A Senior Advocate of Nigeria, Kunle Adegoke, has condemned the new policy of the cybersecurity levy, News About Nigeria reports.
He disclosed this while speaking in an interview on Channels Television’s Politics Today on Wednesday.
He noted that the policy is a wrong move and will increase hardship for the poor Nigerians.
Recall that the Central Bank of Nigeria (CBN) directed all banks in the country to implement a 0.5 percent cybersecurity levy on electronic transfers.
He argued that at the moment, Nigerians are still battling with the electronic charges on bank transfers and maintained that an additional 0.5 percent will be tasking.
“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.
“Now the directive by the CBN that 0.5% to be levied on every electronic transaction emanated from 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,” he stated.
He further noted that although the well-to-do masses may have no issue with the new policy, the policy will be tasking the poor masses.
“The poor masses always have issues. They always complain that banks levy certain charges on their transactions,” he added.
