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Tinubu orders CBN to suspend implementation of cybersecurity levy
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President Bola Tinubu has asked the Central Bank of Nigeria to suspend the implementation of the controversial cybersecurity levy policy and ordered a review.
This followed the decision of the House of Representatives, which, last Thursday, asked the CBN to withdraw its circular directing all banks to commence charging a 0.5 per cent cybersecurity levy on all electronic transactions in the country.
The CBN on May 6, 2024, issued a circular mandating all banks, mobile money operators, and payment service providers to implement a new cybersecurity levy, following the provisions laid out in the Cybercrime (Prohibition, Prevention, etc) (Amendment) Act 2024.
According to the Act, a levy amounting to 0.5 per cent of the value of all electronic transactions will be collected and remitted to the National Cybersecurity Fund, overseen by the Office of the National Security Adviser.
Financial institutions are required to apply the levy at the point of electronic transfer origination.
The deducted amount is to be explicitly noted in customer accounts under the descriptor “Cybersecurity Levy” and remitted by the financial institution. All financial institutions are required to start implementing the levy within two weeks from the issuance of the circular.
By implication, the deduction of the levy by financial institutions should commence on May 20, 2024.
However, financial institutions are to make their remittances in bulk to the NCF account domiciled at the CBN by the fifth business day of every subsequent month.
The circular also stipulates a timeframe for financial institutions to reconfigure their systems to ensure complete and timely submission of remittance files to the Nigeria Interbank Settlement Systems Plc as follows: “Commercial, Merchant, Non-Interest, and Payment Service Banks – Within four weeks of the issuance of the Circular.
“All other Financial Institutions (Microfinance Banks, Primary Mortgage Banks, Development Financial Institutions) – Within eight weeks of the issuance of the Circular,” the circular noted.
The CBN has emphasised strict adherence to this mandate, warning that any financial institution that fails to comply with the provisions will face severe penalties. As outlined in the Act, non-compliant entities are subject to a minimum fine of two per cent of their annual turnover upon conviction.
The circular provides a list of transactions currently deemed eligible for exemption, to avoid multiple applications of the levy.
These are loan disbursements and repayments, salary payments, intra-account transfers within the same bank or between different banks for the same customer, and intra-bank transfers between customers of the same bank.
Exemptions include other financial institutions’ transfers to their correspondent banks, interbank placements, banks’ transfers to CBN and vice versa, inter-branch transfers within a bank, cheque clearing and settlements, letters of credit, and banks’ recapitalisation-related funding.
Others are bulk funds movement from collection accounts, savings, and deposits including transactions involving long-term investments such as treasury bills, bonds, and commercial papers, and government social welfare programmes transactions.
These may include pension payments, non-profit and charitable transactions including donations to registered non-profit organisations or charities, educational institutions transactions, including tuition payments and other transactions involving schools, universities, or other educational institutions, and transactions involving the bank’s internal accounts, inter-branch accounts, reserve accounts, nostro and vostro accounts, and escrow accounts.
The introduction of the new levy sparked varied reactions among stakeholders as it is expected to raise the cost of conducting business in Nigeria and could potentially hinder the growth of digital transaction adoption.
‘Stop levy now’
Members of the House of Representatives on Thursday asked the Central Bank of Nigeria to withdraw the circular directing financial institutions to commence implementation of the 0.5 per cent cybersecurity levy, describing it as “ambiguous”.
The development was in response to a motion on the urgent need to halt and modify the implementation of the cybersecurity levy, moved by Kingsley Chinda.
According to the House, the CBN is to withdraw the initial circular, and “issue a more understandable one”.
Chinda had drawn the attention of the House to multiple interpretations of the CBN directive against the specifications in the Cybersecurity Act.
The House then expressed worry, that the Act would be implemented in error if immediate steps were not taken, to address the concerns around the interpretation of the CBN directive and the Cybersecurity Act.
By Gloria Ikibah
Speaker of the House of Representatives, Rt. Hon. Tajudeen Abbas, has marked his 61st birthday by sponsoring 120 inmates at the Medium Security Correctional Centre, Kuje, Abuja, to sit for the National Examinations Council (NECO) and National Business and Technical Examinations Board (NABTEB) examinations.
The initiative, which took place at the correctional centre on Thursday, formed part of activities marking the Speaker’s birthday and continued his support for educational opportunities for inmates.
Speaker Abbas who was represented by his Special Assistant on Humanitarian Affairs, David Igbe Okponya said the gesture was intended to ensure that incarceration did not become a barrier to education, personal development and the opportunity for inmates to rebuild their lives.
Delivering the Speaker’s message to the inmates, he urged them to use their time in custody to prepare for life beyond the correctional centre.
He urged the inmates not to allow their present circumstances to define their future.
He said: “I leave you with three words: Believe. Learn. Rebuild. Believe that your future can be better. Learn everything that can make you a better person. And when the opportunity comes, rebuild your life and make a positive contribution to society.
“Let this occasion remind us that no human being should be defined only by his worst moment.
“Whatever brought you here is part of your history, but it does not have to define the rest of your life.
“Use your time here wisely. Read, study, learn a trade, acquire a skill, and build your character. When the opportunity comes for you to return to your communities, return prepared to contribute positively to your families and to Nigeria.”
The event also featured testimonies from previous beneficiaries of Abbas’ educational sponsorship, as well as the cutting of the Speaker’s birthday cake with inmates.
An inmate identified simply as Adeolu, who benefited from the Speaker’s examination sponsorship last year, expressed appreciation for the support.
“A big thank you” to the Speaker, he said, before adding, “The foundation builder—that is what we call him in here.”
Another former beneficiary, Chikwendu, recounted how the educational support helped him change his course of study from science to art before sitting for the NECO examination sponsored by the Speaker.
He said he eventually obtained seven distinctions.
“Last year, you were here to plant a seed. I want you to know that, that seed has germinated. We are indebted to our father, the Right Honourable Speaker,” Chikwendu said.
Giving an overview of the educational programmes in the FCT Command, the Education Desk Officer, DSC Adikwu Owoicho, disclosed that more than 2,000 inmates had been registered for various educational programmes.
He said inmates registered in 2025 recorded encouraging performances in both NECO and NABTEB examinations.
“The Speaker is taking the lead in the number of NECO and NABTEB registration sponsorships nationwide. The NGOs are doing their best, but the Speaker is taking the lead,” Owoicho said.
Earlier, the Controller of Corrections, FCT Command, Christopher Peter Jen, who represented the Comptroller General of Corrections, Sylvester Ndidi Nwakuche, commended the Speaker for supporting the Nigerian Correctional Service’s efforts to reform and empower inmates.
The Comptroller General described education as a critical pillar of the Service’s mandate of reformation, rehabilitation and reintegration.
He also advocated employment opportunities for reformed inmates, saying those who had undergone rehabilitation were ready to contribute meaningfully to national development.
Representing the Deputy Controller General in charge of Inmates Training and Productivity, SC Igomu Augustine, also appreciated the organisers for supporting inmates and the Service’s efforts to make them productive and better prepared for reintegration into society.
He said the Speaker was taking the lead in sponsoring the registration of inmates for NECO examinations across custodial centres.
The latest sponsorship formed part of his continued support for education and rehabilitation initiatives aimed at giving inmates opportunities to acquire qualifications, skills and the confidence needed to rebuild their lives after release.
Another Nollywood actor, Chijioke Nwokafor, popularly known as CJay Nwoks is dead.
He died on Wednesday, September 30, 2026, at an undisclosed hospital in the Badore area of Lagos State.
The sad news was announced by actress Nkechi Blessing, who recently cast CJay as the lead actor in her new film.
Speaking on why the film will no longer be released, Nkechi, who was seen crying in a video on her Instagram page, said, “it took me a lot to do this video because we won’t be dropping the movie again by 5pm.
Right now, I’m in the hospital in Badore. I just lost CJay. CJay is dead. I don’t even know where to start.”
The cause of his death is still very sketchy as at the time of filing this report.
The Speaker of the House of Representatives, Hon. Abbas Tajudeen, Ph.D., has called on Nigerians to remain hopeful about the country’s future, declaring that Nigeria is making progress politically, socially and economically.
Abbas made the call in his Independence Day message to Nigerians as the country marked its 61st anniversary of independence on Thursday.
The Speaker noted that Nigeria had continued to mature as a nation, stressing that democracy was taking root in Africa’s most populous country despite the challenges confronting it.
He emphasised the importance of patriotism, peace and national unity, urging Nigerians to work collectively towards the country’s development, growth and prosperity.
Abbas also called on citizens to sustain their prayers and support for the administration of President Bola Ahmed Tinubu, GCFR, while stressing that nation-building must transcend political affiliations, ethnic differences and religious beliefs.
According to him, the task of building a prosperous nation requires a renewed sense of patriotism and a collective commitment to the common good.
He urged Nigerians to embrace a new national consciousness, love their country and remain dedicated to its progress, insisting that the responsibility for national development rests on every citizen.
The Speaker wished Nigerians a peaceful and memorable Independence Day celebration, expressing hope for a stronger and more prosperous nation.
Abbas Marks 61st Birthday by Sponsoring 120 Kuje Inmates For NECO, NABTEB
SAD! Another Nollywood star is dead
Independence: Nigeria Making Political, Economic Progress, Speaker Abbas Says
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