News
Tinubu orders CBN to suspend implementation of cybersecurity levy
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 out in the Cybercrime (Prohibition, Prevention, etc) (Amendment) Act 2024.
According to the Act, a levy amounting to 0.5 per cent of the value of all electronic transactions will be collected and remitted to the National Cybersecurity Fund, overseen by the Office of the National Security Adviser.
Financial institutions are required to apply the levy at the point of electronic transfer origination.
The deducted amount is to be explicitly noted in customer accounts under the descriptor “Cybersecurity Levy” and remitted by the financial institution. All financial institutions are required to start implementing the levy within two weeks from the issuance of the circular.
By implication, the deduction of the levy by financial institutions should commence on May 20, 2024.
However, financial institutions are to make their remittances in bulk to the NCF account domiciled at the CBN by the fifth business day of every subsequent month.
The circular also stipulates a timeframe for financial institutions to reconfigure their systems to ensure complete and timely submission of remittance files to the Nigeria Interbank Settlement Systems Plc as follows: “Commercial, Merchant, Non-Interest, and Payment Service Banks – Within four weeks of the issuance of the Circular.
“All other Financial Institutions (Microfinance Banks, Primary Mortgage Banks, Development Financial Institutions) – Within eight weeks of the issuance of the Circular,” the circular noted.
The CBN has emphasised strict adherence to this mandate, warning that any financial institution that fails to comply with the provisions will face severe penalties. As outlined in the Act, non-compliant entities are subject to a minimum fine of two per cent of their annual turnover upon conviction.
The circular provides a list of transactions currently deemed eligible for exemption, to avoid multiple applications of the levy.
These are loan disbursements and repayments, salary payments, intra-account transfers within the same bank or between different banks for the same customer, and intra-bank transfers between customers of the same bank.
Exemptions include other financial institutions’ transfers to their correspondent banks, interbank placements, banks’ transfers to CBN and vice versa, inter-branch transfers within a bank, cheque clearing and settlements, letters of credit, and banks’ recapitalisation-related funding.
Others are bulk funds movement from collection accounts, savings, and deposits including transactions involving long-term investments such as treasury bills, bonds, and commercial papers, and government social welfare programmes transactions.
These may include pension payments, non-profit and charitable transactions including donations to registered non-profit organisations or charities, educational institutions transactions, including tuition payments and other transactions involving schools, universities, or other educational institutions, and transactions involving the bank’s internal accounts, inter-branch accounts, reserve accounts, nostro and vostro accounts, and escrow accounts.
The introduction of the new levy sparked varied reactions among stakeholders as it is expected to raise the cost of conducting business in Nigeria and could potentially hinder the growth of digital transaction adoption.
‘Stop levy now’
Members of the House of Representatives on Thursday asked the Central Bank of Nigeria to withdraw the circular directing financial institutions to commence implementation of the 0.5 per cent cybersecurity levy, describing it as “ambiguous”.
The development was in response to a motion on the urgent need to halt and modify the implementation of the cybersecurity levy, moved by Kingsley Chinda.
According to the House, the CBN is to withdraw the initial circular, and “issue a more understandable one”.
Chinda had drawn the attention of the House to multiple interpretations of the CBN directive against the specifications in the Cybersecurity Act.
The House then expressed worry, that the Act would be implemented in error if immediate steps were not taken, to address the concerns around the interpretation of the CBN directive and the Cybersecurity Act.
News
The Great Recalibration: How President Bola Ahmed Tinubu Is Restructuring Nigeria for a Stronger Tomorrow
By RT HON
CHINEDUM ENYINNAYA ORJI
“You cannot build a house for tomorrow on the weak foundation of yesterday. We must lay new blocks, even when the rain is falling.”— Adapted from President Bola Ahmed Tinubu
Three years into his presidency, President Bola Ahmed Tinubu has embarked on what may be the most deliberate economic and governance recalibration Nigeria has seen in a generation.
He came into office on May 29, 2023 with a clear declaration: “Fuel subsidy is gone.” In that single sentence, he signaled that the era of deferring hard choices had ended.
Restructuring, at its core, is about rearranging the house so it can stand longer and serve more people. For Nigeria, that meant confronting distortions that had weakened public finances, scared investors, and made planning impossible.
The first pillar of this restructuring is fiscal discipline. By removing the costly petrol subsidy and cutting electricity subsidies, the administration stopped the bleeding of trillions of naira that once vanished into opaque payments.
The results are already visible in the numbers. The fiscal deficit narrowed from 5.4 percent of GDP in 2023 to approximately 3 percent in 2024, while federation revenue rose from ₦16.8 trillion to ₦31.9 trillion.
That new revenue is not sitting idle. It is being channeled into roads, rails, power, and social programs that touch ordinary citizens directly. More than 2,700 kilometers of roads are under construction or rehabilitation nationwide.
The second pillar is monetary credibility. The unification of exchange rates and clearing of a $4 billion FX backlog restored confidence in the naira and in Nigeria’s commitment to market-based policies.
That credibility has produced tangible dividends. The stock market surged nearly fivefold to a record 250,000 points, market capitalization grew, and international rating agency Fitch upgraded Nigeria from B- to B in April 2025.
Foreign investors, who had stayed on the sidelines, are returning. New oil and gas investments are being announced, domestic refining capacity is rising, and fuel imports are falling, easing pressure on our foreign exchange.
The third pillar is sectoral transformation. Recognizing that oil alone cannot carry Nigeria’s future, President Tinubu approved a Presidential Petroleum Reform and Value Optimisation Taskforce to design the next phase of structural reforms in that sector.
The Taskforce is not another talking shop. It is a time-bound technical body charged with delivering execution-ready blueprints to unlock capital, improve transparency, and position Nigeria as a leading global energy investment destination.
Beyond oil, the February 2026 launch of the Nigeria Industrial Policy marks a decisive shift toward manufacturing, value addition, and job creation. The goal is a $1 trillion economy in five years, driven by inclusive and decentralized growth.
This is restructuring with a human face. Through NELFUND, millions of Nigerian students now have access to loans to stay in school. The CNG program is reducing transport costs and easing the burden of subsidy removal on households.
Governance itself is being rewired. The Renewed Hope Ward Development Plan is mapping economic potential across all 8,809 wards, ensuring that planning starts from the grassroots and moves upward to the state and federal levels.
Such decentralization matters. When wards have data, they have a voice. When local governments have more resources, service delivery improves. That is how accountability becomes real, not theoretical.
On security, the administration has intensified operations against banditry, insurgency, and criminal gangs. The link is clear: no investor builds factories where there is no peace, and no farmer feeds the nation where there is no safety.
A good example is the renewed engagement with Ogoni communities. By addressing historical grievances, the government is creating the conditions to restart oil exploration in a way that benefits both the people and the treasury.
Critics are right to point out the hardship. The cost-of-living squeeze has been severe, and inflation remains a challenge. But restructuring is not magic. It is medicine, and medicine often tastes bitter before it heals.
What distinguishes this moment is political will. Previous administrations discussed these reforms for decades. President Tinubu chose to act in the first week, knowing the political cost, because the economic cost of delay was higher.
The international community has noticed. The World Bank’s April 2026 Nigeria Development Update and the IMF’s 2025 Article IV Consultation both acknowledge significant progress in restoring macroeconomic stability.
More importantly, Nigerians are beginning to see the logic. A stable currency means businesses can plan. More revenue to states means more projects in communities. More transparency means fewer excuses.
The central test ahead is jobs. With 3.5 million Nigerians entering the labor force each year, the restructuring must now translate into employment-intensive growth. The industrial policy and infrastructure push are designed for exactly that.
This is not about one man or one party. It is about laying a foundation that no future government can afford to ignore. Institutions, rules, and incentives are being reset.
History will judge this period not by the pain of the transition, but by whether we used the pain to build something durable. The early signs suggest we are.
President Tinubu’s restructuring is far from complete, but it has already changed the trajectory. Nigeria is no longer drifting. It is recalibrating, with purpose, toward a future where our resources work for our people, and where governance finally matches our potential.
RT HON
Chinedum Enyinnaya orji
APC House of Representatives Candidate for Ikwuano Umuahia Fed. Constituency writes from Amaokwe Ugba Ibeku, Abia State.
The Federal Road Safety Corps (FRSC) has announced the demise of its Enugu State Sector Commander, Corps Commander Franklin O Agbakoba.
This is contained in a statement issued by FRSC Deputy Corps Commander in-charge of Enugu State Operations, DCC Kyrian C Okolo, on Friday in Enugu.
“FRSC Enugu State Sector Command received the sad news of the demise of CC Franklin Agbakoba on Thursday, July 30,2026.
“The late Sector Commander died at Niger Foundation Hospital, Enugu where he was receiving treatment.
“His corpse have been deposited at the Eastern Medical Center, Enugu,” he said.
Until his death,CC Franklin Agbakoba made inter-agency collaboration and partnership his legacy and promoted safer roads within Enugu State.
The family’s head, Imo Aguiyi-Ironsi, made the demand during an interview with Arise News on Thursday.
“I think the family needs apology. The family needs to be compensated. We need sincere apology. We need sincere reconciliation,” he said.
He described his uncle as a visionary leader who was wrongly punished for a coup he had no role in.
“He was a man of vision. He was a detribalized Nigerian. He was a good leader,” he said.
Imo Aguiyi-Ironsi noted that his uncle’s tenure as Head of State was brief and ended violently.
“He occupied the seat of head of state for only six months, and he was taken away from us.
“Not because of a sin he committed, because he wasn’t part of the January 1966 coup.”
According to him, Aguiyi-Ironsi’s death resulted from his position rather than any wrongdoing on his part.
“Only because of his position as the most senior military officer, he was told to take charge. And then that cost him his life,” he said.
He expressed hope that his appeal would reach those with the power to act on it.
“Well, I hope there are people who are in positions to make this happen that are listening to you tonight,” he said.
Aguiyi-Ironsi served as Nigeria’s Head of State from January 16 to July 29, 1966, taking charge in the aftermath of the January 15, 1966 coup that had claimed the lives of the country’s political leadership.
He survived that coup and helped crush the mutiny, but his later decision to centralise power under Decree 34, along with his failure to prosecute the plotters, fuelled resentment among northern officers.
He was killed on July 29, 1966, alongside his host, Lieutenant Colonel Adekunle Fajuyi, in a mutiny by northern soldiers that became known as the July counter-coup
The directive was contained in a memorandum dated July 13, 2026, and signed by the Chief Registrar of the Supreme Court, Kabir Akanbi.
Addressed to litigation staff, legal practitioners, court registrars and lawyers, the circular said the order took immediate effect and formed part of efforts to uphold professional standards within the apex court.
The memorandum read, “I am directed by the Honourable the Chief Justice of Nigeria to notify all Litigation Staff, Legal Practitioners, Court Registrars, and Lawyers that the use of the title ‘Barrister’ as a prefix to names is inappropriate and inconsistent with the standards of professionalism expected within the Supreme Court of Nigeria.”
It further directed all affected officers to immediately stop using the title in official correspondence and other official materials.
The memo stated, “Consequently, all officers concerned are hereby directed to discontinue the use of the title ‘Barrister’ before their names in all official correspondence, records, documents, identity materials, and any other official engagements with immediate effect.”
The memorandum added, “Heads of Departments and Unit Heads are requested to ensure strict compliance with this directive by all officers under their supervision. Please be guided accordingly.”
The directive comes weeks after the Council of Legal Education cautioned prospective lawyers against wearing wigs and gowns or presenting themselves as qualified legal practitioners before they are formally called to the Nigerian Bar.
The council said such conduct undermined the dignity of the legal profession and warned that violators could face disciplinary measures.
It also reminded candidates that the use of legal regalia is governed by the Rules of Professional Conduct and is reserved for duly qualified legal practitioners
The Enugu State Government says it has intensified fight against quackery across all health professions, particularly in the laboratory practice within the state.
The Commissioner for Health, Prof. George Ugwu, revealed this on Friday while receiving the National President of Association of Medical Laboratory Scientists of Nigeria (AMLSN), Dr. Casimir Ifeanyi, on a courtesy visit to his office in Enugu.
Ugwu decried the growing trend of unprofessional practices and establishments where laboratory services are combined with pharmacies, patient treatment areas, provision stores, and other unauthorised activities.
According to him, such practices are unacceptable and dangerous to public health.
He reaffirmed the government’s resolve to eliminate quackery especially in laboratory practices and operations through sustained monitoring, regulation and enforcement.
The commissioner also commended the association for its dedication to promoting excellence in medical laboratory science and public health advocacy.
He assured the team of the ministry’s willingness to collaborate with professional bodies whose activities align with the government’s vision of delivering accessible, quality, and people-centred healthcare services across the state.
Ugwu stressed the remarkable strides recorded under the administration of Gov. Peter Mbah in transforming the health sector, including investments in healthcare infrastructure, workforce development, primary healthcare revitalisation and improved service delivery.
He urged the association to remain steadfast in upholding professionalism and ethical standards, emphasising that stronger partnerships between government and healthcare professionals remained essential in building a healthier Enugu State.
Earlier, Ifeanyi, who made the visit with some members of his national executive and Enugu State Chapter of AMLSN, briefed the commissioner on the association’s forthcoming AMLSN Annual Public Health Lecture.
He solicited the state government’s goodwill, support and participation in the event, which would be held in Enugu.
“The annual lecture is aimed at advancing quality healthcare delivery, promoting public health awareness, and fostering stronger collaboration among healthcare professionals and government institutions,” he said.
He noted that the association remained committed to improving professional standards and supporting initiatives that would enhance healthcare outcomes for residents of Enugu State and Nigeria at large.
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