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INEC: Yakubu Steps Aside, Awaits NASS Confirmation

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By Jude Opara, Abuja

The Chairman of the Independent National Electoral Commission (INEC), Prof. Mahmood Yakubu is expected to vacate his office today pending his confirmation by the National Assembly (NASS) for a second term in office

Yakubu, who had been re-appointed by President Muhammadu Buhari, would momentarily, hand-over to the most senior INEC National Commissioner in line with Constitutional provision.

The Chairman, who was appointed on October 21, 2015, took over from a former National Commissioner, Mrs.

Amina Zakari, who was holding forth the leadership of the electoral body after the exit of the former Chairman; Prof. Attahiru Jega.

Though in his early days in office, there were challenges that bogged the electoral system with many results declared inconclusive, the Commission had continued to make some positive progress such as Edo and Ondo states governorship elections, held in September and October, respectively.  

Many analysts and stakeholders applauded his re-nomination believing that it was an opportunity for him to consolidate on the recent achievements in conduct of the nation’s elections.

Yakubu had also pushed for more legal backing in the electoral system including the introduction of the electronic voting, which many believe will help  eliminate the incidents of manipulation that had hitherto characterized the system.

Similarly, INEC under Yakubu had consistently called for the introduction of a special legal framework that would handle issues of electoral fraud.

Why we can’t Disqualify Obaseki


Meanwhile, the Commission has explained its inability to investigate and disqualify Edo State Governor, Godwin Obaseki, over alleged forged documents presented to the electoral umpire.

INEC said there was  no court order in that regard and as such was beyond its responsibilities and powers.

The Commission made this assertion in its reply to the petition filed by the Action Democratic Party (ADP), challenging the victory of Obaseki in the September 19, governorship election.

The Peoples Democratic Party (PDP), a platform, which Obaseki contested the election, had admitted that the alleged errors in  certificate were made in the course of filling his forms for the election in 2016.

Obaseki was said to have mistakenly written 1976 in a portion of the form for the year of graduation, whereas it was the year of his admission into the University of Ibadan.

 “At the time Obaseki was completing his Form CF001 in 2016, he deposed to an affidavit stating that he had misplaced the originals of all of his certificates, while changing offices with the intention to apply for a re-issuance of his certificates”, PDP had argued.

Original Certificate Issued in A5 Size – PDP

The Party blamed the alleged error in Obaseki’s certificate on the photocopier saying, “the original certificate was issued in A5 size; however, in order for the photocopy of the certificate to be attached to the Form CF001, the size was reduced to A4 and in the process, leaving out some information on the certificate”.

INEC, however, said it was not in the position to disqualify the governor for alleged certificate forgery, but that only a competent court of jurisdiction could do that.

The Commission, being the 1st respondent in the petition filed by ADP to the Edo State Governorship Election Petition Tribunal, in a certified true copy containing its reply said: “It is also not the duty of the first respondent (INEC) to investigate the origin of the said documents duly submitted to it”.

The reply signed by INEC’s lead counsel, Mr Adegboyega Awomolo, said: “The information given by the 3rd respondent, Mr Godwin Obaseki, in the affidavit and documents submitted by him as a candidate at the election in INEC’s nomination form (Form C.F. 001) are presumed manifestly true or prima facie correct until and only if the contrary is proved and/or pronounced false by an order of the court”.‎

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Senate Investigates $18.5bn Abuja Centenary City Project

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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.

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CBN Gives POS Operators July 7 Deadline to Register with CAC

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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.

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CBN Exempts Salaries, Loans, Pensions, Donations from Cyber Security Levy

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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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