CBN Cybersecurity Levy: Senate Committee Allays Fears, Targets Financial Institutions

• Individuals and bank customers exempted from proposed levy

• Financial institutions, telcos identified as primary targets

• Aims to enhance cybersecurity measures, national security

Eko Hot Blog reports that, addressing concerns raised by Nigerians, the Senate Committee on National Security and Intelligence has clarified that the proposed Central Bank of Nigeria (CBN) cybersecurity levy is targeted at financial institutions and telecom companies, not individuals or bank customers.

The clarification comes from Senator Shehu Umar Buba, the Chairman of the Committee.

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Senator Buba emphasized, “The Act is very explicit about who is responsible for the payment, not Nigerian citizens or individuals.”

He explained that the relevant section of the Cybercrime Act 2015 listed the businesses required to pay the levy, including telecommunications companies, Internet Service Providers, banks, insurance companies, the Nigerian Stock Exchange, and other financial institutions.

Moreover, the Senator shed light on the amount payable as a cybersecurity levy, stating, “It is either 0.005 or 0.5% arithmetically. The figure in the principal act was 0.005 as a fraction, which was converted to the percentage that became 0.5% in the amendment.”

Acknowledging the concerns raised by Nigerians and civil groups about the current economic situation, Senator Buba reassured them that implementing the cybersecurity law was not intended to punish citizens.

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Instead, he highlighted that the levy is a joint effort to safeguard national security and the economy, with the financial burden primarily on the designated companies.

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