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Individuals Not Required By Law To Pay 0.05% Levy; CBN Should Apologise - Falana - Politics - Nairaland

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Individuals Not Required By Law To Pay 0.05% Levy; CBN Should Apologise - Falana by Oilwell(m): 9:16pm On May 09
Human rights lawyer, Femi Falana, SAN, has explained that the Central Bank of Nigeria misinterpreted the provisions of the Cybercrime (Prohibition, Prevention, etc.) Amendment Act 2024 as individual customers are not required by law to pay the 0.05% levy.

Falana in a release on Thursday obtained by SaharaReporters noted that the Cybercrime Act 2025 as amended listed businesses which are required to pay the levy as; a. GSM Service providers and all telecommunications companies; b. Internet Service Providers; c. Banks and other Financial Institutions; d. Insurance Companies; and the Nigerian Stock Exchange.

The renowned lawyer said, "Pursuant to the Cybercrime (Prohibition, Prevention etc) Act 2015 amended in 2024, a levy amounting to 0.5 per cent of the value of all electronic transactions shall be collected and remitted to the National Cybersecurity Fund overseen by the Office of the National Security Adviser.

"Even though the said levy of 00.0 5 per cent is payable by the businesses listed in the second schedule to the principal Act, the Central Bank of Nigeria has wrongly directed all financial institutions to apply the levy at the point of electronic transfer origination and that the amount is to be explicitly noted in customer accounts under the description “Cybersecurity Levy” and remitted by the financial institution.

"The circular issued by the Central Bank has given the very erroneous impression that the levy is payable by individual customers.

"The erroneous interpretation might have arisen from the substitution of "businesses" for "business" in the amendment. For the avoidance of doubt, by virtue of section 42(a) of the Cybercrime Act 2025 as amended, the businesses which are required to pay the levy are:

a. GSM Service providers and all telecommunications companies;

b. Internet Service Providers;

c. Banks and other Financial Institutions;

d. Insurance Companies;

e. Nigerian Stock Exchange.

"In view of the foregoing, the Central Bank of Nigeria should be directed to withdraw its Circular of 6th of May, 2024 forthwith as it has wrongly interpreted the provisions of the Cybercrime (Prohibition, Prevention, etc.) Amendment Act 2024. The CBN should also apologise to Nigerians for the misleading interpretation of the clear and unambiguous provisions of the Cybercrime (Prohibition, Prevention, etc.) Amendment Act 2024."

https://saharareporters.com/2024/05/09/individuals-not-required-law-pay-005-levy-central-bank-should-apologise-nigerians-falana

45 Likes 10 Shares

Re: Individuals Not Required By Law To Pay 0.05% Levy; CBN Should Apologise - Falana by Zooposki(f): 9:30pm On May 09
Exactly what I said a few days ago and someone insulted me. 👇🏾👇🏾

190 Likes 9 Shares

Re: Individuals Not Required By Law To Pay 0.05% Levy; CBN Should Apologise - Falana by Blossomcresty(m): 9:40pm On May 09
Exactly! Tinubu and it's cronies re just looking for ways to milk money out of the masses.

Even the 50k FG grant don turn audio ...

131 Likes 8 Shares

Re: Individuals Not Required By Law To Pay 0.05% Levy; CBN Should Apologise - Falana by bet9ja(m): 10:00pm On May 09
We have legalise criminality. Cooperate scam by the whole CBN.

90 Likes 3 Shares

Re: Individuals Not Required By Law To Pay 0.05% Levy; CBN Should Apologise - Falana by Oilwell(m): 10:08am On May 10
Blossomcresty:
Exactly! Tinubu and it's cronies re just looking for ways to milk money out of the masses.

Even the 50k FG grant don turn audio ...

Exactly

44 Likes

Re: Individuals Not Required By Law To Pay 0.05% Levy; CBN Should Apologise - Falana by Beautifulday: 10:40am On May 10
Zooposki:
Exactly what I said a few days ago and someone insulted me. 👇🏾👇🏾

No vex. Him no see the bill. Nah hear say him dey do.

22 Likes 1 Share

Re: Individuals Not Required By Law To Pay 0.05% Levy; CBN Should Apologise - Falana by ConfidentialDoc: 10:54am On May 10
Zooposki:
Exactly what I said a few days ago and someone insulted me. 👇🏾👇🏾

Well I'm glad you're vindicated

68 Likes 1 Share

Re: Individuals Not Required By Law To Pay 0.05% Levy; CBN Should Apologise - Falana by yarimo(m): 11:23am On May 10
Zooposki:
Exactly what I said a few days ago and someone insulted me. 👇🏾👇🏾
most of them are kids with free bonus data to type rubbish

145 Likes 4 Shares

Re: Individuals Not Required By Law To Pay 0.05% Levy; CBN Should Apologise - Falana by LadyExcellency: 11:34am On May 10
Zooposki:
Exactly what I said a few days ago and someone insulted me. 👇🏾👇🏾

Supporting APC destroys logic and reason and if not checked blackens the conscience. Stop engaging them. They lack what makes us humans. Everything to them is politics, region, religion, or ethnicity. No empathy for everyday Nigerians.

87 Likes 1 Share

Re: Individuals Not Required By Law To Pay 0.05% Levy; CBN Should Apologise - Falana by jmoore(m): 12:18pm On May 10
Chai! I knew it. Tinubu hired thieves to steal from Nigerians. This is the highest scam ever in the history of Nigeria

49 Likes 1 Share

Re: Individuals Not Required By Law To Pay 0.05% Levy; CBN Should Apologise - Falana by jmoore(m): 12:19pm On May 10
nlfpmod
Re: Individuals Not Required By Law To Pay 0.05% Levy; CBN Should Apologise - Falana by CelestineNelson: 1:28pm On May 10
The Reality of this Cybersecurity Levy is that the funds will be administered by the NSA ( National Security Adviser ) and according to NIBSS (Nigeria Inter-Bank Settlement System Plc) last year the money realized by e-transactions was 600 Trillion Naira. 0.5% (300 trillion) of the money will be remitted to the National Cyber Security funds according to the
Cyber Crime Prohibition and Provision Act of 2015, Signed by Former President Goodluck Ebele Jonathan. That's for 2023 alone.
How is this money spent?
Note: The money is to be kept by the CBN but
The power to issue what is called authority to incur an expenditure (who to withdraw and when to withdraw the money ) is not even in the hands of the President. Is in the hands of the National Security Adviser.
Now imagine a situation, where such an amount of money is in the hands of only one man, who is not subjected to any Financial Audit, Security funds are not subjected to any audit in other words if you award 10 billion from our budget to Security, how the money is spent is not any body's business. No safety Net, the auditor general of the federation can not request for explanations. If the President is subjected to checks and balances by the National Assembly NSA is not subjected to any Checks.
And more importantly, the timing is wrong for this law, because of the current economic crisis.

12 Likes 1 Share

Re: Individuals Not Required By Law To Pay 0.05% Levy; CBN Should Apologise - Falana by richiemcgold: 1:29pm On May 10
Even if individuals will pay, it is going to be an indirect tax

4 Likes

Re: Individuals Not Required By Law To Pay 0.05% Levy; CBN Should Apologise - Falana by Melagros(m): 1:29pm On May 10
COMRADES, as long as this policy is meant to enrich the national security advertiser and co, I don't think that the central bank will reverse its decision

1 Like

Re: Individuals Not Required By Law To Pay 0.05% Levy; CBN Should Apologise - Falana by Brendaniel: 1:29pm On May 10
Hmmmm

1 Like 2 Shares

Re: Individuals Not Required By Law To Pay 0.05% Levy; CBN Should Apologise - Falana by PlasmaTV: 1:30pm On May 10
A senseless bunch of lawmakers.

13 Likes

Re: Individuals Not Required By Law To Pay 0.05% Levy; CBN Should Apologise - Falana by Millimann: 1:31pm On May 10
k
Re: Individuals Not Required By Law To Pay 0.05% Levy; CBN Should Apologise - Falana by PureNigerDeltan(m): 1:31pm On May 10
Zooposki:
Exactly what I said a few days ago and someone insulted me. 👇🏾👇🏾

That person who insulted you we suppose catch am beat😅

35 Likes

Re: Individuals Not Required By Law To Pay 0.05% Levy; CBN Should Apologise - Falana by Ecos(m): 1:32pm On May 10
grin
Vagabond, thieves, hooligans, criminals, fraudsters, cocain sniffers and agberos in power

If you are still supporting these idiots, your life will be worse than Nigeria predicament now

27 Likes 2 Shares

Re: Individuals Not Required By Law To Pay 0.05% Levy; CBN Should Apologise - Falana by Tijani009: 1:32pm On May 10
Blossomcresty:
Exactly! Tinubu and it's cronies re just looking for ways to milk money out of the masses.

Even the 50k FG grant don turn audio ...

Audio on mute

5 Likes

Re: Individuals Not Required By Law To Pay 0.05% Levy; CBN Should Apologise - Falana by yewit37486: 1:32pm On May 10
Businesses will still pass it on to the consumers.
Indirectly, individuals end up paying.

22 Likes

Re: Individuals Not Required By Law To Pay 0.05% Levy; CBN Should Apologise - Falana by okechuks22: 1:32pm On May 10
yarimo:
most of them are kids with free bonus data to type rubbish
and are emilokon urchins that doesn't have brain

19 Likes 1 Share

Re: Individuals Not Required By Law To Pay 0.05% Levy; CBN Should Apologise - Falana by vonnelixir: 1:32pm On May 10
This 0.5% should be resisted else it will cause a serious challenge in Nigeria. We should not keep quiet about dz shiit

10 Likes

Re: Individuals Not Required By Law To Pay 0.05% Levy; CBN Should Apologise - Falana by valentineuwakwe(m): 1:32pm On May 10
Trust the CBN and the Nigerian government...they will find a way to twist the cybercrime law and make sure individuals pay for it!

11 Likes

Re: Individuals Not Required By Law To Pay 0.05% Levy; CBN Should Apologise - Falana by Brendaniel: 1:33pm On May 10
Zooposki:
Exactly what I said a few days ago and someone insulted me. 👇🏾👇🏾

The question is why did the CBN give directive to charge all accounts?

That is stealing and that is what Falana is challenging....

richiemcgold:
Even if individuals will pay, it is going to be an indirect tax

Does it change anything if money will leave your account at the end of the day to pay for something that someone might end up stealing from his office....

12 Likes 1 Share

Re: Individuals Not Required By Law To Pay 0.05% Levy; CBN Should Apologise - Falana by yesloaded: 1:34pm On May 10
The said cyber security is a joke taken too far

You expect account owner to lose 5k naira on each 1m transfer? Highest amount you pay as COT on business account is 1k naira which means savings account owner now spent X5 of highest amount charge as COT ok corporate accounts

Cyber security levy must be cancelled completely

23 Likes 1 Share

Re: Individuals Not Required By Law To Pay 0.05% Levy; CBN Should Apologise - Falana by gbengene1234(m): 1:34pm On May 10
I'm so happy to hear this

4 Likes

Re: Individuals Not Required By Law To Pay 0.05% Levy; CBN Should Apologise - Falana by obaidan: 1:34pm On May 10
You want to tax people to protect the cyber space. Nigerians dun vote for the one wey pass Dia power

23 Likes 2 Shares

Re: Individuals Not Required By Law To Pay 0.05% Levy; CBN Should Apologise - Falana by just2endowed: 1:36pm On May 10
Zooposki:
Exactly what I said a few days ago and someone insulted me. 👇🏾👇🏾

cheesy u are a good lawyer

8 Likes 1 Share

Re: Individuals Not Required By Law To Pay 0.05% Levy; CBN Should Apologise - Falana by Greattha: 1:36pm On May 10
Granted....but the question is this; are you and I or every other Nigerian not customers to one if not all of these listed businesses?

Who do you suppose woud bear the brunt of the payment? The companies?

Cost of doing business will increae again and they'll push it down to the customer.

Perhaps the timing is just off...not now that we're looking for investors.

Sides, the SAN saying this can't stop execution


Zooposki:
Exactly what I said a few days ago and someone insulted me. 👇🏾👇🏾

7 Likes 1 Share

Re: Individuals Not Required By Law To Pay 0.05% Levy; CBN Should Apologise - Falana by GardenOfGod(m): 1:37pm On May 10
Falana is Obidients grin

6 Likes

Re: Individuals Not Required By Law To Pay 0.05% Levy; CBN Should Apologise - Falana by vibratingpenis: 1:38pm On May 10
OmokoMo

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