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Billions Stolen From Airtel, MTN, Stanbic And Others As Hackers Break Into Mobile Money System.

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Unknown hackers broke into the systems of Pegasus Technologies, a company that integrates mobile money transactions between telcos, banks, and other local, regional, and international money transfer services, making off with a yet to be known sum, but said to be in billions of Shillings.

ALSO READ:  Arabic inscriptions on naira notes doesn’t threaten Nigeria’s secular status- CBN tells court

The most affected firms are the leading telcos, Airtel and MTN Uganda, as well as Stanbic Bank, Uganda’s largest bank that also backs up most of the mobile money transactions.

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In a joint statement released on October 5, 2020, Anne Juuko, Wim Vanhelleputte, and VG Somasekhar, the CEOs of Stanbic Bank Uganda, MTN Uganda, and Airtel Uganda respectively, admitted there was an “incident”, but did not give details.

“Stanbic Bank Uganda, MTN Uganda and Airtel Uganda inform the public and their customers that on Saturday, October 3, a third-party service provider experienced a system incident which impacted Bank to Mobile Money transactions.  All Bank to Mobile Money/Wallet services have since been temporarily suspended,” the trio said.

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Finance

Arabic inscriptions on naira notes doesn’t threaten Nigeria’s secular status- CBN tells court

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The Central Bank of Nigeria has said that the Arabic inscriptions on some naira notes does not in any way threaten the secular status of the country.

 

The apex court stated this in a countersuit filed before the Federal High Court in Lagos.

 

A Nigerian lawyer, Malcolm Omirhobo, had approached the court for an order instructing the apex bank to remove the Arabic inscriptions on naira notes.

 

Arabic inscriptions on naira notes doesn?t threaten Nigeria?s secular status- CBN tells court

 

In his suit filed before Justice Mohammed Liman, Omirhobo argued that having Arabic inscriptions on the naira notes portrays Nigeria as an Islamic state which is contrary to the country’s constitutional status of a secular state. According to him, he doesn’t know what the Arabic inscriptions mean and wants it to be replaced with either the English language, which is the country’s official language, or any of Nigeria’s three main indigenous languages – Hausa, Yoruba, or Igbo.

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He wants the court to restrain the CBN from “further approving, printing and issuing naira notes with Arabic inscriptions, bearing in mind that Nigeria is a secular state.”

 

However, in a counter-suit filed before the court by its counsel Abiola Lawal, the CBN argued that “the Ajami inscriptions on some of the country’s currencies do not connote any religious statements or Arabian alignment.”

 

The CBN explained that the “Ajami inscriptions” on the naira notes dated back to the colonial era “and they do not imply that Arabic is an official language in Nigeria.

ALSO READ:  No plan to increase VAT again – Minister of Finance, Zainab Ahmed
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“The inscriptions on the country’s currencies do not and at no time have they threatened the secular statehood of the nation nor have they violated the Constitution of Nigeria, as every design and inscription was finalised with the approval of the relevant government bodies.

The naira notes retained the inscriptions with Ajami since 1973 when the name of the Nigerian currency was changed to naira from pounds.

The Ajami was inscribed on the country’s currency by the colonialists to aid those without Western education in certain parts of the country, who, back then, constituted a larger part of the populace.

The Ajami is not a symbol or mark of Islam but an inscription to aid the populace uneducated in Western education in ease of trade.” the CBN’s court paper read

 

ALSO READ:  Arabic inscriptions on naira notes doesn’t threaten Nigeria’s secular status- CBN tells court

The bank argued that removing the Arabic inscriptions from the naira notes ”would cost the tax-paying Nigerians and the Federal Government colossal sum of money to discard the existing naira notes and print new ones in satisfaction of the plaintiff.”

 

Omirhobo has also filed a similar lawsuit before Justice Liman, seeking the removal of Arabic inscriptions from the logo of the Nigerian Army.

 

Hearing of the suit is scheduled for Tuesday, November 10.

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Politics

No plan to increase VAT again – Minister of Finance, Zainab Ahmed

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Minister of Finance, Zainab Ahmed has debunked claims of having plans to increase the Value Added Tax (VAT) and other taxes in 2021.

 

ALSO READ:  No plan to increase VAT again – Minister of Finance, Zainab Ahmed

Ahmed who defended her Ministry’s budget before the Senate Committee on Finance in Abuja, dismissed claims of an imminent increase in VAT and other taxes in the proposed Finance Bill to be presented to the National Assembly soon.

ALSO READ:  Arabic inscriptions on naira notes doesn’t threaten Nigeria’s secular status- CBN tells court
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The minister said;

 

 “There will be no increase in VAT or any form of taxes because we see 2021 as a year of recovery – not only for government but businesses as well.”

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2000 inmates reportedly released as hoodlums stage yet another jailbreak in Edo state (video)

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2000 inmates have reportedly been released after some hoodlums staged yet another jailbreak at Oko correctional facility in Edo state.

ALSO READ:  2000 inmates reportedly released as hoodlums stage yet another jailbreak in Edo state (video)

Nine persons were reportedly killed during this jailbreak.

This comes hours after hoodlums stormed the correctional facility located along the Sapele Road in Benin City where over 100 inmates were set free.

ALSO READ:  No plan to increase VAT again – Minister of Finance, Zainab Ahmed
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The state government has since imposed a statewide curfew that began 4pm today October 19.

 

Watch a video from the scene below

ALSO READ:  Facebook extends remote work through July 2021 with employees to get additional $1,000 bonus for their home office needs

 

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