Human rights lawyer Femi Falana, SAN, clarified that the Central Bank of Nigeria (CBN) misinterpreted the Cybercrime (Prohibition, Prevention, etc.) Amendment Act 2024, as individual customers are not legally obligated to pay the 0.05% levy. Falana, in a release on Thursday obtained by SaharaReporters, highlighted that the amended Cybercrime Act 2025 specifies businesses liable for the levy:
- GSM service providers and telecommunications companies
- Internet service providers
- Banks and financial institutions
- Insurance companies
- Nigerian Stock Exchange
According to Falana, the levy, amounting to 0.5% of electronic transaction value, is mandated for these businesses, not individual customers. Despite this, the CBN erroneously directed all financial institutions to apply the levy at the origin of electronic transfers, implicating individual customers. Falana urged the withdrawal of the CBN’s May 6, 2024 circular, emphasizing the need for clarity and correction. He also called for an apology to Nigerians for the misleading interpretation of the Cybercrime Act’s provisions.