Business
FMDQ Projects N50bn Earnings from Cybercrime levy by CBN

The Head of Research, FMDQ Group Plc, Vincent Nwani, has projected that the Central Bank of Nigeria will generate approximately N50 billion by the end of 2024 from the newly introduced 0.005 per cent cybersecurity levy on electronic transactions this year.
He said that the data from the Nigeria Inter-Bank Settlement System reveals that electronic payments reached a combined total of N987 trillion between 2022 and 2023.
” Applying the 0.005 per cent levy to this total results in an estimated revenue of approximately N49.35bn,” he said .
He added that in 2022, electronic payments totalled N387tn, generating N19.35bn from the levy, while in 2023, with transactions soaring to N600tn, the revenue from the levy reached N30bn.
“For instance, we saw a remarkable 55 per cent surge in the total electronic payments, from N387tn in 2022 to N600tn in 2023 and the 2024 figure is projected at N999.9tn.
At 0.005 per cent cyber security fees, the Nigerian government will earn N19.5bn for 2022, N30bn for 2023; 2024 will be equivalent to N50bn [projected figure] from its citizens,” he expounded.
Nwani also highlighted an increase in point-of-sale transactions, which surged by 27.85 per cent from N8.39tn in 2022 to N10.73tn in 2023, noting that PoS transactions cost Nigerians N214.6bn in 2023 due to the N100 fee on every N5,000 withdrawal.
On the other hand, in 2023, the total value of PoS transactions surged to N10.73tn, up from N8.39tn in 2022, marking a notable 27.85 per cent increase. Additionally, a fee of N100 is charged for every N5,000 withdrawn via PoS, equating to two per cent of the withdrawal amount.
“POS transactions cost Nigerians a total of N214.6bn in 2023 and N167.8bn in 2022. This growing reliance on PoS and the associated charges reflect the broader economic effects of the cashless policy on the population,” the economist stated.
Business
MTN Group says it’s under US investigation

South African mobile operator MTN Group said Monday it was under US investigation over its activities in Iran and Afghanistan, at a time of icy ties between Washington and Pretoria.
Africa’s biggest telecoms company is already facing court challenges in South Africa by Turkey’s Turkcell, which accuses it of winning the Iranian market through corruption.
In 2006, MTN was chosen over Turkcell to become the 49 percent minority shareholder in Iranian government-controlled mobile phone carrier Irancell.
MTN had been made aware of a US Department of Justice (DoJ) grand jury investigation relating to its former subsidiary in Afghanistan and Irancell, the company said in a statement.
“MTN is cooperating with the DoJ and voluntarily responding to requests for information,” said the statement accompanying the group’s financial results.
Grand juries typically decide whether or not to formally lay charges in a case and take it to trial.
The South African multinational is also facing a court case in the United States from US veterans wounded in Iraq and Afghanistan, as well as relatives of soldiers killed in action, the statement said.
“The plaintiffs’ complaints allege that MTN supported anti-American militias in Iraq and Afghanistan .
Business
UBA Secures N5bn BoI MSME fund for disbursement to key sectors
The facility provides a maximum loan amount of N5 million per obligor, with a three-month moratorium on principal repayments, ensuring businesses have ample time to stabilise before they begin to service the loans.

•GMD/CEO UBA), Oliver Alawuba.
United Bank for Africa (UBA) Plc, has secured a N5 billion loan facility from the Bank of Industry (BOI), to boost key sectors of the economy and support the growth of sustainable and viable businesses in the country, especially the micro, small, and medium enterprises (MSMEs) owned by women.
The facility disbursed through the Federal Government’s MSME Fund, is designed to stimulate key sectors of the economy, while offering affordable financing to support businesses, with a primary focus on Green Energy, Education, Healthcare, and Women-Owned Enterprises.
UBA’s Group Managing Director/CEO, Oliver Alawuba, who spoke about the facility emphasised the bank’s commitment to fostering economic growth by empowering MSMEs, which he described as the “livewire of any developing economy.
He said, “At UBA, we recognize the pivotal role MSMEs play in driving economic development, and how they make up a sizeable portion of what drives our economic growth.
It is in this vein that we have decided not to rest on our oars by facilitating initiatives dedicated to empowering businesses with the financial support they need to thrive.”
Alawuba maintained that, “by offering loans at a competitive 9% interest rate with a three-year tenor, we are removing the traditional barriers that hinder SME growth in Nigeria and Africa. And by this, our message to business owners is simple: Don’t let this once-in-a lifetime-opportunity elude you.
”The facility provides a maximum loan amount of N5 million per obligor, with a three-month moratorium on principal repayments, ensuring businesses have ample time to stabilise before they begin to service the loans.
Business
CPPE Proposes Policy Action to Reduce Food Prices
Dr Muda Yusuf, the Director/CEO of CPPE, noted that while progress has been made in moderating headline and core inflation, the persistence of food and month-on-month price increases highlights unresolved structural weaknesses.

The Centre for the Promotion of Private Enterprise (CPPE) says that a coordinated mix of monetary, fiscal, and structural interventions will be required by the Central Bank of Nigeria, and the Ministry of Finance to consolidate recent drops in inflation and steer the economy toward sustained stability.
CPPE suggested in reaction to the July 2025 inflation reported by the NBS
The headline inflation declined for the fourth consecutive month, easing from 22.22% in June to 21.88% in July, a deceleration of 0.34%Month-on-month food inflation also moderated, falling from 3.25% in June to 3.12% in July, while core inflation posted marginal declines year-on-year (-0.03%) and a sharp slowdown month-on-month, from 3.46% to 0.97%.
Dr Muda Yusuf, the Director/CEO of CPPE, noted that while progress has been made in moderating headline and core inflation, the persistence of food and month-on-month price increases highlights unresolved structural weaknesses.
“The July 2025 inflation figures present a mixed outlook for the Nigerian economy, with notable improvements in key indicators but lingering risks that demand policy attention,” he said.
These developments reflect a gradually stabilising macroeconomic environment, supported by exchange rate stability, improved investor confidence, and the lingering impact of import duty waivers on key staples such as rice, maize, and sorghum.
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