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CBN Orders Banks To Charge 0.5% Cybersecurity Levy
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The Central Bank of Nigeria has ordered banks operating in the country to start charging a cybersecurity levy on transactions.
A circular from the apex bank on Monday disclosed that the implementation of the levy would start two weeks from today.
The circular was directed to all commercial, merchant, non-interest and payment service banks, among others.
The circular revealed that it was a follow-up on an earlier letter dated June 25, 2018 (Ref: BPS/DIR/GEN/CIR/05/008) and October 5, 2018 (Ref: BSD/DIR/GEN/LAB/11/023), respectively, on compliance with the Cybercrimes (Prohibition, Prevention, Etc.) Act 2015.
The recent public engagements by the Office of the National Security Adviser on the above subject, also refers.
Following the enactment of the Cybercrime (Prohibition, Prevention, etc) (amendment) Act 2024 and under the provision of Section 44 (2)(a) of the Act, a levy of 0.5 per cent (0.005) equivalent to a half per cent of all electronic transactions value by the business specified in the Second Schedule of the Act, is to be remitted to the National Cybersecurity Fund which shall be administered by the Office of the National Security Adviser.
The CBN said that all banks, other financial institutions and payment service providers are now required to implement the directive, saying, “The levy shall be applied at the point of electronic transfer origination, then deducted and remitted by the financial institution. The deducted amount shall be reflected in the customer’s account with the narration, ‘Cybersecurity Levy’.
“Deductions shall commence within two weeks from the date of this circular for all financial institutions and the monthly remittance of the levies collected in bulk to the NCF account domiciled at the CBN by the fifth business day of every subsequent month.”
Exempted from the levy include loan disbursements and repayments, salary payments, intra-account transfers within the same bank or between different banks for the same customer, intra-bank transfers between customers of the same bank.
Also exempted from the levy were inter-branch transfers within a bank, cheque clearing and settlements, Letters of Credits, Banks’ recapitalisation-related funding only bulk funds movement from collection accounts, savings and deposits including transactions involving long-term investments, among others.
The CBN, in recent times, has been making an effort to sanitise the financial sector. It recently issued a directive which barred fintechs from onboarding new customers.
The fintechs have in turn warned their customers against engaging in crypto transactions on their platforms.
This also comes barely a week after the Federal Government had directed Deposit Money Banks to immediately begin the deduction of 0.375 per cent stamp duty charge on all mortgaged-backed loans and bonds.
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2023 Poll: “I Knew We Would Lose” — Okowa Reveals What He Told Christian Leaders Before Election
Former Delta State Governor and 2023 Peoples Democratic Party (PDP) vice-presidential candidate, Ifeanyi Okowa, has revealed that he knew before the presidential election that the party was unlikely to emerge victorious.
Okowa made the disclosure in a video circulating online, while reflecting on the 2023 presidential contest and the performances of the PDP, Labour Party (LP) and All Progressives Congress (APC).
Despite serving as the running mate to former Vice President Atiku Abubakar, the former governor said he had already reached the conclusion that the PDP would not win the election.
“Although I was the vice-presidential candidate, I knew that we would not win the election,” Okowa said.
He also reflected on the unexpected rise of the Labour Party and its presidential candidate, Peter Obi, during the 2023 campaign.
Obi, who had left the PDP and secured the Labour Party presidential ticket, attracted significant support, particularly among younger voters and in parts of southern Nigeria.
According to Okowa, there was a point during the election build-up when political observers and some Christian leaders believed the Labour Party had a realistic chance of winning the presidency.
He recalled telling Christian leaders about the emerging political calculations and the expected distribution of votes.
“And in one way, even when I met the Christian leaders, I told them, this is where the P6 came in. And the votes came in, so the P6 came and we thought that the Labour Party would win,” he said.
Parts of Okowa’s remarks in the circulating video were unclear, making it difficult to establish the full context of some of his comments about the conduct of the election in certain parts of the country.
How PDP Lost the 2023 Presidency
The 2023 presidential election was won by APC candidate Bola Ahmed Tinubu, according to results announced by the Independent National Electoral Commission (INEC).
Tinubu secured 8,794,726 votes, while Atiku Abubakar polled 6,984,520 votes and Peter Obi received 6,101,533 votes.
The outcome was fiercely contested, with both Atiku and Obi challenging Tinubu’s victory at the Presidential Election Petition Court.
Their legal challenges were unsuccessful, with the courts ultimately upholding Tinubu’s victory.
The election nevertheless triggered widespread debate over electoral transparency, vote transmission, voter turnout and the performance of political parties.
2027: Atiku Moves to ADC
Okowa’s comments come as Nigeria’s opposition landscape undergoes another major realignment ahead of the 2027 general election.
Atiku has since left the PDP and joined the African Democratic Congress (ADC), where he has emerged as the party’s presidential candidate.
Former Rivers State Governor Rotimi Amaechi has also been announced as his running mate, setting the stage for another major presidential contest.
With Tinubu seeking another term and opposition politicians working to build a stronger coalition, the lessons and controversies surrounding the 2023 election are expected to remain central to the political debate ahead of 2027.
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‘Vote for My Husband in 2027’ — Remi Tinubu Appeals to South-East Voters
Nigeria’s First Lady, Senator Oluremi Tinubu, has appealed to voters in the South-East to support President Bola Ahmed Tinubu’s bid for re-election in the 2027 presidential election.
The First Lady made the appeal in Owerri, Imo State, during an official visit to distribute empowerment items to women as part of the Federal Government’s efforts to promote women’s economic participation.
Addressing beneficiaries and residents, Oluremi Tinubu urged the people of the South-East to support her husband’s administration, promising that the government would continue working to improve the lives of Nigerians.
«“Make una vote for Mr President, we go work for una and Nigeria go better. I want to enjoy Nigeria at old age, so I will work for Nigeria, for my old age,” she said.»
The empowerment programme is being implemented through the Office of the Senior Special Assistant to the President on Sustainable Development Goals and is expected to reach 18,500 women across Nigeria.
Under the initiative, 500 women in each of the five South-East states are expected to receive business-support equipment, including generators, industrial grinding machines, gas cylinders and ovens.
In Imo State, Governor Hope Uzodimma expanded the programme by providing additional empowerment items for 2,000 women, bringing the total number of beneficiaries in the state to 2,500.
Following the governor’s intervention, the First Lady announced an additional ₦100,000 cash support for each beneficiary.
She said the initiative was consistent with President Tinubu’s economic development agenda, particularly efforts aimed at empowering women and promoting sustainable livelihoods.
“Recognising the typical role women play in nation building, this is in line with the agenda of Mr President, Bola Ahmed Tinubu, which prioritises economic growth and sustainable development for all Nigerians, particularly women,” she said.
Oluremi Tinubu urged the beneficiaries to invest the equipment and financial support wisely, stressing that the intervention was intended to help women expand their businesses, improve household income and build more secure futures for their families.
“Let it serve as a foundation for creating a better life for you and your family,” she added.
The appeal comes as political parties and major political figures begin positioning themselves ahead of the 2027 general elections, with the South-East expected to remain an important battleground in the presidential contest.
News
Court Grants 67-Year-Old UK-Based Nigerian Woman N150m Bail Over Alleged 13kg Cocaine Shipment
A Federal High Court sitting in Lagos has granted ₦150 million bail to 67-year-old UK-based Nigerian, Mrs Mary Yetunde Barek, who is standing trial over the alleged trafficking of 13 kilogrammes of cocaine to the United Kingdom.
Justice Friday Ogazi granted the defendant bail with two sureties in the same sum, subject to stringent conditions.
The court ordered that both sureties must reside within its jurisdiction and own landed property valued at not less than ₦150 million. They are also required to provide evidence of ownership of the properties and proof of tax payments for the past three years.
Barek, who ordinarily resides in the United Kingdom, was further directed to surrender her British international passport to the court and remain in Nigeria throughout the trial. She must also obtain the court’s permission before travelling outside the country.
The case stems from an alleged cocaine shipment intercepted at the Murtala Muhammed International Airport, Lagos, on June 28, 2026.
The National Drug Law Enforcement Agency (NDLEA) alleged that Barek was arrested during the outward clearance of passengers travelling on a Virgin Atlantic flight from Terminal 2 of the airport in Ikeja.
According to the prosecution, the 13kg consignment of cocaine was allegedly concealed and disguised as plantain in an attempt to facilitate its transportation to the UK.
The NDLEA further alleged that Barek transported the prohibited substance from her residence on Alhaji Azeez Ajanaku Street, Okota, Lagos, to the airport for onward export.
She was subsequently arraigned before the Federal High Court in August and pleaded not guilty to the charges.
The prosecution said the alleged offence contravened Section 11(b) of the National Drug Law Enforcement Agency Act, a provision dealing with unlawful dealing in and trafficking of controlled narcotic substances.
During the bail proceedings, the prosecution opposed the application, while Barek’s lawyer urged the court to consider her age and reported health condition in granting her temporary freedom pending trial.
After considering the arguments, Justice Ogazi granted bail but imposed strict conditions designed to ensure that the defendant remains available for trial.
The court specifically ordered that she must not leave Nigeria without its prior permission.
The allegations against Barek remain unproven, as she has pleaded not guilty and is presumed innocent until proven guilty by the court.
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