CYBERSECURITY LEVY: QUESTIONS RAISED AND THE POSSIBLE IMPLICATIONS ON THE NIGERIAN BUSINESS SECTOR

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On the 6th of May, 2024, the Central Bank of Nigeria released a circular directing all Commercial Banks; Other Financial Institutions, Mobile Money Operators, and Payment Service Providers to, in line with the recently enacted Cybercrime (Prohibition, Prevention, etc)(Amendment) Act, 2024 and according to the provision of Section 44(2)(a) of the Cybercrime (Prohibition, Prevention, etc) Act, 2015 deduct 0.5% (0.005) on all electronic transactions value by businesses specified in the Second

Schedule of the Principal Act, and to be captioned as ‘Cybersecurity Levy’.

CYBERSECURITY LEVY QUESTIONS RAISED AND THE POSSIBLE IMPLICATIONS ON THE NIGERIAN BUSINESS SECTOR

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Mani Ojeah
Managing Partner,
Manifield Solicitors.

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immanioj@manifieldsolictors.com