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Dangote Faults CBN’s 26% Interest Rate

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In a recent address at a summit organized by the Manufacturers Association of Nigeria (MAN), Aliko Dangote, Chairman and Chief Executive of the Dangote Group, strongly criticized the Central Bank of Nigeria (CBN) for its decision to increase the interest rate to nearly 30 percent. This decision was made during the CBN’s Monetary Policy Committee meeting in May, where the Monetary Policy Rate (MPR) was raised from 24.75 percent to 26.25 percent.

Dangote expressed grave concerns about the impact of such high interest rates on businesses, stating that they hinder economic growth and job creation. He emphasized that under these conditions, no meaningful job creation can occur, and economic growth becomes severely constrained.

Furthermore, Dangote called on the Nigerian government to prioritize supporting existing businesses, particularly in the manufacturing sector, by creating a conducive environment for their operation. He stressed the importance of addressing challenges such as power supply and providing affordable financing to stimulate growth and development.

Highlighting the interconnectedness of manufacturing and economic prosperity, Dangote stated that a country dependent on imports remains economically vulnerable and unable to achieve sustainable development.

The MAN President, Otunba Francis Meshioye, echoed Dangote’s sentiments by criticizing government policies and their impact on the manufacturing sector’s performance. He noted a significant number of manufacturers exiting the sector in recent years and urged a reassessment of support mechanisms to bolster manufacturing under the current administration’s agenda.

The summit, attended by Vice President Kashim Shettima and other government officials, provided a platform for industry leaders to address crucial issues affecting the Nigerian manufacturing landscape and advocate for policy changes that could revitalize the sector.

In summary, Dangote’s remarks underscored the urgent need for a more supportive economic environment in Nigeria, particularly concerning interest rates and government policies affecting manufacturing. His stance aligns with broader industry concerns about the sector’s viability and its critical role in national economic development.

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Nigeria Strongly supports BRICS – Tinubu

BRICS is an acronym that stands for Brazil , Russia , India , China and South Africa.

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Photo (L-R) : Brazil’s President Luiz Inacio Lula Da Silva , welcome Nigeria’s President Bola Tinubu, to the summit.

President Bola Tinubu said that Nigeria strongly believes in the South-South cooperation, and supports the BRICS position on the need to focus on collective, fair, and equitable global development.

Nigeria officially became the ninth partner country of BRICS in January 2025.

President Tinubu , in his address during the 17th meeting of the Global South and the Emerging Economies bloc, BRICS, on Saturday in Rio de Janeiro, Brazil, said :

” Nigeria strongly believes in South-South cooperation. We can, therefore, not be passive participants in global decision-making on financial restructuring, debt forgiveness, climate change, environmental issues, and healthcare.

“We must be the architects of a future that addresses the specific needs and concerns of youths, who represent 70 per cent of our population in Nigeria.

Therefore, Nigeria remains guided by our long-term vision, 2050, and nationally determined contribution.

“President Bola Tinubu also called for a reevaluation of the current global governance structure and the financial and healthcare systems, urging greater equity and inclusion for low-income and emerging economies, particularly in Africa.

President Tinubu stated that environmental degradation, the climate crisis, and healthcare inequalities should receive more attention, as they contribute to slowing growth and development.

“Nigeria, therefore, associates with what I have heard today and all that has happened in BRICS.

“As we approach COP-30 and look to strengthen the global health system, we believe the BRICS must not only be a bloc for emerging economies but also a beacon for emerging solutions and resolutions rooted in solidarity, self-reliance, sustainability, and shared prosperity of a common future.”

Meanwhile, other BRICS partner countries include: Belarus, Bolivia, Cuba, Kazakhstan, Malaysia, Thailand, Uganda, and Uzbekistan.

The 16th BRICS Summit in Kazan in October 2024 created the partner-country category.

These countries participate in BRICS activities, benefiting from cooperation in areas like trade, investment, and technology.

The partner country category was introduced during the 2024 BRICS Summit in Kazan, Russia, allowing nations to engage with BRICS without committing to full membership.

BRICS is an acronym that stands for Brazil , Russia , India , China and South Africa.

BRICS is a grouping of these five major emerging economies that cooperate on economic, political and social issues.

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Court backs NIBSS’ right to manage BVN database

The company sued the Incorporated Trustees of Digital Rights Lawyers Initiative, the CBN, and the Attorney General of the Federation.

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A federal high court in Abuja has ruled that the Nigeria Inter-Bank Settlement System (NIBSS) has the legal right to manage the country’s bank verification number (BVN) database.

Justice James Omotosho delivered the judgment on Friday, declaring that NIBSS operations comply with the Central Bank of Nigeria (CBN) Act and other relevant financial laws.

BusinessDay reported that the case arose after NIBSS, represented by senior advocate Wolemi Esan, took legal action to confirm its authority over the BVN system.

The company sued the Incorporated Trustees of Digital Rights Lawyers Initiative, the CBN, and the Attorney General of the Federation.

NIBSS wanted the court to declare that its management of BVN data does not violate Nigerians’ constitutional right to privacy or break any existing laws.

The company also sought a permanent court order preventing anyone, including the Digital Rights Lawyers Initiative, from challenging its role.

The bank settlement system argued that it has the power to develop and regulate nationwide infrastructure for electronic payments and fund transfers, which includes the BVN system.

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Nigeria fines MultiChoice ₦766m for violations of data protection

The fine followed an investigation that began in the second quarter of 2024 after concerns were raised about the company’s handling of customer information.

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he Nigeria Data Protection Commission (NDPC) has imposed a fine of N766,242,500 on MultiChoice Nigeria, citing violations of the Nigeria Data Protection Act (NDP Act), including alleged breaches of subscriber privacy and illegal cross-border transfer of personal data.

This was disclosed in a statement issued on Sunday by Babatunde Bamigboye, Head of Legal, Enforcement and Regulations at the Commission.

The fine followed an investigation that began in the second quarter of 2024 after concerns were raised about the company’s handling of customer information.

According to the Commission, the probe revealed that MultiChoice processed personal data of not only its subscribers but also their associates without due consent or lawful justification.

The Commission also found that MultiChoice carries out illegal cross-border transfer of personal data relating to data subjects in Nigeria,” the statement read.

“The depth of data processing by MultiChoice is patently intrusive, unfair, unnecessary, and disproportionate.”

The NDPC described the data practices as a violation of Section 37 of the 1999 Constitution, which guarantees the right to privacy, as well as a contravention of data sovereignty obligations under national and international law.

The Commission noted that it had previously issued standard remediation directives to the company, but found MultiChoice’s response inadequate.

“For want of cooperation, the Commission has directed MultiChoice to pay N766,242,500 for violating the Nigeria Data Protection Act,” the statement added.

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