In this article, Professor of Law, Gbenga Bamodu argues that the Central Bank of Nigeria, CBN, circular mandating payment for cybercrime charges, does not apply to individuals and is contrary to the provisions of the Cybercrims Act, 2015
Section 44 has now been amended by section 11 of the Cybercrime Act 2024 to clarify the amount of levy to be collected and remitted as ‘a levy of 0.5% equivalent to a half percent of all electronic transactions value by the business specified in the Second Schedule’ to the Act. Rather curiously, the amended version uses the word ‘business’ as opposed to the almost certainly more accurate and intended ‘businesses’ in the original provision.
2. The deducted amount shall be reflected in the customer’s account with the narration: “Cybersecurity Levy”. That the implementation guidance states that the levy shall be applied at the point of electronic transfer, then deducted and remitted by the financial institution and reflected in ‘the customer’s account’ raises curious eyebrows and questions of interpretation.
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