Cybersecurity levy will increase hardship for poor Nigerians – Nigeria, Kunle Adegoke, SAN

The 0.5 percent cybersecurity surcharge that banks will impose on electronic transfers, according to Senior Advocate of Nigeria Kunle Adegoke, will make things worse for Nigeria’s impoverished citizens.

Adegoke made this claim during a Wednesday interview on Politics Today on Channels Television.

Remember that banks in the nation were ordered to impose a 0.5 percent cybersecurity charge on electronic transactions by the Central Bank of Nigeria (CBN).

The wealthy Nigerians were already complaining, the senior attorney noted, about specific charges relating to 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.

“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.

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