May 18, 2024

Eholor Advises FG To Reverse Levy Implementation On Bank Users

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By Simeon OSAJIE

The founder of One Love Foundation and a human right activist, Chief (Dr) Patrick Osagie Eholor, also known as ‘Ultimate Equal’ has condemned Federal Government recent order given to Central Bank of Nigeria (CBN) on the implementation of 0.5 percent levy on all electronic transactions value as part of efforts to contain the rising threats of cybercrime in the financial system.

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In a press briefing today, 8th May, 2024, Chief Patrick Eholor who condemned the act said, “I’m already aware that an individual had given President Tinubu 48 hours to reverse the decision or they see in court but am also saying that I have informed my lawyers so it can be a class law action suit.

“The government keeps milking the minority when he is supposed to be subsidizing for commodities in order to ease the citizens hard life APC had caused but using all sectors to work against his citizens, banks are not friendly before now, mandating the bank on this implementation is going to affect a lot.”

Chief Eholor noted that the bank in Nigeria is deficient, they don’t have what they called Credit Bureau System; they don’t have Ecofas (to check if borrowers are legible for loan or not).

“The bank in Nigeria don’t borrow lawyer’s money to set up a law firm, they don’t give doctors money to set up hospital, they don’t borrow farmers to grow agricultural products, and they don’t give the real estate money to develop the underdeveloped areas. 

“The bank in Nigeria only gives money to those I tagged ‘PP’ (Pastors and Politician) and they are supposed to be part of the growth in the society so how do we grow of the society, so how do we grow if these bank people are part of the money launders who loot money for the likes of Yahaya Bello and the 36 state Governors. No wonder they are declaring dividend of huge amount when the ordinary citizens cannot eat 3 square meals a day.

“However on this 0.05% they are coming up with, I’m going to join forces with SERAP as it is illegal and unconstitutional, the government of Tinubu is so insensitive to the plight of the people. Tinubu son wears a watch of three hundred and something million when we cannot pay the average Nigerian thirty thousand naira.

“These people have dared us enough, should they continue to do this the word “REVOLUTION” will come naturally from the people without forcing it,” he said.

Recall the Central Bank of Nigeria (CBN) on Monday, 6th May, 2024 ordered the CBN on the implementation of 0.5 percent levy on all electronic transactions value as part of efforts to contain the rising threats of cybercrime in the financial system.

According to Arise TV “The implementation followed the enactment of the Cybercrime (Prohibition, Prevention, etc) (amendment) Act 2024 and pursuant to the provision of Section 44 (2)(a) of the Act, which provided for the rate deduction.”

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