform where scores are doled out to candidates.

“It is most unfortunate that anybody could even believe such narration or that the story could even gain traction given the Board’s integrity.

“This again has gone to further vindicate the Board’s stance that candidates should desist from disclosing their classified details to third-parties,” he said.

He said that in investigating some of these allegations, the Board discovered that some of these mischief makers copy results sent to other candidates.

“They then edit the details sent to them and then parade this as emanating from the Board.

“The Board challenges any candidate, parent or anybody with such a claim to prove it wrong by coming forward with the details of such claims, and the phone number with which such results were conveyed,“ he said.

He said that this development would only propel the Board to further tighten the process of checking its results to make it more personalized.

Mr Benjamin said it would be stringent when it should actually be a simple and straightforward exercise.

“The Board reiterated that neither its results nor any of its processes have been compromised.

“Hence, it will continue to protect the integrity of its systems against such malicious actors, who are hell-bent on creating confusion where none existed,” he said.

Mr Benjamin said that the Board will add more features like registration number to the existing UTME Result checking process going forward, to make it extra difficult for anybody to edit.

He urged candidates to securely keep their details secure, noting that for if they were found associating with any of these mischievous elements, they would be treated as collaborators.

The spokesman said that the method of checking the 2024 UTME remained sending UTMERESULT to 55019 or 66019 and not through any other process.

He, therefore, said the result at the moment is not on the Board’s website.

May 7, 2024 0 comments
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Business

UPDATED: CBN exempts 16 banking transactions from cybersecurity levy

by Nelson Ugwuagbo May 7, 2024
written by Nelson Ugwuagbo

The Central Bank of Nigeria (CBN) has announced the exemption of 16 specific banking transactions from the recently introduced cybersecurity levy. The move aims to streamline and facilitate essential financial activities without additional costs for customers and institutions.

The exempted transactions include:

  1. Loan disbursements and repayments
  2. Salary payments
  3. Intra-account transfers within the same bank or between different banks for the same customer
  4. Intra-bank transfers between customers of the same bank
  5. Other Financial Institutions instructions to their correspondent banks
  6. Interbank placements
  7. Banks’ transfers to CBN and vice-versa
  8. Inter-branch transfers within a bank
  9. Cheque clearing and settlements
  10. Letters of Credits
  11. Banks’ recapitalisation-related funding – only bulk funds movement from collection accounts
  12. Savings and deposits, including transactions involving long-term investments such as Treasury Bills, Bonds, and Commercial Papers
  13. Government Social Welfare Programmes transactions e.g. Pension payments
  14. Non-profit and charitable transactions, including donations to registered non-profit organisations or charities
  15. Educational institutions’ transactions, including tuition payments and other transactions involving schools, universities, or other educational institutions
  16. Transactions involving bank’s internal accounts such as suspense accounts, clearing accounts, profit and loss accounts, inter-branch accounts, reserve accounts, nostro and vostro accounts, and escrow accounts.

This decision by the CBN is expected to ease the burden on customers and financial institutions engaging in these essential transactions, ensuring smooth operations and financial stability in the banking sector.

May 7, 2024 0 comments
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Business

BREAKING: CBN directs banks to charge 0.5% cybersecurity levy on all transactions

by Nelson Ugwuagbo May 7, 2024
written by Nelson Ugwuagbo

All commercial, merchant, non-interest, payment service banks and other financial institutions, among others got a directive from the Central Bank of Nigeria (CBN) to activate the payment of 0.5 per cent on some electronic transactions.

Others who got the CBN circular yesterday, are mobile money operators and payment service providers.

The circular outlines the implementation guidance on the collection and remittance of the National Cyber-security Levy, following the enactment of the Cybercrime (Prohibition, Prevention, etc) (Amendment) Act 2024.

Referring to previous directives and public engagements by the Office of the National Security Adviser (ONSA), the circular stressed the necessity of compliance with the amended Cybercrimes Act.

Pursuant to Section 44 (2)(a) of the Act, a levy of 0.5% (0.005) equivalent to a half percent of all electronic transactions value by specified businesses is mandatory. This levy is to be remitted to the National Cyber-security Fund (NCF) for administration by the ONSA.

The circular reads: “Following the enactment of the Cybercrime (Prohibition, Prevention, etc) (amendment) Act 2024 and pursuant to the provision of Section 44 (2)(a) of the Act, ‘a levy of 0.5% (0.005) equivalent to a half per cent of all electronic transactions value by the business specified in the Second Schedule of the Act’, is to be remitted to the National Cyber-security Fund (NCF), which shall be administered by the Office of the National Security Adviser (ONSA)”.

The key directives outlined in the circular include: the levy is to be applied at the point of electronic transfer origination, with financial institutions responsible for deduction and remittance. Deducted amounts shall be reflected in the customer’s account with the narration: “Cyber-security Levy.”

In addition, deductions are to commence within two weeks of the circular issuance, with monthly remittances to the NCF account by the fifth business day of every subsequent month.

The financial institutions are directed to complete system reconfigurations for timely submission of remittance files to the Nigeria Interbank Settlement System (NIBSS) Plc. within specified timelines. Failure to remit the levy is deemed an offence, with penalties including fines of not less than 2 percent of the annual turnover of defaulting businesses.

Certain transactions were exempted from the levy to avoid multiple applications. The Schedule of Exemptions from Cyber-security Levy, outlined transactions exempted from the levy, including loan disbursements and repayments, salary payments, intra-account transfers, and transactions involving educational institutions particularly, educational Institutions transactions, including tuition payments and other transaction involving schools, universities, or other educational institutions.

Others include, Intra-bank transfers between customers of the same bank; Other Financial Institutions (OFIs) instructions to their correspondent banks; Inter-bank placements; banks’ transfers to CBN and vice-versa; inter-branch transfers within a bank; Cheques clearing and settlements; Letters of Credits (LCs).

Banks’ recapitalisation related funding – only bulk funds movement from collection accounts; savings and deposits including transactions involving long-term investments such as Treasury Bills, Bonds and Commercial Papers; government Social Welfare Programmes transactions e.g. Pension payments; non-profit and charitable transactions, including donations to registered non-profit organisations or charities and transactions involving bank’s internal accounts.

The apex bank listed the affected accounts as: suspense accounts, clearing accounts, profit and Ioss accounts, inter-branch accounts, reserve accounts, nostro and vostro accounts and escrow accounts.

The circular directed all institutions under CBN’s regulatory control to comply with the provisions of the Act and the circular.

May 7, 2024 0 comments
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Headlines

JUST IN: FG to stop naira trading on Peer-to-Peer platforms

by Nelson Ugwuagbo May 6, 2024
written by Nelson Ugwuagbo

The Federal Government has announced plans to delist the naira from all peer-to-peer (P2P) platforms.

The Director General of the Securities and Exchange Commission, Emomotimi Agama, made this disclosure in a virtual meeting with blockchain stakeholders on Monday.

This decision aims to tackle the manipulation of the local currency’s value in the foreign exchange market.

The country’s regulatory authorities have been investigating and scrutinising cryptocurrency exchanges in recent months.

On March 8, the biggest cryptocurrency exchange, Binance, stopped its naira services.

Details later…

May 6, 2024 0 comments
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Headlines

Bandits attack Kaduna community, kill six persons 

by Nelson Ugwuagbo May 6, 2024
written by Nelson Ugwuagbo

Six individuals were tragically killed by bandits in a brutal attack on the Ambe community in Kaduna State’s Sanga Local Government Area on Sunday night.

The spokesman of the Kaduna State Police Command Mansir Hassan confirmed the incident , saying that one suspect has been arrested in connection with the attack.

According to Hassan, police operatives from Sanga Divisional Police Station and troops of Operation Safe Haven upon getting a distress call, rushed to the community and engaged the bandits in a gun duel during which one of the bandits was arrested while the rest escaped into the forest with bullet wounds.

Meanwhile, the member representing Jema’a/Sanga Federal Constituency Daniel Amos said in a statement that six people were killed in the attack while eight others sustained injuries and are receiving medical treatment at the hospital.

While condemning the latest attack aimed at destabilising the peace and security in his constituency, the federal lawmaker, called on all residents of Sanga Local Government Area to remain calm and peaceful as they work towards finding a lasting solution to the insecurity in the area.

“We must continue to promote peaceful coexistence among our diverse communities, irrespective of our differences.

“I also call on the security agencies to act swiftly to apprehend the perpetrators of this evil act and bring them to justice. The safety of our people must remain a top priority. We cannot allow the criminals to continue to operate with impunity.

“As your representative in the National Assembly, I assure you that I will continue to do my best to attract development to our constituency while working with relevant stakeholders to ensure the safety of our people.

“Finally, I extend my heartfelt condolences to the families of those who lost their loved ones, Arak chiefdom, Sanga Local Government Area, and the government of our dear State. I also pray for a speedy recovery of those who sustained injuries”.

May 6, 2024 0 comments
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Headlines

BREAKING: Gov Adeleke denies borrowing 10bn for state projects

by Nelson Ugwuagbo May 6, 2024
written by Nelson Ugwuagbo

The Osun State Governor, Ademola Adeleke has debunked viral reports alleging that his administration has so far borrowed N10 billion from foreign bodies.

A report earlier emerged that the governor reportedly secured the sum of N10,022,382,348.40 billion in loans from different foreign bodies and organizations in 2023.

Reacting, Governor Adeleke in a statement issued on Monday by his spokesperson, Mallam Olawale Rasheed countered the report, saying he has not borrowed a kobo since his administration kicked off.

Describing the report as fake, the governor stated that he has not at any point since he assumed office, “taken any loan either through a resolution of the State Executive Council or that of the State House of Assembly”.

He explained that what the report referred to as loans, were World Bank Development financing which, according to him, were inherited from the previous administrations.

The governor insisted that all the projects executed in the state including the dualisation of roads, the overhead bridges, the school, health centre upgrades and several road projects were being funded through special project accounts created by the state government.

“No responsible government will abandon a series of World Bank projects which are already household names across the Federation and which have benefited so many residents.

“We reaffirm again that Governor Adeleke has not borrowed a kobo since assuming office. Inherited liabilities and contracts cannot be tagged on the Governor of the Year on Infrastructure”, the statement added.

May 6, 2024 0 comments
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Business

BREAKING: NDIC Raises bank depositors’ Coverage from N500,000 to N5m

by Nelson Ugwuagbo May 2, 2024
written by Nelson Ugwuagbo

The Nigerian Deposit Insurance Corporation (NDIC) has increased the maximum coverage of all deposit-taking financial institutions across all levels.

Managing director of the NDIC, Hassan Bello, who made this announcement on Thursday in Abuja, said the coverage has increased the maximum deposit insurance coverage of Deposit Money Banks (DMBs) from N500,000 to N5million, which would provide full coverage of 98.98 per cent of the total depositors compared with the current cover of 89.20 per cent.

The MD said in terms of the value of deposit covered, the revised coverage would increase the value of deposits covered by deposit insurance to 25.37 per cent compared with the current cover of 6.31 per cent of total value of deposits.

“For Microfinance bank, the maximum deposit insurance coverage was increased from N200,000 to N2 million would provide full coverage of 99.27 per cent of the total depositors compared with the current level of 98.76 per cent and would increase the value of deposits covered by deposit insurance to 34.43 per cent compared with 14.38 per cent of total value of deposit, currently covered.

“Primary Mortgage Banks (PMBs): The increase of the maximum deposit insurance coverage from N500,000 to N2 million would provide full coverage of 99.34 per cent of the total depositors compared with the current 97.98 per cent and would increase the value of deposits covered by deposit insurance to 21.04 per cent compared with 10.77 per cent.

“Payment Service Banks (PSBs): The increase of the maximum deposit insurance coverage from N500,000 to N2 million would provide full coverage of 99.99 per cent of the total number of depositors and would increase the value of deposits covered by deposit insurance to 43.10 per cent of the total value deposits from the current cover of 40.60 per cent.

“Subscribers of Mobile Money Operators: The increase of the maximum Pass-through deposit insurance coverage from N500,000 to N5 million per subscriber per MMO as the applicable coverage level for depositors of DMBs,” Bello stated.

May 2, 2024 0 comments
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Headlines

BREAKING: ASUU UniAbuja begins indefinite strike

by Nelson Ugwuagbo May 2, 2024
written by Nelson Ugwuagbo

The University of Abuja branch of the Academic Staff Union of Universities has begun an indefinite strike to draw attention to developments bordering the union.

The union announced its decision to embark on the strike on Thursday at the end of its congress, held at the Permanent Site of the institution.

Members of the UniAbuja ASUU have been at loggerheads with the outgoing Vice-Chancellor, Prof. Abdulrasheed Na’allah and the Minister of Education, Prof. Tahir Mamman over the processes for the appointment of a new VC.

An advertorial that surfaced in a national daily on March 15, 2024, sought a replacement for Na’Allah.

However, ASUU members, in a conference, rejected the ad, declared it “illegal,” and stated that it was not from the governing council.

The Chairman, UniAbuja ASUU, Sylvanus Ugoh, said the Universities Miscellaneous Provision Act 1993 as amended; 2003 and 2012 (Section 3, subsections 1 and 2) empowers only the governing council to advertise the VC’s seat when declared vacant.

He argued that no other organ or individual is legally vested with the power to initiate the procedure of appointing a successive VC.

“You will recall that the university administration placed an advert on the vacancy of the post of a Vice-Chancellor on Friday 15th March 2024,” Ugoh had said.

Details later…

May 2, 2024 0 comments
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Headlines

BREAKING: Hoodlums clash in Lagos, set market on fire

by Nelson Ugwuagbo May 2, 2024
written by Nelson Ugwuagbo

Hoodlums on Thursday clashed in Ile-Epo area of Lagos State, leaving many people injured.

It was gathered that a fight broke out in the market situated in the area on Wednesday night and continued till Thursday morning.

Some shops were set on fire while some goods were destroyed in the process.

It was also learned that an early intervention by the police was restricted by the hoodlums.

A fire service truck that drove into the market this morning was also forced to reverse after being pelted with stones.

May 2, 2024 0 comments
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