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Nigeria, W/African Countries Constitute 40% of World Refugees – ECOWAS

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Economic of West Africa States
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By Jude Opara, Abuja

Nigerians and other nationalities from the West African sub-region, constitute 40% of the 70 million refugees in the world, the Secretary General of ECOWAS Parliament, John Azumah , has said.

Azumah who stated this yesterday in Abuja  during the official inauguration of the West African Parliamentary Press Corps and Senate Press Corps Day, at the National Assembly, added that humanitarian situations in the region were products of bad and unimaginative governance .

 Painting the gloomy picture of the region on humanitarian crises and poverty level in his key note address read by the Director of Parliamentary Affairs and Research of the ECOWAS Parliament, Mr Bertin  Some, on his behalf, Azumah said in Nigeria alone, 2.

1 million people are displaced by Boko Haram insurgency .

He said: It is regrettable that despite the efforts being madein West Africa, the region is plagued with multiple crises .

 “For instance,  Nigeria’s North -East , North – West and North – Central are ravaged by Boko Haram terrorism and farmer-herder clashes , which has resulted in the killing of over 20,000 people and with about 2.1 million people displaced .

 “This carnage has caused huge humanitarian crisis , such thatthere appear to be a lethargy of addressing the crises with funds by the international agencies .

 “In Mali, insurgency has run down the country and displaced many. These crises are replicated in many parts of the region.

“According to the United Nations High Commission on Refugees  (UNHCR),  West Africa is one of the regions of the world with the highest number of refugees and internally displaced persons , estimated to constitute about 40% of the 70million refugees and displaced persons in the world “.

The Scribe of the ECOWAS Parliament, blamed the sorry state of the region on bad governance which according to him, had rendered many affected countries financially impotent to the point of depending on funds from donor agencies to implement their yearly budgets .

 ”The political crises that trigger these humanitarian situations in the region are products of bad and unimaginative governance, which has plunged a great number of our citizens into poverty and untold hardship.

 ”The poverty level is so high in the region such that many member states largely depend on donor agencies and international humanitarian agencies to fund their activities and programmes because their streams of revenues can no longer fund the national budgets “, he lamented .

As a way out of the bad situations, he tasked the media and civil society organizations across the sixteen countries in the region to hold their various governments.

The vibrancy of the media according to him, is evaluated based on the degree of consciousness of the citizens in challenging leaders to live up to their duties and obligations.

 However in  his own speech ,  the President of the Senate , Ahmed Lawan who was represented by his Deputy , Senator Ovie Omo- Agege assured the gathering that the 9th National Assembly has put on ground , feasible template for populist synergy with the executive arm of government towards addressing the problems of insecurity, unemployment and high poverty level among the populace .

“These we believed, can be effectively tackled with required synergy with the executive arm of government and effective oversight duties by the Parliament .

” The press as the fourth estimate of the  realm and societal watchdog, is expected to focus more strongly on the imperative of legislative independence “, he said .

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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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