SERAP Gives Tinubu-Led Administration 48-Hour Ultimatum To Revoke Cybersecurity Levy Directive

SERAP Gives Tinubu-Led Administration 48-Hour Ultimatum To Revoke Cybersecurity Levy Directive

In a swift response to the Central Bank of Nigeria’s (CBN) directive mandating a 0.5% cybersecurity levy on electronic transactions, the Socio-Economic Rights and Accountability Project (SERAP) has issued an ultimatum to the Tinubu-led administration. SERAP has given a 48-hour notice demanding the withdrawal of the controversial directive, citing its unlawfulness under the Cybercrime Act 2024……READ ALSO SERAP Sues NNPCL Over Failure To Account For ‘Missing $2.04bn, N164bn Oil Revenues’

Under the provisions of the recently amended Cybercrime Act, financial institutions are instructed to implement the levy at the point of electronic transaction origination, with deductions to be reflected in customers’ accounts. The accumulated levies are to be remitted monthly to the National Cybersecurity Fund, managed by the Office of the National Security Adviser.

In response, SERAP vehemently opposes the directive, labeling it as grossly unlawful. Through its X platform, SERAP demands immediate withdrawal of the directive and threatens legal action if not revoked within the stipulated 48-hour timeframe. As tensions escalate over the contentious levy, the standoff between SERAP and the Tinubu-led administration underscores the urgency of addressing cybersecurity policies in Nigeria.

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