Business

LCCI calls for withdrawal of cybersecurity levy

Published

9 months ago

May 8, 2024

By Seyi Babalola

The Lagos Chamber of Commerce and Industry (LCCI), has called for the Withdrawn of the imposition of the 0.5 percent Cybersecurity Levy ordered by the Central Bank of Nigeria (CBN), to be deducted from electronic transactions of customers by the banks in the country and urged for more consultations with critical stakeholders.

The CBN had in a circular on Monday directed commercial banks and other financial institutions to start charging a 0.5 percent cybersecurity levy on Nigerians’ banking transactions after two weeks.

The apex bank, however, listed 16 categories of accounts that were exempted from the taxation.

However, Dr. Chinyere Almona, FCA, the Director-General
Lagos Chamber of Commerce & Industry, in a statement on Tuesday in Lagos said the implementation of the Cybersecurity Levy should be withdrawn noting that more consultations with critical stakeholders should be made to look into the issue.

Chinyere also stated that with this directive, individuals and businesses will be burdened with an additional levy amidst unsettled performance crises with power supply after the recently reviewed electricity tariffs.

“Unfortunately, the upward review of the electricity tariff has not brought about a commensurate boost in power supply to justify the additional costs to individuals and businesses. We urge the government to reconsider the implementation of this directive as its timing is wrong, and the justification is unclear. This directive should be withdrawn while we call for more consultations with critical stakeholders, she stated.

Parts of the statement read thus:

“At a time when government revenues are at record levels from higher crude prices, higher revenues accrued to the Federal Allocation Account, and saved resources from the stoppage of subsidies, we expect to see projects created to enhance the living standard of the people as a dividend of democracy for the sacrifices made by Nigerians. In the face of biting inflation that has continued to weaken the purchasing power of consumers and with companies burdened with a rising cost of production, any further imposition of additional cost burden will slow down economic activities and drag our economic growth drive.

“We believe that since the collection of this levy cannot guarantee the protection of payers from cyber-attacks, it is difficult to justify its collection at this time. In the same vein, the collection approach with some exemptions can create confusion regarding what transactions really qualify for the exemptions.

“Implementing this directive can gradually encourage some people to return to holding cash to avoid paying the levy. This can negatively impact the achievement already recorded with the cashless policy.

“As we advance, we urge the government to work towards amending the enabling law to reflect current realities, initiate programmes that reflate the economy, and invest more in digital infrastructure to support business operations. The directive that the remittance of this levy should go to the Office of National Security Adviser suggests that the funds may not be used to enhance our cybersecurity architecture to guarantee cyber-safety for technology users in Nigeria. We also urge the government to harmonize its tax initiatives with the work done by the Presidential Committee on Tax and Fiscal Reforms to prevent multiple taxations and poor coordination of the expected new tax regime.”

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Business

We’ve commenced fuel lifting from Port Harcourt, Warri refineries – PETROAN

Published

2 days ago

February 2, 2025

Seyi Babalola

The Petroleum Products Retail Outlet Owners Association says its members have started loading dual-purpose kerosene, automotive gas oil, and premium motor spirits at the Port Harcourt and Warri refineries.

The spokesperson of PETROAN, Joseph Obele, disclosed this in a statement on Saturday.

This follows a reported shutdown of the Port Harcourt refinery in December 2024 after it was rehabilitated in November. The same situation was said of Warri Refinery after it recommenced operation in December 30, 2024.

However, in an update, Obele revealed that the lifting of petroleum products has commenced in both state-owned refineries.

According to him, the Port Harcourt refinery is already selling petrol, diesel, and kerosene to retailers, while the Warri refinery is supplying only diesel and kerosene.

“PETROAN members are now loading petroleum products, including dual-purpose kerosene, automotive gas oil, and premium motor spirits.”

The restart of petrol sales at both the Port Harcourt and Warri refineries, together with the existing Dangote Refinery, has sparked speculations of retail fuel price reduction.

“The resurgence of these refineries has sparked intense competition, expected to drive down petroleum prices. As Nigerians advocate for lower PMS prices, it is clear that competition is a crucial factor in triggering price reductions.

“The refineries’ revitalisation has brought numerous benefits, including the eradication of adulterated diesel and kerosene from the market,“ Obele stressed.

Meanwhile, Nigerians currently buy fuel between N965 and N1,100 per litre nationwide.

Business

Dangote refinery slashes petrol price to N890/litre

Published

2 days ago

February 1, 2025

Seyi Babalola

Citing favourable developments in the global energy sector and a significant decline in international crude oil prices, Dangote Petroleum Refinery has announced a reduction in the ex-depot price of Premium Motor Spirit (PMS), popularly called petrol, from N950 to N890 per litre, effective from Saturday.

The company stated that the decision to slash prices is also part of plans to drive economic relief for Nigerians.

Dangote Refinery’s decision reflects its commitment to aligning with market realities and ensuring that consumers benefit from changes in international crude oil prices.

A statement issued by the Group Chief Branding and Communications Officer, Anthony Chiejina, explained that this latest move follows a similar decision made on 19 January, when a modest price increase was implemented due to rising crude oil costs.

However, with recent global market trends indicating a decline, Dangote Refinery has once again adjusted its pricing structure, providing relief to Nigerians.

The statement also noted that the price reduction would significantly lower the cost of petrol across the country, generating a positive ripple effect throughout the broader economy.

“Dangote Petroleum Refinery firmly believes that this reduction from N950 to N890 will result in a meaningful decrease in the cost of petrol nationwide, thereby driving down the prices of goods and services, as well as the overall cost of living, with a positive ripple effect on various sectors of the economy,” the statement said.

The refinery has also called on marketers across the country to ensure that the benefits of the reduced price are passed on to the Nigerian public, while reiterating its support for the economic revival spearheaded by President Bola Tinubu, whose administration is focused on making Nigeria self-sufficient in refined petroleum products and positioning the country as a leading oil export hub.

“This collective initiative will contribute to the wider economic recovery plan led by His Excellency, President Bola Ahmed Tinubu, who is dedicated to making Nigeria self-sufficient in refined petroleum products and positioning the country as a leading oil export hub,” it added.

Dangote Petroleum Refinery’s decision is expected to play a vital role in stabilising the country’s economy, ensuring that the benefits of lower fuel prices are felt across all sectors.

Business

SA billionaire Johann Rupert maintains Africa’s richest man record, Dangote New position revealed

Published

1 week ago

January 25, 2025

Seyi Babalola

South African business mogul, Johann Rupert has solidified his position as the continent’s richest man as Aliko Dangote’s net worth dropped further, causing him to fall even further behind South Africa’s billionaire on the list of the richest people in Africa.

According to Forbes, Dangote lost $95 million on Friday, January 24, bringing his net worth down to $10.7 billion.

His rival, Johann Rupert, continued to amass more wealth as he made $76 million on Friday to push his net worth to $13.6 billion.

Rupert is currently the 168th richest man in the world 68 places higher than Dangote, who is ranked 236th richest man in the world, and also the second in Africa.