SERAP, BudgIT, others File a Lawsuit against CBN regarding the Cybersecurity Levy

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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 circular is in violation of the Nigerian Constitution and the Cybercrimes Act, as it applies only to businesses listed in the Act's Second Schedule, not bank customers.

The Cybercrimes Act's cybersecurity levy applies to businesses in the Second Schedule, not bank customers, despite the CBN's circular. The statement argues that the circular violates human rights and the government's duty to ensure security and welfare. Plaintiffs seek court relief in the public interest, to prevent arbitrariness, and uphold the rule of law. The cybersecurity levy is to be remitted to the National Cybersecurity Fund under the Office of the National Security Adviser's administration.

The plaintiffs argue that under Section 162(1) of the Nigerian Constitution, all revenues collected for the government must go into the Federation Account, except for specified exceptions. They claim that diverting funds to the National Cybersecurity Fund, as mandated by the Cybercrimes Act 2015, is unconstitutional. They also criticize the high fees imposed by Nigerian banks on electronic transactions. No court date has been set for the case.

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