The Socio-Economic Rights and Accountability Project (SERAP) has given the Federal Government a stark ultimatum: reverse the 0.5 percent cybersecurity levy imposed by the Central Bank of Nigeria (CBN) or face legal action within 48 hours.
In a statement posted on its Twitter handle on Tuesday, the non-governmental organization demanded the immediate reversal of what it deemed a “grossly unlawful” levy imposition, as reported by The Punch.
SERAP’s tweet read, “@SERAPNigeria: The Tinubu administration must immediately withdraw the grossly unlawful CBN directive to implement section 44 of the Cybercrime Act 2024, which imposes a 0.5% ‘cybersecurity levy’ on Nigerians. We’ll see in court if the directive is not withdrawn within 48 hours.”
The directive from the Central Bank of Nigeria mandates banks operating in the country to commence charging a cybersecurity levy on transactions. A circular from the apex bank, seen by Punch Online on Monday, disclosed that the implementation of the levy would commence in two weeks.
Addressed to all commercial, merchant, non-interest, and payment service banks, among others, the circular serves as a follow-up on earlier communications dated June 25, 2018 (Ref: BPS/DIR/GEN/CIR/05/008) and October 5, 2018 (Ref: BSD/DIR/GEN/LAB/11/023), regarding compliance with the Cybercrimes (Prohibition, Prevention, Etc.) Act 2015.
