The Central bank of Nigeria (CBN) has issued a new directive requiring deposit money banks in the country to impose a 0.5% cybersecurity levy on certain transactions conducted by their customers.

New Cybersecurity Levy Directive by Central Bank of Nigeria

This directive was communicated through a circular dated May 6, 2024, addressed to various financial institutions including commercial, merchant, non-interest, and payment service banks, as well as mobile money operators and payment service providers.

Key Points from the Circular:

• The levy is in accordance with the Cybercrime (Prohibition, Prevention, etc) (amendment) Act 2024.
• The levy amount is set at 0.5% of the value of all electronic transactions specified in the Second Schedule of the Act.
• Funds collected through this levy will be remitted to the National Cybersecurity Fund (NCF) administered by the Office of the National Security Adviser (ONSA).
• Implementation of the levy is scheduled to commence two weeks from the circular’s date.

• The levy will be deducted at the point of electronic transfer origination and reflected in the customer’s account as ‘Cybersecurity Levy’.

• Financial institutions are required to remit the collected levies to the NCF account at the CBN by the fifth business day of each subsequent month.

Exempted Transactions:

• The cybersecurity levy will not apply to transactions such as loan disbursements and repayments, salary payments, intra-account transfers within the same bank or between different banks for the same customer, inter-branch transfers within a bank, cheque clearing and settlements, Letters of Credits, and certain funding activities related to banks’ recapitalization.
• Transactions involving savings, deposits, long-term investments, and other specified categories are also exempt from this levy.

This new cybersecurity levy aims to enhance cybersecurity measures in the financial sector and ensure the protection of electronic transactions against cyber threats. Financial institutions and customers are advised to familiarize themselves with the details of the directive to comply with the requirements set forth by the CBN.

The Enugu Zonal Command of the Economic And Financial Crime Commission (EFCC) has apprehended Nweke Daniel Kelechi and Iroude Chibuzor for their involvement in alleged currency racketeering amounting to N850,000.00.

EFCC arrests two individuals for currency racketeering in Enugu

The arrest was carried out by the Special Task Force of the EFCC attached to the Enugu Zonal Command on Sunday, May 26, 2024, near United Bank for Africa (UBA), ESBS, Enugu State, following extensive surveillance and intelligence gathering.

Initially, Chibuzor was detained during a sting operation, which led to the discovery that he was operating under the authorization of Kelechi to distribute new Naira notes.

The Economic And Financial Crime Commission (EFCC) has allegedly detained a soon-to-be groom in Ondo State.

Man Arrested by EFCC in Ondo Just Hours Before His Wedding Causes Confusion

Reports from Afric Showbiz indicate that anti-corruption agents conducted raids on various clubs and lounges in Akure, the state capital, targeting individuals suspected of involvement in online fraud.

During the operation, which occurred in the early hours of Saturday, over 50 people were apprehended by EFCC officials, including the groom-to-be who was celebrating his bachelor’s eve at a popular club in Akure.

The EFCC personnel arrived in multiple vehicles and reportedly discharged gunshots into the air during the raid.

Apart from making arrests, the EFCC seized several items such as vehicles, laptops, and smartphones.

According to a source who shared information with the Daily Post, the operation was extensive and targeted individuals engaging in fraudulent activities.

“We were all having fun when we suddenly saw the EFCC people entering the nightclubs. Then they tear-gassed everyone, beating them up and arresting them.

“They don’t care who they are, as they shot tear gas canisters inside one of the clubs.

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“They also went away with a groom and his friends at a club; he was there for his bash eve, so sad as they profiled everyone as an Internet fraudster.”

The Centenary Celebration Committee of Dennis Memorial Grammar School (DMGS), Onitsha, announced that the cause of the collapse of its five-storey Centenary Building is still under investigation.

DMGS School Authority: Uncertainty Remains Regarding Cause of Anambra Building Collapse

The School, owned by the Anglican Church, was constructing the building to commemorate its 100th anniversary when the incident occurred. Following the collapse last week, three individuals were rescued from the debris, with one later succumbing to injuries.

Dr. Chijioke Ojji, the director of operations for the centenary celebration, stated that the committee would coordinate with the deceased worker’s family for funeral arrangements.

According to Ojji, the collapse happened on June 12, 2024, at around 1:00 am, resulting in the unfortunate death of Gideon Ezeigwe.

“We extend our condolences to his family and they have our support in dealing with this tragic loss.

“The cause of the collapse is still unknown and is under investigation by the Standards Organisation of Nigeria (SON), the Council for the Regulation of Engineering in Nigeria (COREN), the Anambra State Physical Planning Board (ASPPB), and the Nigerian Police.”

About 20 travellers have reportedly been kidnapped along the Sagamu-Ijebu-Ode Expressway by gunmen who attacked the commercial bus they boarded on Sunday, 30th June, at about 9 pm.

Gunmen abduct 20 Travelers at Sagamu-Ijebu-Ode expressway.

The gunmen were said to have ambushed the travellers between Sagamu Area Command of the Nigeria Police and Ilisan township. Confirming the incident to the press, the chairman of the Ilisan Development Council, Wemmy Osude, said the information reaching him suggests that the kidnapping incident occurred between the Area Command and Ilisan City Gate.

“A resident of Ilisan (name unconfirmed) was reportedly shot in the knee and is receiving medical attention at Babcock Teaching Hospital. Other victims were taken into the bush. While waiting for additional information, please contact your loved ones who may be plying that road at about this time to be cautious.

I have spoken to the Sagamu Area Commander about this incident, and hopefully, we trust that all the security agents will go after these criminals and rescue these people.” he said

The incident has not been confirmed by the state police command yet.