The Chairman, Senate Committee on National Security and Intelligence, Shehu Umar Buba, on Sunday, clarified that the recently imposed cybersecurity levy announced by the Central Bank of Nigeria (CBN) is not targeted at individuals operating bank accounts.
Rather, the senator, who sponsored the amendment bill in a statement in Abuja, explained that the levy is aimed explicitly at financial institutions and telecommunication companies.
He said the financial institutions and telecommunication firms are most vulnerable sectors to financial crimes and cyber fraud to enhance cybersecurity measures and national security in the country.
He noted that: “The relevant section of the Cybercrime Act is very clear about the businesses that are required to pay the levy, not the citizens. “The Act is very explicit about who is responsible for the payment, not Nigerian citizens or individuals.
“The relevant section of the Cybercrime Act 2015 listed the businesses required to pay the levy: telecommunications companies, Internet Service Providers, banks, insurance companies, the Nigerian Stock Exchange and other financial Institutions. “The organisations in the sectors have been listed in previous circulars by the Central Bank of Nigeria, especially in 2018. The new circular by the CBN further provided many exemptions.”
