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Fuel Subsidy Removal: Industrial Court Extends Order Restraining NLC, TUC From Embarking On Strike

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NLC and TUC logo
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The National Industrial Court on Monday declared that the order restraining the Nigeria Labour Congress (NLC) and Trade Union Congress (TUC) from embarking on their planned industrial action subsists.

Justice Olufunke Anuwe stated that the order as granted on June 5 subsists pending the hearing and determination of the motion on notice.

The court in addition ordered that parties maintain status quo and adjourned the matter until July 20, for hearing.

Earlier, when the case was called, the Federal Government’s counsel, Mr Ochum Emmanuel informed the court that the matter was slated for Monday for the claimant to take its motion on notice for an interlocutory injunction to restrain the defendants from embarking on strike.

He added that he was ready to proceed with his application as the defendants had been served.

Mr Marshall Abubakar, the defendants’ counsel on his part however replied that they had filed an application praying the court to set aside its order granted on June 5, restraining his clients from embarking on strike.

Abubakar further submitted that the claimant was served the application on June 8, only for them to turn around and serve on them a counter-affidavit on Monday in court.

He added that the claimant filed the counter-affidavit on June 16 and instructed the bailiff not to serve them until on Monday in court.

The court enquired if defence was properly before the court, Abubakar responded that he was not certain, but that he will find out and do the needful.

He also prayed for a short adjournment in order to look at the counter-affidavit and respond.

Emmanuel in response opposed Abubakar’s application for adjournment and urged the court to allow him take his motion on notice which was slated for hearing.

The counsel also reiterated that the Federal Government will never a file process and instruct any bailiff not to serve the other party.

He argued that it was probably due to the fact that he filed the processes late on June 16 that made the bailiff to serve defence counsel in court on Monday.

Emmanuel in his submission equally averred that the defendants were not properly before the court as they had not filed their memorandum of appearance, but only came to urge the court to vacate the order it granted on June 5.

He stated that the defendants being not properly before the court cannot seek for an adjournment.

In addition, he submitted that if the court should deem it fit to grant Abubakar’s application for an adjournment, the court should equally declare that the order restraining the defendants from embarking on strike granted on June 5 subsist.

In his reply, Abubakar submitted that Emmanuel’s application was not necessary as the court had earlier stated that parties should maintain status quo pending the hearing and determination of the substantive suit.

He also informed the court that parties were meeting later on Monday to try and resolve the issue.

The court in its ruling granted the application for adjournment, directed the defendants to enter their memorandum of appearance and instructed parties to maintain status quo.

From facts, he defendants had planned to embark on nationwide strike on June 7 to protest the fuel subsidy removal that brought about the new pump price for the Premium Motor Spirit.

The federal government had therefore instituted the suit to stop the defendants, stating that the proposed strike may gravely affect the larger society and the well-being of the nation at large.

The claimant in addition stated that the strike is capable of disrupting economic activities, that will affect especially the health and the educational sector.

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Business & Economy

CBN Issues July 7 Deadline For PoS Operators’ Registration With CAC

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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‘ issued by 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 administration.

The 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.

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CBN Directs Banks To Charge 0.5% Cybersecurity Levy

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CBN Headquarters Abuja
CBN Headquarters Abuja
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The Central Bank of Nigeria (CBN) has directed deposit money banks in the country to start charging 0.5% cybersecurity levy on transactions.

This was contained in a circular dated May 6, 2024 by the apex bank to all commercial, merchant, non-interest and payment service banks as well as mobile money operators and payment service providers.

“Following the enactment of the Cybercrime (Prohibition, Prevention, etc) (amendment) Act 2024 and pursuant to the provision of Section 44 (2) (a) of the Act, ‘a levy of 0.5% (0.005) equivalent to a half percent 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 (NCF), which shall be administered by the Office of the National Security Adviser (ONSA),” the circular partly read.

The apex bank said that the implementation of the levy would start two weeks from the date of the circular.

“The levy shall be applied at the point of electronic transfer origination, then deducted and remitted by the financial institution. The deducted amount shall be reflected in the customer’s account with the narration, ‘Cybersecurity Levy’.

“Deductions shall commence within two weeks from the date of this circular for all financial institutions and the monthly remittance of the levies collected in bulk to the NCF account domiciled at the CBN by the fifth business day of every subsequent month,” the circular added.

Exempted from the levy include 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.

Also exempted from the levy were inter-branch transfers within a bank, cheque clearing and settlements, ⁠Letters of Credits, ⁠Banks’ recapitalisation-related funding only bulk funds movement from collection accounts, savings and deposits including transactions involving long-term investments, among others.

The apex bank recently stopped fintechs firms like Opay and Palmpay from onboarding new customers and directed banks to deduct 0.375 per cent stamp duty charge on all mortgaged-backed loans and bonds.

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Kaduna refinery will begin production in December – NNPCL Boss, Kyari

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The Group Managing Director of the Nigerian National Petroleum Company Limited, NNPCL,Mele Kyari has disclosed that the refinery in Kaduna State will be ready for production by December 2024.

He disclosed this during a meeting with the Independent Petroleum Marketers Association of Nigeria and the Major Energy Marketers Association of Nigeria in Abuja.

He disclosed that operations at the Port Harcourt refinery are scheduled to begin in two weeks.

According to Kyari: “We did a mechanical completion of the (Port Harcourt) refinery, that was what we said in December. We now have crude oil already stocked in the refinery. We are doing regulatory compliance tests that must happen in every refinery before you start it, and I assure you that this Port Harcourt refinery will start in the next two weeks.

“Completing the mechanical work means that you are done with the rehabilitation work, now you have to test to see how it works. Of course, we have also completed the mechanical work on the Warri refinery.

“It is also undergoing regulatory compliance; processes that we are doing with our regulator, and this will soon be completed and it will be ready.

“The Kaduna refinery will be ready by December. We have not reached that stage in Kaduna, but we promise Kaduna will be delivered by December.”

 

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