Femi Falana (SAN), a human rights attorney, has said that the newly implemented 0.5 percent cybersecurity levy is not intended for private citizens. Falana stated  on Thursday that the Cybercrime (Prohibition, Prevention, etc.) Amendment Act 2024's provisions were incorrectly construed in a Central Bank of Nigeria (CBN) circular dated May 6, 2024.   In addition, he stated, "The CBN ought to apologize to Nigerians for misinterpreting the explicit and unmistakable terms of the Cybercrime (Prohibition, Prevention, etc.) Amendment Act 2024. The federal government announced a 0.5 percent fee on the total value of all electronic transactions, to be paid to the National Cybersecurity Fund, which is managed by the Office of the National Security Adviser, by the Cybercrime (Prohibition, Prevention, etc.) Act 2015, modified in 2024.   The Central Bank of Nigeria incorrectly instructed all financial institutions to apply the levy at the point of electronic transfer origination and that…

In response to the Nigerian Electricity Regulatory Commission's (NERC) May 2024 Supplementary Order on Tariff Increase on Band A Feeders, IKEJA Electric (IE) has declared a decrease in its Band A tariff, which would now be N206.80/kWh instead of N225/KWh.  Group Customers are defined as those with a minimum of 20 hours of supply daily.      According to the directive from the industry regulator, this is an 8.1 percent decrease from the prior rate. Today marks the immediate implementation of the NERC order.  "We are a compliant Disco; we follow directives given by the regulators knowing it is in the best interest of all parties," stated Kingsley Okotie, Head of Corporate Communications at IE, confirming the utility's compliance. As we work to provide them with higher-quality services, we guarantee our clients that we will keep improving the way we provide our services. 

As Forbes reveals the cryptocurrency heavyweights, Changpeng Zhao, the founder and former CEO of the exchange Binance, has been named the wealthiest person in the industry for the third consecutive year. Zhao, sometimes referred to as CZ, is now the 50th wealthiest person in the world with an estimated net worth of $33 billion, up from $10.5 billion the previous year. Forbes revealed that CZ, who is now the highest cryptocurrency gainer in terms of dollars since last year, gained most of his wealth via his controlling share in Binance, which continues to be the industry's largest global trading venue by volume, despite pleading guilty to U.S. money laundering charges in November. Now that the formal crypto winter is over, the market has seen a notable upturn in value. The leading cryptocurrency, Bitcoin, has had an amazing rise, more than tripling in value in the last year. It peaked around…