TUESDAY 10TH AUGUST 2021

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CBN: Digital Currency Would Be Critical National Infrastructure James Emejo in Abuja

The Central Bank of Nigeria (CBN) has said its proposed digital currency, known as e-Naira, will be treated as a critical national infrastructure to protect it from operational and cyber-security risks. In a document obtained by

THISDAY, which offered more insights into the digital money regime, especially the potential risks and mitigation measures, the apex bank said there would be a co-existence of traditional payment systems and the CBN Digital Currency (CBDC) to address interoperability risks that might be associated with

the implementation. CBN said it would apply regulatory framework and compliance mechanisms to prevent disruptive competition for the electronic money. On the associated cost and risk of deploying/on-boarding a new payment platform, the bank explained that medium to long-

term pay-off in increased efficiency of operations was expected to offset initial outlay. It added that any risk of disintermediation would be addressed by the introduction of limits on the e-Naira holdings. The document further stated that the introduction of the CBDC would, among other things, usher in new approaches to payment as

well as bring about new bank and non- bank players in the financial system. The digital currency regime would also introduce a new range of banking services and integration with new systems, providing new possibilities for the payment architecture. According to the apex bank,

the two-tiered model for CBDC would facilitate a public-private partnership arrangement whereby the CBN would design the e-Naira and distribute through regulated financial institutions, while the latter would in turn provide the digital cash to individuals and Continued on page 10

NNPC Promotes, Redeploys Top Management Staff ahead of Listing... Page 5 Tuesday 10 August, 2021 Vol 26. No 9619. Price: N250

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Rivers Govt, Not FG Should Collect VAT, Related Taxes, Court Rules Blessing Ibunge in Port Harcourt

In a landmark ruling, the Federal High Court sitting in Port Harcourt, Rivers State, has declared that the Rivers

State Government and not the Federal Inland Revenue Services (FIRS), an agency of the federal government, should collect Valued Added Tax (VAT) and Personal Income Tax (PIT) in the state.

Presided over by Justice Stephen Dalyop Pam, the court also issued an order of perpetual injunction restraining the FIRS and the Attorney General of the federation, both first and second defendants in the suit,

from collecting, demanding, threatening and intimidating residents of Rivers State to pay to FIRS, personnel income tax and Value Added Tax. Justice Pam made the assertion while delivering judgement in

Suit No. FHC/PH/CS/149/2020, filed by the Attorney General for Rivers State (plaintiff), against the Federal Inland Revenue Service (first defendant) and the Attorney General of the Federation (second defendant).

The Court, which granted all the eleven reliefs sought by the Rivers State Government, stated that there was no constitutional basis for the FIRS to demand for and collect VAT, Withholding Continued on page 8

PDP Govs, Secondus Reach Deal, Convention May be Brought Forward It's the only way to remove him, Dickson insists I’ll not resign, says party chair Senate, House caucuses support peace moves Party commences online membership registration Deji Elumoye, Chuks Okocha and Adedayo Akinwale in Abuja After meeting for over 40 minutes behind closed doors on Monday, the Peoples Democratic Party (PDP) governors and the embattled National Chairman of the party, Prince Uche Secondus, appeared to have reached a new deal as part of efforts to resolve the crisis which engulfed its leadership and ensure lasting peace in the main opposition party. The deal involved consideration of an early date for the party’s national convention, as against the initial date of December 9. With the new deal, widely believed to be in the overall interest of the party, THISDAY gathered that the December convention might be brought forward to either October or November. Continued on page 10

SEARCHING FOR PEACE... L:R: Bauchi State Governor, Mallam Bala Mohammed, Rivers State Governor, Mr Nyeson Wike, Sokoto State Governor, Mallam Aminu Tambuwal, Benue State Governor, Mr Samuel Ortom, and Akwa Ibom State Governor, Udom Emmanuel, addressing the press after the PDP governors' meeting in Abuja convened to resolve the lingering leadership crisis in the party...yesterday

Self-confessed Fraudsters Jailed Six Years over $1m Scam of KLM, British, Turkish Airways... Page 8


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