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Court rules against Nigeria’s Central Bank’s levies on deposits, withdrawals in Abuja, six states

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A Federal High Court sitting in Awka, Anambra State, has ruled against the cashless policy of the Central Bank of Nigeria (CBN) in six states and the Federal Capital Territory (FCT), where bank customers depositing or withdrawing a certain amount of cash are made to pay financial levies. 

The imposed levies are a certain percentage of the amount deposited or withdrawn.

The judgment followed a suit filed by an Anambra State-based legal practitioner, Chijioke Ifediora, against CBN.

He argued that the policy was indeed discriminatory and that it violates Section 42 of the 1999 Constitution in Anambra, Abia, Lagos, Ogun, Kano, Rivers, and FCT, where the apex bank has been enforcing the discriminatory policy, Daily Trust reports.

Ifediora said, “There is no constitutional foundation/pillar for such discriminatory policy nor is any statutory enabler for such biased circular.”

However, the counsel for the CBN, Jackson Iragunima, in his submission contended that the policy was not discriminatory.

Iragunima said it is for the well-being of the country.

He also noted that the plaintiff did not have the authority of all the citizens and corporate institutions residing in the said states and FCT to institute the action on their behalf.

But in his ruling, the presiding judge, Justice N.O. Dimgba agreed with the plaintiff that the CBN policy was discriminatory and that it offends Section 42 of the 1999 constitution (as amended).

“I have reviewed the policy document as contained in the website of the defendant (CBN) as well as the implementing circulars and I am unable to see any rational and objective justification for the selective imposition of financial penalties against residents of the named six states and the FCT for making cash withdrawals and lodgements/deposits over the stipulated threshold,” the judge said.

He also noted that the policy, rather than promote a cashless economy, it encourages the proliferation of cash by traders who rather keep their cash than lodge it and pay financial levies of 2% and 3% of the amount.

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Man puts self up for sale in Kano

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Aliyu Na Idris, a 26-year-old man from Kaduna State, has become a social media sensation for putting himself up for sale in Kano.

Idris, who claimed to be a tailor, has been roaming the streets of Kano State carrying a placard that reads “This man is for sale for N20 million.”

It was gathered that the young man has been on the streets for five days looking for who will buy him.

He said he had decided to sell himself due to hardship.

He said his family was aware that he had offered himself for sale, adding that he had initially presented himself for sale in Kaduna but when he could not get a serious buyer, he decided to try Kano State with the hope that someone will pay the required price.

“Even though many people have offered me various prices of N10m, N5m and N300,000 in Kano, I refused because the amount is less than what I expected,” he said.

The young man said he was operating a tailoring business which failed due to the financial crisis and as such, he lost his customers and became financially handicapped.

He explained that he had no money to survive, not to talk of investing in another business, hence, he decided to present himself for sale at N20m only.

When asked what he intends to do with the money, he said, “I will give my parents N10m; I will give N5m as tax to the state where I was bought, the person who helped in advertising me will be rewarded with N2m while the remaining N3m will be kept for me under the care of the person who buys me for my daily upkeep.”

He further stated that he knows that he would lose his freedom after being purchased but he’s not worried as he has made up his mind to do the bidding of his master.

He said if nobody buys him in Kano, he would move to another state to sell himself.

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NCC alerts Nigerians to deadly FluBot malware targeting bank accounts

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The Nigerian Communications Commission (NCC) yesterday raised the alarm about what it described as an extremely damaging malware called “FluBot” which attacks Android mobile banking applications.

According to the NCC, Flubot “impersonates Android mobile banking applications to draw fake web view on targeted applications and its goal transcends stealing personal data and essentially targets stealing of credit card details or online banking credentials.”

Malware is a generic word used to describe a virus or software designed specifically to disrupt, damage, or gain unauthorised access to a computer system.

“According to the information received today (Thursday), October 21, 2021, from the Nigeria Computer Emergency Response Team (ngCERT), Flubot targets Androids with fake security updates and App installations,” NCC’s Director of Public Affairs, Ikechukwu Adinde, said in a statement issued yesterday.

NCC explained that FluBot “is circulated through SMS and can snoop on incoming notifications, initiate calls, read or write SMSes, and transmit the victim’s contact list to its control centre.”
NCC said the malware “attacks Android devices by pretending to be FedEx, DHL, Correos, and Chrome applications,” and compels unsuspecting users to alter the accessibility configurations on their devices to maintain continuous presence on devices.

The statement adds: “The new malware undermines the security of devices by copying fake login screens of prominent banks, and the moment the users enter their login details on the fake pages, their data is harvested and transmitted to the malware operators’ control point from where the data is exploited by intercepting banking-related One Time Passwords (OTPs) and replacing the default SMS app on the targeted Android device.

“Consequently, it secures admittance into the device through SMS and proceeds to transmit similar messages to other contacts that may be on the device it has attacked enticing them into downloading the fake app.
“It suffices to say that, when Flubot infects a device, it can result in incalculable financial losses.
“Additionally, the malware creates a backdoor which grants access to the user’s device, thus enabling the invader or attacker to perform other criminal actions, including launching other variants of malware.”
The NCC subsequently issued an advisory to protect telecoms consumers from falling victim.

The guidelines listed by the commission are: “Do not click on the link if you receive a suspicious text message, and do not install any app or security update the page asks you to install; use updated antivirus software that detects and prevents malware infections; apply critical patches to the system and application; use strong passwords and enable Two-Factor Authentication (2FA) over logins and back up your data regularly.”
Others are: “If you have been affected by this campaign, you should reset your device to factory mode as soon as possible. This will delete any data on your phone, including personal data; do not restore from backups created after installing the app; you will also need to change the passwords to all of your online accounts, with urgency, around your online bank accounts; If you have concerns that your accounts may have been accessed by unauthorised people, contact your bank immediately.”

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2023: 6 APC govs oppose Tinubu’s presidential ambition — Dayo Adeyeye

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National Chairman, South-West Agenda for Bola Tinubu’s presidential ambition, codenamed (SWAGA) 2023, Mr. Dayo Adeyeye has disclosed that 16 All Progressives Congress (APC) governors are covertly supporting the presidential aspiration of the former Lagos State governor.

The party currently has 22 governors under its platform.

Adeyeye, a former Minister of Works (state), said this while inaugurating the factional executives belonging to SWAGA group across the 16 local government areas of Ekiti State.

The former minister said: “Bola Tinubu will be the next President of this country and one of us will become the governor in Ekiti State. I am happy that the new executives have passion for this group and this will lead to action and, eventually, victory for all of us.

“APC leaders and members across board are using their money to fund SWAGA. Members are not after money. Let me tell you this, 16 governors are now backing Tinubu for president and they are no longer afraid, after Governor Babajide Sanwo-Olu of Lagos State openly supported us when we did the flag off in Lagos.”

On the new parallel executives inaugurated by SWAGA, the former Minister said: “Those that were inaugurated today (yesterday) are the authentic APC executives in Ekiti. The party at the national level brought out a guideline that people should come out and queue to vote for the ward and local government congresses, but these people didn’t come out.”  

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