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Northern Senators Jubilant as ECOWAS Lifts Sanctions on Niger Republic
By Eze Okechukwu, Abuja
Northern Senators Forum has commended the leadership of the Economic Community of West African States (ECOWAS) for lifting sanctions imposed on Niger Republic as a result of military takeover on July 26th, 2023.
Recall that the regional block had a fortnight ago, lifted the sanctions it imposed on the trio of Niger Republic, Mali and Burkina Faso following military insurrections in their respective countries.
Reacting to the development, the northern senators forum yesterday in Abuja said that they were pleased to see that ECOWAS responded to the progressive requests “made by us individually and collectively on the subject matter and we commend their prudent and compassionate approach in addressing these critical issues”.
The spokesman of Northern Senators Forum, Senator Suleiman Kawu Sumaila (NNPP, Kano South) noted that the principled and empathetic decision made by ECOWAS to lift the sanctions on Niger Republic was a testament to the organization’s commitment to regional solidarity, cooperation, and respect for human rights, stressing that the action would go a long way in alleviating the suffering of the people of Niger Republic as well as ensuring the restoration of stability and economic prosperity in the region.
According to him, “We are particularly grateful that ECOWAS leaders have considered our pleas to restore electricity, open borders and lift the sanctions on Niger Republic.
“These measures will not only have crucial humanitarian implications but will also foster regional integration, trade, and cooperation.
“We firmly believe that this step taken by ECOWAS will positively impact the lives of the people of Niger Republic and Nigeria and facilitate the restoration of trust and harmony among all member states.
“As representatives of the people and advocates for justice and democracy, we commend ECOWAS for their responsiveness and understanding of the immense challenges faced by our fellow West African nation.
“The Northern Senators Forum stands in solidarity with ECOWAS in restoring democracy and rule of law in Niger Republic and other west African countries.
“And we are committed to working to promote stability, peace, and socio-economic development throughout the region.
“We urge the government of Niger Republic and its people to seize this opportunity to hasten the process of returning to democratic governance to build a stronger and more prosperous nation, harnessing their resilient spirit and unwavering determination.
“Furthermore, we urge all regional stakeholders to continue engaging in dialogue and pursuing peaceful solutions to address any remaining concern, fostering a harmonious environment for progress and development.
“Finally, we would like to reiterate our deep appreciation to ECOWAS leaders especially, President Bola Ahmed Tinubu of Nigeria for their proactive and benevolent intervention in lifting the sanctions imposed on Niger Republic.
“We are confident that this decision will leave an indelible mark on the collective consciousness of all West African nations and serve as a shining example for resolving differences through dialogue and diplomacy.”
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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