
News
Tinubu orders CBN to suspend implementation of cybersecurity levy
President Bola Tinubu has asked the Central Bank of Nigeria to suspend the implementation of the controversial cybersecurity levy policy and ordered a review.
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.
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.
However, sources with knowledge of Tinubu’s position on the issue disclosed that the President was aware of the economic burden on Nigerians since his hardline economic reforms began last May, adding that he did not want to risk adding to the burden with more levies.
A senior presidency official who preferred not to be named told The Punch, “The President is sensitive to what Nigerians feel. And he will not want to proceed with implementing a policy that adds to the burden of the people.
“So, he has asked the CBN to hold off on that policy and ordered a review. I would have said he ordered the CBN, but that is not appropriate because the CBN is autonomous. But he has asked the CBN to hold off on it and review things again.”
Another presidency official who preferred to remain anonymous as he was not authorised to speak on the issue said these discrepancies prompted the President to order a review.
“If you look at it, the law predates the Tinubu administration. It was enacted in 2015 and signed by Goodluck Jonathan. It is only being implemented now.
“You know he (Tinubu) was not around when that directive was being circulated. And he does not want to present his government as being insensitive. As it is now, the CBN has held off the instruction to banks to start charging people. So, the President is sensitive. His goal is not to just tax Nigerians like that. That is not his intention. So, he has ordered a review of that law.”
Tax reforms not to frustrate Nigerians — Shettima
Meanwhile, the Vice President, Kashim Shettima, on Saturday, said the tax reforms undertaken by the Bola Tinubu administration were not aimed to frustrate Nigerians but to sustain the country’s investment friendliness.
The VP, represented by his Special Adviser on General Duties Dr Aliyu Umar, spoke at the close-out retreat of the Presidential Fiscal Policy and Tax Reforms Committee held at the Transcorp Hilton, Abuja. Shettima’s Spokesperson, Mr Stanley Nkwocha, revealed this in a statement titled, ‘Our tax reforms initiated for overall benefits of Nigerians – VP Shettima’.
He argued that contrary to speculations in some quarters, “we are not here to frustrate any sector of our economy but to create an administrative system that ensures the benefits of a thriving tax system for all our citizens”.
Levy suspension welcome development – PDP
Reacting to the decision of the President, the Peoples Democratic Party’s National Publicity Secretary, Debo Ologunagba, welcomed the suspension of the cybersecurity levy policy implementation, noting that the policy should not have been introduced at all.
He said, “It was an anti-people decision from the beginning. It was an insensitive decision from the beginning. It was an ambush on the people who had already been frustrated by the multiple layers of taxes from the beginning. So, it was a very cruel introduction because you do not need to tax us to have cybersecurity.
“You do not need to tax the villagers or the people in the rural areas for cybersecurity. People who do not even have light. They don’t even have access to an internet connection. Well, if that is a show that the president is listening, then that is good. Then, he must now continue to listen more and begin to look at where the problem started and that is the issue of removal of subsidy without any cushioning of its effect. What will happen is that the president should go back further so that Nigerians can breathe by ensuring a policy that will reduce the hardship of the sudden removal of the subsidy.”
News
₦1.08tn budget for Cooperative College Enugu is another move to defraud Nigerians — Atiku
Former Vice President Atiku Abubakar has described the 2026 Appropriation Act as compromised, following revelations that the Federal Cooperative College, Oji River, Enugu State, was allocated ₦1.08 trillion to execute 2,791 capital projects across the 36 states and the Federal Capital Territory FCT.
In a statement issued by his Senior Special Assistant on Public Communication, Phrank Shaibu, the African Democratic Congress ADC presidential candidate commended Tracka for an independent analysis he said exposed one of the most troubling cases of budget distortion under the Tinubu administration.
Atiku said the disclosure undercuts the Presidency’s insistence that painful reforms, higher taxes and heavy borrowing reflect prudent economic management.
“Nothing exposes the hollowness of that claim more than a budget that turns a federal cooperative college into one of Nigeria’s largest project-implementing agencies,” he said.
He argued that the allocation defies logic, public finance principles and the institution’s statutory mandate, questioning how a college established to promote cooperative education became responsible for roads, drainage systems, solar streetlights, markets, football pitches, dialysis centres, ambulances, water schemes, recycling plants, empowerment programmes and thousands of other projects nationwide.

“Who decided that a cooperative college should become one of Nigeria’s biggest ministries by stealth? Under what law was it transformed into the implementing agency for 2,791 projects? Who nominated these projects, who approved them, who will supervise them, and who will be held accountable?” he asked.
The former Vice President said the revelations undermine the administration’s claim of fiscal discipline, accusing the government of running what he called a medieval financial system.
“In a constitutional democracy, however, the treasury belongs to the Nigerian people, not to the President or his cronies,” he said.
He contended that a government demanding sacrifice from citizens while channeling such a large sum through an institution without the capacity to execute it cannot claim to be managing resources prudently.
“A government that plans to spend ₦1.08 trillion through a cooperative college cannot claim to be fighting waste or promoting fiscal discipline. It looks less like governance and more like a blueprint to defraud Nigerians”, he declared.
News
No tension in Nkanu Land, Says Jim Nwobodo; Clears the air on Enugu Estate land dispute
Former governor Jim Nwobodo has dismissed reports of tension in Nkanu land, clarifying issues surrounding the Enugu estate land dispute and urging the public not to be misled by false narratives.
Nwobodo, a former Governor of old Anambra State and Senator that represented Enugu East at the National Assembly between 1999 and 2003, laughed off a report claiming the presence of “uneasy calm” in his Nkanu community over a land dispute.
The elder statesman and one of the two surviving governors of the 1979-83 set of governors, dismissed the report with a wave of the hand. He described it as part of the orchestrated campaign to smear his name by one Basil Ogbuanu, who is battling a criminal case in court.
Nwobodo, an octogenarian, was reacting to a story published in ThisDay newspapers on Sunday, August 2, 2026, describing how “tension has enveloped Nkanu land in Enugu State as prominent indigenes of the area are sharply divided over the demolition of buildings belonging to a Lagos-based businessman and investor, Dr. Basil Ogbuanu, inside an Estate at the Independent Layout, Enugu.” Nwobodo, who celebrated his 86th birthday in May this year, wondered in which part of Nkanu land such tension existed.
His words: “Anybody talking of tension or uneasy calm in Nkanu, is talking nonsense. That person is a big liar. Nkanu is not somewhere in a cave or some undiscovered place in the earth planet. It is existing as a prominent community in Enugu State. Where is the tension that nobody else has heard of except the one man running from pillar to post in a futile attempt to save himself from the criminal case for which he is now being prosecuted by the police?

“There is absolutely no tension anywhere in Nkanu land. Nobody from Nkanu has ever intervened or spoken to me about Ogbuanu. I challenge Ogbuanu to mention the name of anybody from Nkanu or elsewhere who has spoken to me about the Ogbuanu. That is because of his troublesome character and disrespect for law and order. This barefaced lie about Nkanu land has shown the character of the so-called Pastor.”
The elder statesman, who maintained that Ogbuanu’s problem was self-inflicted, acknowledged that the issue with him started when he (Ogbuanu), began to unravel after purchasing a piece of land from a choice estate located at Independence Layout in the capital city, by going completely against the terms and agreement.
Explaining some of the details of the transaction and the development that followed, the former governor, who expressed regret over the matter, narrated how Ogbuanu, not only secretly went into the estate, before the paperworks were completed by the Enugu State Government, but also attempted to totally deface the ambience.
He said in a statement issued on Tuesday: “This was supposed to be a small estate with specific plan model of the prototype buildings. It was supposed to be a quiet ambience with few high-class residents. From the outset, I told him that the estate was not ready for physical structures yet and that nobody should start building until everything is ready. But this man used tricks on me to sign his papers on the ground that he needed it as evidence to his bank, who lent him money to purchase the land.
“This man did not only secretly move into the land, but guess what he was building – hostels – student hostels – in an environment that was supposed to be exclusive. This was after we had told him from the beginning that the land title required recertification in order to get a Certificate Of Occupancy because in 1975/76 when the land was gotten, the title then was a building lease. It was in1978 that the Land Use Act introduced the issuance of Certificate Of Occupancy.
“Secondly, because an estate has one global Certificate Of Occupancy, the subdivided plots will be issued with subleases, and that can only be done when the Certificate Of Occupancy that is being processed is finally issued. Thirdly, the format and contents of deed of subleases for an estate is quite different from that of a stand-alone plot, and we had reached out to the Ministry of lands and the Ministry of Housing for a format for estates.
“Fourthly, we had arranged for an architectural and layout designs for the estate that would be submitted for approval to the ministry of lands and the Enugu Capital Territory Development Authority (ECTDA), before any plot would be developed.”
Continuing, the former governor said: “As an elder statesman, I have always insisted on following the due process and getting all the required approvals from the relevant ministries before embarking on any construction. But Ogbuanu had a different plan which manifested with his lawlessness and disregard for authorities. We explained all these to Ogbuanu and to others who bought plots of land in the estate. We also made it clear that we would refund the full purchase price to any buyer who would rather not wait for these processes to be completed.
“Few days after our agreement to wait for the C Of O to be processed, Ogbuanu brought a power of Attorney and Deed which was prepared in the old company name, a company that had sold its interest and its title to the land to a different entity. He was told the futility and implication of having a document in the name of an entity that no longer have title to the land. He was reminded of our agreement to either wait for the recertification process with the ministry of lands to be completed or get his money back.
“Basil Ogbuanu told me and my wife that he borrowed money from a Nigerian bank and that the bank had asked him to bring evidence of what he spent the money on. My wife told him that she does not believe that a bank would lend him money without evidence of his net-worth and evidence of what he wants to spend the money on.”
Nwobodo said that Ogbuanu later called on the phone and said he cried all night “because the banks were chasing him and he had ran to me and my wife as parents to please help by giving him evidence for the banks to set him free.”
According to Senator Nwobodo, “When a pastor cried all night, then something serious must be happening. In my usual magnanimity, we agreed to sign his documents, but warned him to return them for the authentic and legal title documents.
“As soon as Basil Ogbuanu got those documents, he disappeared and his next move was to start building illegal structures in the form of hostels and a church – building mass houses in the form of commercial properties in a high brow, low density location. This was without any form of approvals from, the Estate, Ministry of Lands and Enugu Capital Territory Development Authority. We started receiving calls from other people who purchased plots in the Estate, complaining that Basil Ogbuanu was defacing the estate, and they all threatened to abandon their plots and leave the estate.
“They said they were scared of living with a miscreant in the same enclosed compound, especially in a small Estate. We got worried and reported to appropriate authorities, and unknown to us the Capital Territory Authority had, in the course of their usual checks, seen the illegality committed by Ogbuanu and marked it. Based on the barrage of complaints, the Capital Territory Authority visited the Estate again and marked “Remove” on the illegal structures, and that was when the structures were almost at a foundation stage. Ogbuanu ignored the several warnings from the authorities, and continued with his construction of illegal building, in defiance of all government warnings.
“That is the simple story.”
“Concluding, the elder statesman said: “Did Ogbuanu tell the world that I have been telling him from the beginning to come and take back his money, the full payment and that he has been running away? How come out of all the people that bought land in the estate he is the only one complaining? These are the questions Nigerians should ask him, particularly the media houses he has been running to in his desperate bid to smear my name.
“Whoever knows Basil Ogbuanu should tell him that I’m prepared to give him back his money, even if it is in public. Let him come and collect his money. I regret listening to those who persuaded me to have anything to do with him, because I was warned. But even at that, no amount of blackmail can make him build in that estate, and no amount of campaign of calumny will save him from his self-inflicted criminal ordeal.”
News
Police arrest four officers in Imo over viral video of suspect forced into vehicle boot
The Imo state police command says it has arrested four officers captured in a viral video seemingly manhandling and shoving a young man into the boot of a vehicle.
The incident occurred on Sunday, along Human Race Road in Nekede, Imo state.
In a statement, Henry Okoye, spokesperson of the command, said Audu Bosso, commissioner of police in the state, ordered an immediate investigation to establish the circumstances surrounding the incident.
“Preliminary findings revealed that the four personnel captured in the viral video comprised two police officers attached to the Nekede Divisional Headquarters and two Supernumerary Police Officers,” the statement reads.
“They were conducting an operation at a suspected drug trafficking location along Human Race Road, Nekede, during which two suspects were arrested.

“Substances suspected to be Cannabis Sativa were recovered from one suspect, who admitted to selling illicit drugs in the area.”
Okoye said the command condemned the officers’ conduct despite the outcome of the operation.
“Notwithstanding the outcome of the operation, the Imo State Police Command unequivocally condemns the unprofessional conduct of the personnel as captured in the viral video,” the statement added.
“The manner in which one of the suspects was arrested and forced into the boot of a vehicle is unacceptable, inhumane, and completely not in conformity with the Standard Operating Procedures, Code of Conduct, and professional ethics of the Nigeria Police Force.”
The police spokesperson said the case has been transferred to the State Criminal Investigation Department (SCID) for a detailed and impartial investigation.
He added that disciplinary procedures had commenced against the officers involved and that the outcome of the investigation would be made public upon completion.
Okoye said the commissioner of police reassured residents of the command’s commitment to combating crime “while ensuring that all policing operations are conducted professionally, lawfully, and with due respect for the rights and dignity of every individual”.
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