COVER
Court Overturns NIA Ex-Acting DG Sack
The National Industrial Court of Nigeria (NICN) sitting in Abuja, yesterday voided the dismissal of a former Acting Director-General of the National Intelligence Agency (NIA), Ambassador Mohammed Dauda.
In a judgment, Justice Olufunke Anuwe, granted all the reliefs sought by Dauda, including an order for his reinstatement as a substantive director in the NIA
Justice Anuwe declared Duada’s dismissal, as a director in the NIA, as illegal, null and void and ordered his immediate reinstatement.
The judge also ordered the full payment of his salaries and entitlements from the date of his dismissal to his date of reinstatement.
Justice Anuwe, who awarded N1million cost against the defendants, noted the claimant (Dauda) did not challenge his dismissal as the acting DG of the NIA.
The judgment was on the suit marked: marked NICN/ABJ/136/2018, filed by Dauda through his lawyer and former Attorney General of the Federation (AGF), Kanu Agabi (SAN).
The suit had the NIA and its Director General (DG) as defendants.
Dauda, who was dismissed on March 6, 2018, had in his originating summons, raised some questions for the court’s determination.
He asked the court to determine whether the procedure adopted by the defendants in the case leading to his purported dismissal is in compliance with Article 8(1) and (2) of the National Securities Agency Act (CAPS 278) 1986.
Dauda also asked the court to determine whether the purported letter of dismissing him issued on March 6, 2018 is not unlawful, null and void and of no effect whatsoever.
He, then, prayed the court to among others, reinstate him as a director and order the payment of his salaries and other entitlements from the date of his unlawful dismissal to the date of his reinstatement.
WINDOW
CBN Invests N120bn on Cotton Production
The Central Bank of Nigeria (CBN) disclosed that over N120 billion has been invested on the cotton value chain and projected over 300, 000 metric tonnes of seed by end of this year.
Deputy Governor, Corporate Services of CBN, Edward Adamu, said yesterday at the Cotton, Textile and Garments (CTG) stakeholders meeting the intervention was to eradicate smuggling and dumping of textile goods in Nigeria.
The meeting tagged: “Cotton Harvest 2020 Season”, he said, would also resuscitate and return the lost glory of the cotton textile and garment industry.
Adamu recalled the booming days of coton industry that sustained the economy with massive job creation, which in the 1970’s and early 1980s, Nigeria was home to Africa’s largest textile industry with over 180 textile mills in operations, which employed close to over 450,000 people.
“By today, if we had nurtured and encouraged the textile industry, that sector will be employing millions”, h said,
He reiterated that the textile industry, at that time, was the largest employer of labour in Nigeria after the public sector, contributing over 25 per cent of the workforce in the manufacturing sector.
That alone, he said, supported the clothing needs of the Nigerian populace, the markets were filled with locally produced textiles from companies such as United Textiles in Kaduna, Supertex Limited, Afprint, International Textile Industry (ITI), Texlon, Aba Textiles, Asaba Textile Mills Ltd, Enpee and Aswani Mills, amongst others.
“The Bank’s interventions in cotton textile and garment are designed to resuscitate and return the textile industries back to its glorious days, creating jobs, diversification of Nigeria’s economy, and achieving self-sufficiency in cotton production”, he added.
By Eze Okechukwu, Abuja
Senate yesterday set up a seven-member ad-hoc committee to investigate the circumstances surrounding the lack of completion of the $18.5billion Abuja Centenary Economic City project, a decade after commencement.The Upper Chamber tasked the committee to review the original Public Private Partnership agreement and recommend amendments if necessary to facilitate the smooth and expeditious completion of the project.
The Senate also urged the Federal Government to prioritise the revival of the Centenary City project by providing appropriate support, resolving regulatory issues and addressing any other impediments, given its beneficial potential to the economy and people of Nigeria after 10 years of stalled progress. The resolutions of the senate followed its consideration of a motion titled: “Urgent need to revive and complete the stalled Centenary City Project, to realise its economic and development potential” during plenary yesterday.The motion was sponsored by the Deputy Senate Leader, Senator Ashiru Yisa (APC – Kwara South).Senator Yisa in his lead debate urged colleagues to note that the Abuja Centenary Economic City project commenced in 2014 through a public private partnership to develop a modern city in the mood of Dubai, to commemorate 100 years of Nigeria’s amalgamation celebration.The Abuja Centenary Economic City Project was to be built according to the model and standard of global smart cities like Dubai, Monaco and Singapore.President Goodluck Jonathan laid foundation for the project on February 27, 2014 with a funfare.After Jonathan was defeated in the 2015 general elections, the succeeding Muhammadu Buhari administration put a halt to the project.The project driven by private investors was launched to mark the 100th anniversary of Nigeria costing $18b with 10–15 years completion period.
By Tony Obiechina, Abuja
The Central Bank Of Nigeria (CBN) has issued a July 7, 2024 deadline for Point of Sales (PoS) operators to complete registration with the Corporate Affairs Corporation (CAC).This was revealed during a meeting between Fintechs and the Registrar-General/Chief Executive Officer (CAC) Hussaini Magaji (SAN) in Abuja on Tuesday.
Speaking at the event, the CAC boss said the two-month timeline to register their agents, merchants, and individuals with the commission, was “in line with legal requirements and the directives of the Central Bank of Nigeria”. “The measure aims at safeguarding the businesses of Fintech’s customers and strengthening the economy,” a statement titled ‘CAC, PoS Operators Agree to Two-Month Deadline to Register Their Agents and Merchants to Strengthen the Fintech Industry”, the CAC added.He stressed that the action was equally backed by Section 863, Subsection 1 of the Companies and Allied Matters Act, CAMA 2020, and the 2013 CBN guidelines on agent banking.Magaji explained that the timeline for the registration which will expire on July 7, 2024, was not targeted at any groups or individuals but aimed at protecting businesses.Several speakers from the Fintech industry pledged to collaborate with the commission to ensure hitch-free implementation of the directive.Some of them, however, stressed the need for adequate and collective sensitisation, to ensure that the exercise achieved the desired results.The Special Adviser to the President on ICT Development and Innovation, Tokoni Peter, in his remarks, pledged to ensure smooth facilitation of the process in line with the Renewed Hope Initiative of the present administrationThe representatives of Opay, Momba, Palmpay Ltd, Pay Stack, Fair Money MFB, Monie Point, and Teasy Pay present at the event, later signed up for a document to support the project.
By Tony Obiechina, Abuja
Central Bank of Nigeria (CBN) has exempted 16 items from the 0.5 per cent Cybersecurity levy on all electronic transactions.CBN had directed banks to begin charging 0.5% cybersecurity levy on transactions as part of efforts to contain the rising cybercrime threats in the financial system.
According to the Apex Bank, deducted funds will be remitted to the National Cybersecurity Fund (NCF), which shall be administered by the Office of the National Security Adviser (ONSA). A circular released by the CBN on Monday directed all commercial, merchant, non-interest and payment service banks to comply with the directive.The circular revealed that it was a follow-up on an earlier letter dated June 25, 2018 (Ref: BPS/DIR/GEN/CIR/05/008) and October 5, 2018 (Ref: BSD/DIR/GEN/LAB/11/023), in compliance with the Cybercrimes (Prohibition, Prevention, Etc.) Act 2015.Following the enactment of the Cybercrime (Prohibition, Prevention, etc) (amendment) Act 2024 and under the provision of Section 44 (2)(a) of the Act, a levy of 0.5 per cent (0.005) equivalent to 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 Cybersecurity Fund, which the Office of the National Security Adviser shall administer.The exemptions included loan disbursements and repayments, salary payments, intra-account transfers within the same bank or between different banks for the same customer, intra-bank transfers between customers of the same bank, and Other Financial Institutions (OFIs) instructions to their correspondent banks.The exemption also applies to interbank placements, banks’ transfers to CBN and vice versa, inter-branch transfers within a bank, cheque clearing and settlements, and Letters of Credit (LCs).Others include 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; educational institutions transactions, including tuition payments and other transaction involving schools, universities, or other educational institutions.Transactions involving the 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, are also exempt from the levy.The central bank warned that Section 44 (8) of the Act prescribes that failure to remit the levy constitutes an offence punishable on conviction by a fine of not less than two percent of the defaulting business’s annual turnover, among other things.
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