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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.
News
Reaction as portal shows NDC candidate’s picture, opponent name
A leader of the Nigeria Democratic Congress and former Chief Whip of the Senate, Sir. Rowland Owie, has expressed dissatisfaction over the change of the name of the party’s candidate for the Edo South senatorial district in the 2027 general election.
The Independent National Electoral Commission portal had the picture of Sunny Aguebor as the senatorial candidate while it had the name Epelle-Asemota Bridgitte Osayuki as the candidate.
Reacting to the development in a telephone interview, Owie said Aguebor emerged as the candidate of the party in a primary election monitored by the INEC and alleged that a national officer of the party may be responsible for the current development.
Owie declared the development as fraud that would not stand, noting that Aguebor is the Edo South Senatorial candidate.
He said, “The truth is fraud cannot stand. The duly nominated candidate for Edo South NDC is Sunny Aguebor.
His primary election was monitored by the INEC and we have the CTC of his nomination from INEC.
“The party uploaded the information to INEC portal. What they were trying to do is to put that lady’s name but they couldn’t remove Aguebor’s picture.
“Whoever did it is a criminal, it is because we want peace in the party otherwise such a person should have been arrested. It is a criminal act. The NDC is a corrective party, we can’t be part of fraud.
“We have written to the INEC to make the necessary corrections. The person behind the fraud is a leader in the South South and we can get him arrested for forgery.”
When contacted, the state chairman of the party, David Olukoga said the party was still working with the INEC over the issue.
“Those are social media issues, when we are ready, we will publish our lists, we are not done with INEC, when we are done, they will give us our list and we will publish them,” he added.
News
Attacks: Kebbi gov convenes emergency security meeting
Kebbi State Governor, Dr Nasir Idris, on Wednesday convened an emergency security meeting to review the security situation in the state and strengthen measures aimed at addressing emerging security challenges in some communities.
The meeting, which brought together key security stakeholders, focused on reviewing and reinforcing existing security strategies to ensure a more coordinated and effective response to threats across the state.
Briefing journalists after the meeting, the Commissioner for Home Affairs and Internal Security, Haliru Wasagu, said the governor called the meeting as part of his administration’s commitment to protecting lives and property and sustaining peace across Kebbi State.
According to Wasagu, the discussions centred on fine-tuning the state’s security architecture and enhancing collaboration among security agencies to improve operational effectiveness.
“Our governor is fully committed to flushing out criminal elements and dismantling their hideouts. Anyone found engaging in criminal activities will face the full weight of the law,” the commissioner said.
He added that Idris had continued to intensify efforts to maintain peace, law and order, assuring residents that the government would not relent in confronting all forms of criminality.
Wasagu also appealed to residents to support security agencies by providing timely and credible intelligence capable of aiding the identification, arrest and prosecution of criminal elements.
“If members of the public remain vigilant and work closely with security agencies, the fight against crime will be more effective,” he said.
The commissioner further commended security personnel operating in the state for their dedication, professionalism and sacrifices in ensuring peace, stability and public safety, assuring that the state government would continue to support their operations.
News
Kano nabs fake health workers running illegal outreach
The Kano State Ministry of Health, in collaboration with the Private Health Institutions Management Agency, the Kano State Centre for Disease Control, and the Kano State Police Command, has arrested some suspects allegedly conducting an illegal medical outreach in Panshekara, Kumbotso Local Government Area, as part of ongoing efforts to protect the health and safety of residents.
The Public Relations Officer of the Ministry of Health, Nabilusi Abubakar, confirmed the arrest of the suspects in a statement on Wednesday.
According to the statement, the arrest of the suspects followed credible intelligence received from vigilant members of the public regarding the unauthorised medical activity.
“We acted immediately upon receiving the report. A joint team from the Ministry of Health, PHIMA, and KNCDC was deployed to the location, leading to the arrest of the suspects.
“We subsequently contacted the Kano State Police Command, and the suspects are currently in police custody at the Bompai Headquarters for further investigation,” the Commissioner for Health, Abubakar Yusuf, was quoted as saying.
Yusuf explained that the suspects were found operating under the name Brother Paul Legacy Foundation, a purported non-governmental organisation, where they were distributing registration cards bearing the organisation’s name and collecting money from unsuspecting members of the public under the guise of providing medical services.
He further revealed that preliminary investigations conducted by officials of the Ministry of Health, PHIMA, and KNCDC established that the mastermind and the other suspects were neither qualified health professionals nor possessed any recognised health-related certification.
According to the commissioner, the registration cards issued by the suspects, which bear an address in Karu Local Government Area of Nasarawa State, falsely promised “free treatment” in an apparent attempt to lure unsuspecting victims into the illegal operation.
Yusuf urged residents to remain vigilant and refrain from patronising unlicensed individuals or self-acclaimed healthcare providers, emphasising that medical services should only be sought from government-approved health facilities and duly licensed healthcare professionals.
He also commended the state police command, under the leadership of the Commissioner of Police, Ibrahim Bakori, and his officers for their decisive intervention.
He further commended the public-spirited individuals whose timely report led to the arrest of the suspects, describing their action as a demonstration of the vital role citizens play in safeguarding public health.
The commissioner called on members of the public to promptly report any suspicious or illegal medical activities to the appropriate authorities, reaffirming the Kano State Government’s unwavering commitment to eliminating quackery, protecting lives, and ensuring that healthcare services across the state remain safe, ethical, and professionally regulated.
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