‘Elites Will Not Feel The Brunt’ – Lawyer Speaks On CBN Cybersecurity Levy

A Senior Advocate of Nigeria (SAN), Kunle Adegoke, has expressed his dismay over the recent 0.5 per cent cybersecurity levy imposed by banks on electronic transfers.

According to him, the Central Bank of Nigeria (CBN) newly announced levy will not affect the rich and elites but will disproportionately affect impoverished Nigerians.

Naija News reports that the apex bank has mandated this levy to be implemented by banks across the country.

Speaking during a recent interview on Channels TV’s Politics Today, Adegoke highlighted that individuals with limited financial means have already been voicing concerns regarding additional charges on their transactions.

He said, “Why I feel the timing is not appropriate is this: the law being implemented by the CBN is the Cybercrime Act of 2015 which was recently amended in 2024. And the provision requiring that 0.5% be levied was contained in the 2015 Act.

“The CBN’s directive that 0.5% be levied on every electronic transaction emanated from the 2024 amendment act.

“With this position, one feels that the spectrum of society that is going to feel it much more will be the people in the lower rung of the economic ladder, whereas the rich and the elite may not feel it as much considering the amount that may be involved in the transactions to be carried out.

“The poor masses always have issues. They always complain that banks levy certain charges on their transactions.”