The Central Bank of Nigeria (CBN) Monetary Policy Committee has raised interest rates by 150 basis points, increasing them from 24.75 percent in March to 26.25 percent. CBN Governor Olayemi Cardoso announced this decision on Tuesday, highlighting it as a measure to address the country’s escalating inflation.

During the 295th MPC press briefing in Abuja, Cardoso stated that the primary goal of this interest rate hike is to curb the rising headline inflation, which reached 33.69 percent in April. The apex bank has consistently used monetary measures to combat inflation, with this being the third MPC meeting since Cardoso took office in September last year. As of May 2023, Nigeria’s interest rate was 18.75 percent.

**CBN Withdraws Directive on Cybersecurity Levy Collection**

Meanwhile, the CBN has officially rescinded its directive requiring banks and payment service providers to collect and remit fees under the Cybercrime Prevention and Prohibition Amendment Act of 2024. This policy reversal, announced in a revised circular dated May 17, 2024, marks a significant shift.

The original mandate, detailed in a May 6 circular, aimed to enhance national cybersecurity measures by enforcing a national cybersecurity levy on financial institutions. However, the revised circular, signed by the Director of Payment Systems Management, Chibuzor Efobi, and the Director of Financial Policy and Regulation, Haruna Mustafa, nullifies the previous directive.

The circular, titled “Re: Cybercrimes (Prohibition, Prevention, Etc.) (Amendment) Act 2024 – Implementation Guidance on the Collection and Remittance of the National Cybersecurity Levy,” withdraws the earlier directive and pauses the levy collection enforcement. This retraction followed widespread backlash from various stakeholders, sparking a national debate on the levy’s implications for businesses and the public.

In response, the Federal Executive Council suspended the law’s provisions to allow for additional reviews to address the concerns raised. The circular stated, “The Central Bank of Nigeria circular dated May 6, 2024 (Ref: PSMD/DIR/PUB/LAB/017/004) on the above subject refers. Further to this, please be advised that the above-referenced circular is hereby withdrawn.”

The Federal High Court in Abuja recently made a significant decision regarding Tukur Mamu, a former terrorist negotiator facing charges related to terrorism financing. Mamu had filed an application seeking to be transferred from the custody of the State Security Service (SSS) to the Kuje Correctional Centre. However, Justice Inyang Ekwo dismissed this application on the grounds of the insecurity of the correctional facility.

The judge highlighted the issue of incessant jailbreaks, which the government had raised in response to Mamu’s request. Mamu did not deny this concern, and the judge considered the government’s position to be credible. In his ruling, Justice Ekwo emphasized that any averment not contested is deemed to be true, and he took into account factors such as the security of the custodial facility, Mamu’s health, and the nature of the charges against him.

The judge ordered that Mamu should remain in the custody of the SSS throughout his trial. However, he affirmed an earlier order allowing Mamu access to his personal physician for medical treatment, subject to the supervision of the SSS medical personnel.

The case against Mamu revolves around allegations of terrorism financing, among other charges. He pleaded not guilty to the counts, and the trial has been ongoing. Mamu’s arrest in September 2022, by Interpol in Cairo, Egypt, on behalf of the Nigerian government, is linked to his alleged association with terrorists involved in an attack on an Abuja-Kaduna-bound train in March 2022.

The judge’s decision underscores the security concerns associated with housing individuals accused of terrorism-related offenses and reflects the ongoing efforts to ensure the safety of both detainees and the wider community amidst security challenges.

Former South African President Jacob Zuma’s hopes of running for a parliamentary seat in the upcoming election were dashed when the country’s apex court ruled against his eligibility. The Constitutional Court made the decision, citing Zuma’s 15-month jail sentence for contempt of court in 2021 as disqualifying him from participating in the May 29 election.

The ruling stated that Zuma’s conviction and sentence exceeded 12 months, rendering him ineligible to stand for election to the National Assembly. This decision came after the South African Electoral Commission initially disqualified Zuma from running, a decision that was later overturned by a lower court. However, the electoral body appealed to the Constitutional Court to settle the matter definitively.

Jacob Zuma’s political journey has been marked by controversy, particularly regarding allegations of corruption during his presidency. Pressure from within his party, the African National Congress (ANC), led to his resignation in 2018. Subsequently, Zuma established a new political party, uMkhonto we Sizwe (MK), named after the ANC’s former armed wing.

The court’s decision drew disappointment from Zuma’s supporters, including members of the MK Party, who had rallied behind him outside the courtroom. Despite his disqualification, Zuma’s party vowed to press on with their campaign, indicating that Zuma’s influence would continue to shape their political activities.

Zuma’s imprisonment in 2021 sparked widespread unrest, particularly in his home province of KwaZulu-Natal, where violent protests resulted in numerous deaths and significant damage to property. Concerns about potential violence following his disqualification have been raised, but President Cyril Ramaphosa expressed confidence in the rule of law and the readiness of security forces to maintain peace and order.

Overall, the court’s decision represents a significant development in South Africa’s political landscape, impacting not only Zuma’s personal ambitions but also the dynamics of the upcoming election.

“EFCC Cracks Down on Alleged Internet Fraudsters, Arrests 78 in Enugu and Imo States”

The Economic and Financial Crimes Commission (EFCC) has intensified its efforts to combat internet fraud, commonly known as “yahoo yahoo,” with a recent crackdown resulting in the arrest of 78 suspects across Enugu and Imo States.

In a coordinated operation, EFCC operatives conducted raids in various locations in the two states, targeting individuals suspected of engaging in fraudulent online activities. The arrests highlight the agency’s ongoing commitment to combating cybercrime and safeguarding the integrity of Nigeria’s digital space.

According to reports, the suspects were apprehended following intelligence gathering and surveillance operations aimed at identifying and apprehending individuals involved in internet-related fraud schemes. The EFCC’s swift action underscores its determination to address the growing threat posed by cybercriminals and protect unsuspecting members of the public from falling victim to online scams.

The agency has yet to provide detailed information regarding the specific charges leveled against the arrested individuals or the nature of the alleged fraudulent activities. However, the crackdown serves as a warning to cybercriminals operating within Enugu and Imo States that law enforcement agencies are actively monitoring and targeting illegal online activities.

The EFCC’s efforts to combat internet fraud are part of broader initiatives aimed at promoting cybersecurity and combating financial crimes in Nigeria. As technology continues to evolve, the agency remains vigilant in adapting its strategies to effectively tackle emerging threats and ensure a safe and secure digital environment for all Nigerians.

“Senate to Convene National Summit on Farmer-Herder Conflict Amid Escalating Violence”

The Nigerian Senate has taken decisive steps to address the escalating farmer-herder conflict by resolving to establish an ad hoc committee tasked with organizing a national summit on the matter. This resolution came after Isah Jibrin, a senator representing Kogi State, brought forward a motion highlighting the urgent need for the rehabilitation of communities ravaged by recent attacks in Omala, Kogi State.

Jibrin emphasized that these communities have suffered recurring attacks by gunmen, resulting in fatalities, destruction of property, and displacement of residents. He recounted the devastating events of April 5, when gunmen invaded several communities, leaving 21 innocent residents dead and causing extensive damage to farmlands and property. He also highlighted subsequent attacks, including one on April 30 in Ajokpachi Odo, which claimed the lives of three individuals and further exacerbated the dire situation in the region.

The senator underscored the profound impact of these attacks, including the displacement of over 30,000 inhabitants and the destruction of essential infrastructure such as schools and health centers. He lamented the economic devastation inflicted on the affected communities, with markets and businesses destroyed, exacerbating economic hardship and insecurity.

In response to the motion, several senators expressed their concerns about the persistent farmer-herder conflict and called for decisive action to address its root causes. Victor Umeh emphasized the need for measures to curb attacks on communities and advocated for the implementation of policies promoting ranching over open grazing. Similarly, Adams Oshiomhole proposed the establishment of an ad hoc committee to organize a public hearing aimed at finding lasting solutions to the conflict.

Titus Zam echoed these sentiments, urging the Senate to enact legislation prohibiting open grazing and promoting cattle ranching as a sustainable alternative. He emphasized the urgency of addressing the underlying issues fueling the conflict and called for concerted efforts to prevent further bloodshed.

In solidarity with the victims of the violence, the Senate observed a minute of silence for those who lost their lives in the affected communities. The decision to convene a national summit reflects the Senate’s commitment to addressing the farmer-herder conflict and fostering peace and stability in the country.

“TCN Reassures North-East Governors: Power Restoration Expected by May 27 Despite Vandalism Challenges”

The Transmission Company of Nigeria (TCN) has reiterated its commitment to restoring power supply to the North-East region by May 27, addressing concerns raised by the North-East Governors Forum (NEGF). Ndidi Mbah, TCN’s spokeswoman, affirmed this pledge in a statement released on Tuesday.

Despite facing challenges posed by vandalism, TCN assured that efforts were underway to expedite the restoration of electricity in the region. Ms. Mbah acknowledged the critical importance of power supply for the daily lives of people and the functioning of governance and businesses, expressing the company’s determination to address the situation promptly.

Highlighting the impact of vandalism on the power infrastructure, Ms. Mbah emphasized TCN’s relentless efforts to rebuild the vandalized towers. Despite financial constraints, TCN mobilized resources and deployed contractors to accelerate the reconstruction process. Progress updates indicated significant strides, with towers nearing completion ranging from 40% to 90%.

TCN emphasized the utilization of all available resources and daylight hours to expedite the reconstruction work. However, security concerns prevented overnight operations. Despite these challenges, TCN remained optimistic about meeting the May 27 deadline for restoring power supply through the newly constructed 330KV transmission line.

In conclusion, TCN extended its gratitude for the patience of the affected communities and assured them of its unwavering commitment to completing the restoration work promptly.