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CBN Pegs Daily Mobile Transactions at N100, 000
The Central Bank of Nigeria (CBN) yesterday pegged maximum daily transactions through mobile phone- Unstructured Supplementary Service Data (USSD)— at N100,000. The implementation of the policy starts June 1.
Due to absence of set rules on USSD transactions, many commercial banks allow various limits, ranging from N100,000 to N500,000 and above in some cases, depending on customers’ risk absorption levels. This has exposed many customers’ transactions to high risk, with billions of naira lost to fraudsters.
The new framework signed by CBN Director, Banking & Payments System Department, ‘Dipo Fatokun said vast applications of the USSD technology, in terms of available services have raised the issue of the risks inherent in the channel.
The USSD technology is a protocol used by the GSM network to communicate with a service provider’s platform. It is a session based, real time messaging communication technology, which is accessed through a string, which starts normally with asterisk (*) and ends with a hash (#). It is considered cost effective, more user-friendly, faster in concluding transactions, and handset agnostic.
The framework noted concerns on the likely exposure of CBN approved entities to the possible breaching of the USSD accessed financial services in view of likely vulnerabilities in the technology and the ever growing threats.
Fatokun said the policy shift was in furtherance of CBN’s mandate to develop and enhance security of the electronic payment system. The implementation of the policy starts June 1, 2018.
Fatokun had in a circular to banks, switches, Mobile Money Operators (MMOs), Payment Solution Service Providers, Microfinance banks, among others, Fatokun said although the N100,000 limit per customer, per day for transactions applies, customers desirous of higher limits shall execute documented indemnities with their banks or MMOs.
The CBN, he said, has also mandated the use of an effective second factor authentication by customers for all transactions above N20,000. This, he said, shall apply in addition to the Personal Identification Number (PIN) being used as first level authenticator, which applies to all transaction amounts.
According to the framework, banks shall not send the second factor authentication to the customer’s registered GSM number or device; and it shall not be generated or displayed on the USSD menu.
Banks, it added, are also required to install a Behavioural Monitoring system with capability to detect SIM-Swap/Churn status, user location, un-usual transactions at weekends, among others. This shall be achieved by 31st October 2018.
The framework said financial Institutions shall be responsible for setting up dispute resolution mechanism to facilitate resolution of customers’ complaints and shall treat and resolve any customer related issues within three working days. Also, non-compliance shall be subject to penalty, as may be prescribed by the CBN, from time to time.
“There shall be Service Level Agreement between the Financial Institutions and MNOs/VAS & aggregators, benchmarked against the Nigeria Communication Commission Quality of Service (QoS) regulation and service availability requirements of electronic payment services of the CBN,” it said.
It said service providers should put in place systems that enable users/subscribers to block their account from operating USSD service and that no USSD financial service should be activated for customer unless the deactivation mechanism is put in place with effect from June, 2018.
On penalties for infractions, it said the appropriate Regulator (CBN and/or NCC) as applicable shall impose appropriate sanctions for any contravention on any participant that fails to comply with this framework.
The new framework is in exercise of the powers conferred on the CBN by Section 47(2) of the CBN Act, 2007, to promote and facilitate the development of efficient and effective system for the settlement of transactions.
Farotimi, on July 2, 2024, released a 116-page book titled Nigeria and Its Criminal Justice System, setting the stage for a clash of interest resulting in petitions, persecutions, prosecutions and gagging of privileges and rights.
Peter Obi, the former presidential candidate of the Labour Party at the 2023 ele tions, and a political ally of Farotimi, had volunteered to assist in helping embattled lawyer meet his bail conditions.
“He was only arrested after all attempts to make him come and explain himself proved abortive. He has been investigated and the case is already in court,” the Command’s Public Relations Officer, Sunday Abutu, explained.
But Farotimi’s lawyer, Temitope Temokun, countered the Police statement, saying his client was never invited by the Command
“He was invited by Zone 2 on two occasions, and he went there.
“But why would you be inviting somebody to Ekiti from Lagos on something that happened in Lagos? However, he was never invited, and if he had been invited, as a lawyer, I would advise him not to go.”
The situation erupted a discourse on various fora, further questioning the the credibility of the already discredited judiciary before some Nigerians, and further popularizing the said contentious book written by Farotimi.
The lawyer reasoned that, “The book was published in Lagos. The defendant has an office in Lagos. And under the Nigerian Criminal Justice System, the law is not that you have to go to where the defendant is, to go and try the accused. You have to try the accused where the act was committed, except he had escaped justice in another state.
“So if he didn’t do that, you cannot abduct him to that state that he didn’t escape to.”
However, on appearance at The Chief Magistrates Court in the Ado Ekiti Division, days later, he was ordered to be remanded in the state’s correctional centre pending consideration of his bail application.
In the fresh charge dated and filed December 6, Farotimi was alleged to have violated the Cybercrimes laws, when he on August 28, 2024 knowingly and intentionally transmitted a false communication in an online interview on Mic On Podcast by Seun Okinbaloye on his YouTube Channel in respect of a book he authored and published with the titled: ‘Nigeria and its Criminal Justice System’.
According to the charge, Farotimi was alleged to have in the said broadcast interview claimed that, “Aare Afe Babalola corrupted the judiciary”, a claim which he knew to be false information and made for the purpose of causing breakdown of law and order thereby committed an offence contrary to and punishable under Section 24(1) (b) of Cybercrimes (Prohibition, Prevention, etc) Act 2015 as amended.
In count two, the defendant was said to have made the allegation “with the intention of bullying and harassing the named persons thereby committed an offence contrary to and punishable under Section 24 (a) of Cybercrimes (Prohibition, Prevention, etc) Act 2015 as amended.”
In another charge, Farotimi was alleged to have on December 2, 2024, acknowledged that there was a charge preferred before a court in Ekiti State against him at the instance of Chief Afe Babalola.
“This preferred, hidden from view and the court had purportedly demanded my presence multiple times and failed to appear before the court and this Court had then proceeded to issue bench warrant for my arrest. This is classic Afe Babalola, I detailed his corruptive influence in my book titled: ‘Nigeria and its Criminal Justice System’ which you know to contain false information for the purpose of causing breakdown of law and order thereby committed an offence contrary to and punishable under Section 24(1) (b) of Cybercrimes (Prohibition, Prevention, etc) Act 2015 as amended,” the charge read in part.
In count four, Farotimi was said to have described the charge in his online broadcast as “fraudulently preferred, hidden from view and the court had purportedly demanded my presence multiple times and I failed to appear before the court and this court had then proceeded to issue bench warrant for my arrest.”
The police further accused the defendant of bullying and harassing Babalola and other named persons when through his online broadcast alleged that after he sued Babalola for libel, “the machines of corruption went into overdrive and a case that should never have been killed at the preliminary stage was killed”.
Count 10 reads: That you Dele Farotimi on December 2, 2024 intentionally sent a message in the course of a press conference held on Online on your YouTube Channel, where you stated that: “I told the truth of his corruption of the society” which you know to contain false information for the purpose of causing breakdown of law and order thereby committed an offence Contrary to and punishable under Section 24(1) (b) of Cybercrimes (Prohibition, Prevention, etc) Act 2015 as amended.
On December 10, his case was further moved to December 20 when he was granted N30 million bail. The bail conditions were completed on December 24 when he was released.
Though Farotimi is released, his freedom, which came at a cost, is not completely guaranteed as he will remain a regular visitor to courts until the final determination, which is likely to drag to the Supreme Court.
(4.00 out of 5) from the site which was based on five critic reviews.
The release of the book was accompanied by a public dispute between Dele Farotimi and Afe Babalola, In a controversial development a court in Nigeria issued an injunction halting the further production, distribution, and sale of Nigeria and Its Criminal Justice System. The decision came following a lawsuit filed by Babalola, who alleged that certain portions of the book contained defamatory statements and misrepresentations about individuals and institutions within the Nigerian criminal justice system.
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Maiden Media Chat: I’m Not Ready to Shrink My Cabinet, Tinubu Declares, Defends Subsidy Removal, Insists on Tax Reforms
Nigeria’s President, Bola Tinubu, on Monday firmly defended his administration’s decision to retain his cabinet members, dismissing criticisms that it is “bloated.”
“I am not ready to shrink the size of my cabinet,” Tinubu stated during his first Presidential Media Chat in Lagos.
“I am not prepared to bring down the size of my cabinet,” he reiterated, emphasising that “efficiency” has guided his ministerial appointments.
The president also addressed concerns about the removal of the petrol subsidy in May 2023, reaffirming his stance that the decision was unavoidable.
“I don’t have any regrets whatsoever in removing petrol subsidy. We are spending our future; we were just deceiving ourselves. That reform was necessary,” he said.
According to Tinubu, the removal of the subsidy has fostered competition in the sector, leading to a gradual reduction in petrol prices.
“The market is being saturated. No monopoly, no oligopoly, a free market economy flowing,” he explained.
Tinubu rejected the idea of price control, asserting his belief in the principles of a free market.
“I don’t believe in price control. We will work hard to supply the market,” he said.
On managing electricity bills, which has tripled since the tariff hike for Band A customers, the president advised Nigerians to adopt better energy management practices.
“It’s not negative to learn to manage. You learn to control your electricity bill, switch off the light. Let’s learn to manage,” Tinubu urged.
On controversial tax reform bills, which have divided the northern and southern parts of the country, the president said “no going back”.
“Tax reform is here to stay; we cannot just continue to do what we were doing years to years in today’s economy. We cannot retool this economy with the old broken books, and I believe I have that capacity that is why I went into the race,” Tinubu said.
“I am focused on what Nigeria needs and what I must do for Nigeria, it is not just going to be eldorado for everybody, but the new dawn is here, I am convinced, and you should be convinced.”
The former governor of Lagos State expressed confidence in his security chiefs, arguing the country is more secure than he met it.
He said, “Today, I have confidence in my security architecture. It is very, very unfortunate that, you know, two decades of wanton killing. I remember when I jumped into the campaign, I had to stop the campaign to pay condolence visits to Madiburi, Katsina, Kajuna, Kola. Today, you can still travel the roads. Before now, it was impossible. It took one incident to mess up an organized environment.”
”I am not probing anybody or service chiefs, you cannot disrespect the institution because of the threat of probe. Give them credit for what they are doing, I am proud of what they are doing today.’’
President Bola Tinubu, on Wednesday, presented the proposed 2025 federal budget to a joint session of the National Assembly.
The N47.9 trillion budget saw a whopping N3.5 trillion allocated to the education sector.
Other sectors that got higher allocations include defence and security – N4.91tn, infrastructure – N4.06tn and health – N2.4tn.
“It is with great pleasure that I lay before this distinguished joint session of the National Assembly, the 2025 Budget of the National Assembly of Nigeria titled, ‘The Restoration Budget’ security peace, building prosperity,” Tinubu said as he concluded his 30-minute presentation at 1:10pm.
This budget highlights the government’s focus on improving education, healthcare, and infrastructure, in line with its ‘Renewed Hope Agenda’ aimed at boosting the economy and addressing key national priorities.
The live broadcast of the budget presentation today revealed the government’s plans for the next fiscal year. With a strong emphasis on human capital development, the president highlighted the budget’s commitment to improving the nation’s economic foundation.
Education sector receives major funding
A significant portion of the 2025 budget is dedicated to education, with N3.5 trillion allocated to the sector. President Tinubu stated that part of this funding would be directed toward infrastructure development, including support for Universal Basic Education (UBEC) and the establishment of nine new higher educational institutions.
“We have made provision for N826.90 billion for infrastructural development in the education sector,” Tinubu said.
This allocation aims to improve educational facilities and support ongoing efforts to strengthen Nigeria’s educational system.
Focus on human capital development
During the presentation, the president emphasized the importance of investing in Nigeria’s human capital. “Human capital development, our people are our greatest resource. That is why we are breaking record investment in education, healthcare, our social services,” he remarked.
Tinubu also pointed to the N34 billion already disbursed through the Nigerian Education Loan Fund (NELFUND) to assist over 300,000 students.
The budget includes continued investments in healthcare and social services as part of the broader goal of enhancing the quality of life for Nigerians.
Strengthening the economy and national security
Tinubu highlighted that the 2025 budget is designed to build a robust economy while addressing critical sectors necessary for growth and security.
“This budget reflects the huge commitment to strengthening the foundation of a robust economy, while addressing the critical sectors essential for the growth and development we envision; and secure our nation,” he said.
The budget aims to tackle key challenges and foster long-term economic stability by prioritizing infrastructure and development in key sectors.
Healthcare and social services allocations
In addition to education, Tinubu focused on the allocation for healthcare and social services. The government plans to increase investments in healthcare infrastructure and services to ensure broader access to essential healthcare for Nigerians.
These investments are part of the administration’s strategy to improve overall living conditions and enhance public health across the country.
President Tinubu’s proposed 2025 budget is said to reflect the administration’s commitment to achieving its development objectives, with a focus on economic growth, human capital development, and infrastructure improvement.
As the National Assembly reviews the budget, the president reiterated his administration’s resolve to address the nation’s most pressing needs.
Source: Nairametrics
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