{"id":555,"date":"2024-05-07T10:16:01","date_gmt":"2024-05-07T10:16:01","guid":{"rendered":"https:\/\/beadysword.com.ng\/blog\/?p=555"},"modified":"2024-05-07T10:16:09","modified_gmt":"2024-05-07T10:16:09","slug":"serap-issues-tinubu-led-administration-48-hours-notice-to-withdraw-cybersecurity-levy","status":"publish","type":"post","link":"https:\/\/beadysword.com.ng\/blog\/2024\/05\/07\/serap-issues-tinubu-led-administration-48-hours-notice-to-withdraw-cybersecurity-levy\/","title":{"rendered":"SERAP Issues Tinubu-Led Administration 48 Hours Notice To Withdraw Cybersecurity Levy"},"content":{"rendered":"
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The Socio-Economic Rights and Accountability<\/span> Project (SERAP) has given the Tinubu-led administration 48 hours to withdraw the cybersecurity levy directive issued by the Central Bank of Nigeria (CBN).<\/span><\/h2>\n

CBN had issued a new directives to all financial institution including commercial, merchant, non-interest banks, payment service banks, and mobile money operators, mandating the implementation of a 0.5% cybersecurity levy on all electronic transactions.<\/span><\/p>\n

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This move is in line with the provisions of the recently amended Cybercrime (Prohibition, Prevention, etc.) Act 2024.\u00a0<\/span><\/p>\n

The directive, detailed in a circular, instructs that the levy be applied at the point of electronic transfer origination, with the deducted amount to be reflected in the customer\u2019s account as a \u201cCybersecurity Levy.\u201d<\/p>\n

Financial institutions are required to start deductions within two weeks\u00a0<\/span>from the date<\/span>\u00a0of the circular and remit the accumulated levies monthly to the National Cybersecurity Fund (NCF), which is administered by the Office of the National Security Adviser (ONSA).<\/span><\/p>\n

In response to the directive, SERAP took to its X handle to demand the withdrawal of the directive.<\/span><\/p>\n

SERAP demanded the CBN directive\u2019s immediate withdrawal, implementing a 0.5% cybersecurity levy<\/span>,\u00a0<\/span>threatening legal action if not withdrawn within 48 hours.<\/span><\/p>\n

In the statement, SERAP wrote:<\/span>\u00a0\u201c<\/span>The Tinubu administration must immediately withdraw the grossly unlawful CBN directive to implement section 44 of the Cybercrime Act 2024, which imposes a 0.5%\u00a0\u2018cybersecurity levy\u2019\u00a0on Nigerians.<\/em><\/p>\n

\u201cWe\u2019ll\u00a0see in court if the directive\u00a0is not withdrawn\u00a0within 48 hours<\/em>.\u201d<\/span><\/p>\n<\/div>\n<\/div>\n

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The Socio-Economic Rights and Accountability Project (SERAP) has given the Tinubu-led administration 48 hours to withdraw the cybersecurity levy directive issued by the Central Bank of Nigeria (CBN). CBN had issued a new directives...<\/p>\n","protected":false},"author":2,"featured_media":556,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":["post-555","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/beadysword.com.ng\/blog\/wp-json\/wp\/v2\/posts\/555","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/beadysword.com.ng\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/beadysword.com.ng\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/beadysword.com.ng\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/beadysword.com.ng\/blog\/wp-json\/wp\/v2\/comments?post=555"}],"version-history":[{"count":1,"href":"https:\/\/beadysword.com.ng\/blog\/wp-json\/wp\/v2\/posts\/555\/revisions"}],"predecessor-version":[{"id":557,"href":"https:\/\/beadysword.com.ng\/blog\/wp-json\/wp\/v2\/posts\/555\/revisions\/557"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/beadysword.com.ng\/blog\/wp-json\/wp\/v2\/media\/556"}],"wp:attachment":[{"href":"https:\/\/beadysword.com.ng\/blog\/wp-json\/wp\/v2\/media?parent=555"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/beadysword.com.ng\/blog\/wp-json\/wp\/v2\/categories?post=555"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/beadysword.com.ng\/blog\/wp-json\/wp\/v2\/tags?post=555"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}