The Socio-Economic Rights and Accountability Project (SERAP) has issued a 48-hour ultimatum to the Federal Government to reverse the 0.5% cybersecurity levy imposed by the Central Bank of Nigeria (CBN). SERAP warned of legal action if the levy is not reversed within the stipulated timeframe.

In a statement on Tuesday, SERAP called for the immediate withdrawal of the CBN directive, which it described as a ‘grossly unlawful imposition’ under section 44 of the Cybercrime Act 2024. The organization threatened to seek redress in court if the directive is not reversed.

The CBN had directed banks in Nigeria to start charging the cybersecurity levy on transactions, as per a circular seen by Punch Online. The implementation of the levy was set to begin two weeks from the date of the circular. The directive was a follow-up to earlier letters dated June 25, 2018, and October 5, 2018, on compliance with the Cybercrimes (Prohibition, Prevention, Etc.) Act 2015.

SERAP’s ultimatum highlights the growing concerns over the imposition of the cybersecurity levy and its legality, setting the stage for a potential legal showdown between the government and the advocacy group.

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