Tinubu Returns to Nigeria; SERAP and NLC Call for Withdrawal of 0.5% Cybersecurity Levy – Trending Today

Tinubu Nigeria

Hello and welcome! In today’s trending news stories; 

1. President Bola Tinubu and his aides have returned to Nigeria from Europe today. Tinubu initially traveled to meet with Dutch Prime Minister Mark Rutte over two weeks ago, followed by attendance at a special World Economic Forum in Saudi Arabia. After the summit, he extended his trip to Europe. Speculations arose when he didn’t return as expected after the Saudi Arabia forum. Reports suggested he made stops in London and France for private visits.

2. The Central Bank of Nigeria (CBN) has introduced a 0.5% cybersecurity levy on all banking transactions, which will be deducted and remitted by financial institutions at the point of electronic transfer origination. This levy has triggered widespread discontent among Nigerians, who view it as an additional financial burden on already costly banking transactions. Various individuals and organizations, including the Socio-Economic Rights and Accountability Project (SERAP) and the Nigeria Labour Congress (NLC), have called for the withdrawal of the directive, citing concerns about its legality and its impact on citizens, particularly workers and vulnerable groups. They argue that while cybersecurity is important, imposing such a levy without considering its implications on citizens is unjustifiable and further exacerbates financial pressures on the populace.

3. The Central Bank of Nigeria (CBN) has recently updated its list of deposit money banks operating in the country, announcing that Fidelity Bank and FCMB are now approved to operate internationally. The updated list reveals seven commercial banks with international authorization, 15 with national authorization, four with regional authorization, and four non-interest banking licenses nationally. Additionally, there are seven financial holding companies and one representative office listed. In March 2024, the CBN increased the minimum capital requirements for various categories of banks, including those with international authorization now needing N500 billion, commercial banks with national authorization at N200 billion, and those with regional authorization at N50 billion. Merchant banks, as well as non-interest banks, also face new minimum capital requirements.

4. The Rivers State chapter of the APC has instructed State House of Assembly members, led by Martin Amaewhule, to initiate impeachment proceedings against Governor Siminalayi Fubara. This directive came from Tony Okocha, the party’s Caretaker Committee Chairman, during a press conference in Port Harcourt. The directive follows Governor Fubara’s statement that the Assembly members are no longer recognized legally. Okocha criticized the governor, accusing him of incompetence and mismanagement. He also warned against undermining the President and vowed to take action against any APC lawmakers who fail to comply with the impeachment directive. However, the State Commissioner for Information, Joe Johnson, countered Okocha’s directive, stating that Okocha lacked the authority to issue such directives and cited constitutional provisions regarding lawmakers defecting from one party to another. 

5. Mats Hummels scored his first Champions League goal for Borussia Dortmund in over a decade, securing a 1-0 win against Paris Saint-Germain and a 2-0 aggregate victory. Despite PSG hitting the woodwork six times, Dortmund’s defensive discipline and counter-attacking threat led them to victory. Hummels’ towering header proved decisive, and Dortmund, under Edin Terzić’s guidance, now eyes a historic cup run. PSG’s Kylian Mbappé sees his Champions League dream with his hometown club dim as Dortmund awaits the winner between Real Madrid and Bayern Munich in the final.

6. Israel has continued bombing Rafah and other parts of the Gaza Strip, with Palestinians trapped following the seizure of the Rafah crossing on the Egypt border. The UN Secretary-General warns against a full-scale invasion of Rafah, citing it as a strategic mistake, political calamity, and humanitarian nightmare. Human Rights Watch expresses concern over Israeli authorities blocking life-saving aid, risking more Palestinian lives. Israeli Prime Minister Benjamin Netanyahu rejects a ceasefire proposal by Hamas, though talks continue in Cairo. Israeli attacks on Gaza since October 7 have resulted in at least 34,789 deaths and 78,204 injuries, while Hamas attacks in Israel caused 1,139 deaths with several captives still held.

7. Femi Adebayo has won a ₦25 million lawsuit against a media company after a three-year legal battle over piracy. Adebayo took action against a notable media company that exploited his film, “Survival of Jelili,” by superimposing images from it onto another YouTube video to deceive viewers. With the help of his legal team, Adebayo presented undeniable evidence and won the case, being awarded the sum. He emphasized that piracy remains a significant hindrance to the Nigerian film industry’s full potential, deterring investors and causing filmmakers distress.

 

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