SERAP, BudgIT, others File a Lawsuit against CBN regarding the Cybersecurity Levy
SERAP, BudgIT, and 136 Nigerians have sued the Central Bank of Nigeria over the cybersecurity levy. The plaintiffs, The Socio-Economic Rights and Accountability Project, BudgIT and 136 concerned Nigerians, argue that the CBN's directive to deduct a cybersecurity levy from customers' accounts may be unlawful. The CBN issued a circular last Monday instructing financial institutions to impose a 0.5% levy on electronic transactions under the Cybercrime (Prohibition, Prevention, etc.) (Amendment) Act 2024. President Bola Tinubu asked the CBN to suspend the controversial cybersecurity levy policy pending a review. Plaintiffs are seeking a court ruling on whether the CBN's directives violate sections of the Nigerian Constitution and are unconstitutional. They are demanding the CBN be restrained from enforcing the circular dated May 6, 2024, to prevent the unlawful deduction of cybersecurity levies from bank customers' accounts. The lawsuit argues that the CBN's