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Tinubu reportedly orders CBN to suspend unpopular cybersecurity levy after public outcry

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President Bola Tinubu has reportedly mandated the Central Bank of Nigeria (CBN) to suspend the implementation of a controversial cybersecurity levy which had led to public outcry, even as civil society groups threatened to embark on nationwide protests.

The order of the President,! which will also see a review of the levy, came on the heels of the decision of the Nigerian House of Representatives which 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 apex bank had, on May 6, 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.

Going by 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 (ONS.

In a circular issued by the bank, “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.”

The announcement of the levy was not recieved well by Nigerians with a lot of dissenting voices and opposition which has now forced Tinubu to ask for the suspension of its implementation.

According to sources in the Presidency, following a rejection of the levy by a large percentage of Nigerians and the fear of a breakdown of law and order, President Tinubu personally intervened and asked the CBN to suspend the levy pending its review.

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Nigeria has become a ‘failing state’ under Tinubu— Ex-President Obasanjo

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YFormer Nigerian President, Olusegun Obasanjo, has described the country under incumbent President Bola Tinubu as a “failing state” which is characterized by pervasive corruption, leadership failure, hardship and hunger.

Obasanjo, who made the assertion while delivering a keynote address at the Chinua Achebe Leadership Forum, Yale University, New Haven Connecticut, USA, said Nigeria was speedily becoming a bad case under the leadership of President Tinubu whom he referred to as “Emilokan” and “Baba-go-slow”.

The former Head of State, fondly called OBJ, who spoke on the theme ‘Leadership Failure and State Capture in Nigeria”, added that the country was suffering from state capture as a result of the lackluster leadership of the Tinubu-led administration.

He noted that chaos, insecurity6y, conflict, discord, division, disunity, depression, youth restiveness, confusion, violence, and underdevelopment had become permanent occurrences in this dispensation, leading the country into a failed path.

”As we can see and understand, Nigeria’s situation is bad. The more the immorality and corruption of a nation, the more the nation sinks into chaos, insecurity, conflict, discord, division, disunity, depression, youth restiveness, confusion, violence, and underdevelopment,” OBJ said.

“That’s the situation mostly in Nigeria in the reign of Baba-go-slow and Emilokan. The failing state status of Nigeria is confirmed and glaringly indicated and manifested for every honest person to see through the consequences of the level of our pervasive corruption, mediocrity, immorality, misconduct, mismanagement, perversion, injustice, incompetence and all other forms of iniquity. But yes, there is hope.”

The former President also described state capture as “one of the most pervasive forms of corruption, a situation where powerful individuals, institutions, companies, or groups within or outside a country use corruption to shape a nation’s policies, legal environment, and economy, to benefit their private interests.”

“State capture is not always overt and obvious. It can also arise from the more subtle close alignment of interests between specific business and political elites through family ties, friendships, and the intertwined ownership of economic assets.

“What is happening in Nigeria right before our eyes is state capture. The purchase of national assets by political elites and their family members at bargain prices, the allocation of national resources, minerals, land, and even human resources, to local, regional, and international actors. It must be prohibited and prevented through local and international laws.

“Public institutions such as the legislature, the executive, the judiciary, and regulatory agencies both at the federal and local levels are subject to capture. As such, state capture can broadly be understood as the disproportionate and unregulated influence of interest groups or decision-making processes, where special interest groups manage to bend state laws, policies, and regulations,” OBJ added.

The former president stressed that Nigeria’s dire situation is evident to “every honest person.”

He further warned that the country is sinking deeper into insecurity, division, and underdevelopment due to widespread corruption, mediocrity, and a lack of accountability.

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Again, Zambian court denies bail to ex-defence minister on medical grounds

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A Zambian High Court has, again, denied bail to detained former Defence Minister, Geoffrey Bwalya Mwamba, who is seeking release from prison on medical grounds pending an appeal.

Mwamba, who was sentenced to five years imprisonment with hard labour for conflict of interest following charges by the Economic and Financial Crimes Division of the High Court, had requested bail to seek specialized medical treatment in South Africa following his illhealth.

However, a panel of judges comprising Justices Ann Malata-Ononuju, Ian Mabbolobbolo, and Vincent Malambo, during the bail hearing, ruled that Mwamba health condition did not warrant bail, adding that his appeal lacked prospects of success.

The court further emphasized that granting the Mwamba bail on medical grounds could set a precedent which will allow individuals with health issues to evade custodial sentences.

Zambia Monitor reports that Mwamba who is currently incarcerated at Mwembeshi Correctional Facility, was recently transferred to Maina Soko Military Hospital after his health deteriorated while an affidavit filed by his legal team cited inadequate medical resources at Mwembeshi, which is only staffed by a clinical officer.

Mwamba reportedly suffered from swelling in his lower body, a condition linked to failed medication that required specialist care unavailable locally.

His defense team have argued that his appeal raised unresolved legal questions and that no direct evidence linked him to the alleged crimes. They also pointed out that no records, such as bid bonds or meeting minutes, were presented to prove that contracts were improperly awarded to Curzon Global.

The defense also argued that Mwamba’s five-year sentence was excessive for a first-time offender, and that delays in the High Court’s appeal process might result in him serving a significant portion of his sentence before the appeal is heard.

They also maintained that Mwamba posed no flight risk and that releasing him on bail would not prejudice the State.

Mwamba’s appeal, based on eight grounds, claimed that the trial court ignored evidence showing he had declared his interest in the case, contending that the magistrate misinterpreted Section 28(2) of the Anti-Corruption Act in dismissing his declaration of interest.

Mwamba was convicted on October 10 by Magistrate Standford Ngobola on charges of conflict of interest and possession of property suspected to be proceeds of crime.

His initial bail application was also denied by the magistrate, citing insufficient grounds.

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