Banks and other financial institutions are required to impose a 0.5 percent cybersecurity charge on electronic transfers by order of the Central Bank of Nigeria (CBN).

This is stated in a memo that was signed on Monday by the directors of financial policy and regulation, Haruna Mustafa, and payments system management, Chibuzor Efobi.

Mobile money providers as well as commercial, merchant, non-interest, and payment service banks were all given the mandate.

CBN said the policy would take effect in two weeks and charges would be described as ‘Cybersecurity Levy’.

According to the apex bank, the deduction and collection of the cybersecurity levy is a sequel to the enactment of the Cybercrime (prohibition, prevention etc) Amendment Act of 2024.

“Following the enactment of the Cybercrime (Prohibition, Prevention, etc) (amendment) Act 2024 and under the provision of Section 44 (2)(a) of the Act, “a levy of 0.5% (0.005) equivalent to a half percent of all electronic transactions value by the business specified in the second schedule of the Act, is to be remitted to the National Cybersecurity Fund (NCF), which shall be administered by the Office of the National Security Adviser (ONSA),” CBN said.

CBN said the charges would be remitted to the national cyber security fund, which would be administered by the office of the NSA.

“Deductions shall commence within two (2) weeks from the date of this circular for all financial institutions and the monthly remittance of the levies collected in bulk to the NCF account domiciled at the CBN by the 5th business day of every subsequent month.”

CBN said failure to remit the levy is an offence which attracts a fine of not less than 2 percent of the annual turnover of the defaulting business, amongst others.

“Finally, all institutions under the regulatory purview of the CBN are hereby directed to note and comply with the provisions of the Act and this circular.”

Meanwhile, earlier, banks announced the reintroduction of 2 percent charge on deposits above N500,000.

Speaker Blessing Agbebaku of the Edo State House of Assembly created a stir on Monday when he suspended three members indefinitely over a purported plot to remove him and other key officers.

There were also rumours of charms discovered within the house. Two members of the Peoples Democratic Party (PDP) and one member of the All Progressives Congress (APC) are among the parliamentarians on suspension.

The only suspended member to refuse to sign the letter of impeachment for former Deputy Governor Philip Shaibu was Donald Okogbe (PDP), who represented Akoko-Edo II.

The other suspended members are Addeh Emankhu Isibor (APC), representing Esan North-East I constituency, and Iyamu Bright (PDP), representing Orhionnwon II state constituency.

Agbebaku alleged that the suspended lawmakers plotted to change the house’s leadership, influenced by external forces seeking to cause chaos and effect changes in leadership. He also claimed that unidentified individuals brought native doctors into the house at midnight on May 1 to perform rituals and placed charms in the assembly complex to effect these changes.

The suspension led to tension and a rowdy session in the house, with the affected lawmakers protesting the speaker’s unilateral action and demanding a vote by members on the matter. But sensing the potential for chaos, the Speaker adjourned plenary hastily.

The suspended members, in response, described their suspension as vendetta and politically motivated, stating that the speaker’s actions were an attempt to suppress democratic ideals and principles.

Donald Okogbe emphasized that the speaker does not have the unilateral power to suspend a member, arguing that such action should have the support of the majority of the members according to the house rules and the constitution of Nigeria.

“The allegations levelled against us are untrue and founded; the action of the speaker is just impunity and tyranny of the red chair. So, our position is that the speaker does not have the sole power to suspend. That is the point we made in the house. The power to suspend a member rests on the members of the house, not the speaker alone,” he said.

On the allegation of fetish items deposited at the premises of the house, Donald said that, as a Catholic, he does not involve himself in rituals.

Iyamu Bright also criticized the suspension, stating that it did not follow the relevant house rules and the constitution of the Federal Republic of Nigeria.

Meanwhile, reactions have continued to trail the development in the state House of Assembly. The governorship candidate of the African Action Congress (AAC) for the September 21 governorship election in the state, Udoh Oberaifo, condemned the suspension of three members and called for their immediate recall.

“Our courts have consistently held that the disciplinary powers of legislative houses like the Edo State House of Assembly do not extend to reckless suspension,” he noted.

Six senior Nigeria Security and Civil Defence Corps (NSCDC) personnel have been detained by the Economic and Financial Crimes Commission (EFCC) on suspicion of N6 billion in fraud. EFCC interrogators are currently grilling the senior staff at the commission’s headquarters in Jabi, Abuja.

It was gathered that the NSCDC personnel were turned over to the EFCC on Monday at the command of NSCDC Commandant General Ahmed Audi, despite the fact that specifics of the investigation are still hazy.

The EFCC Chairman, Ola Olukoyede, had already demanded in a letter to the NSCDC CG that the officers be released for questioning, according to impeccable sources who wished to remain anonymous.

It was gathered that, “Six senior NSCDC officers are currently in our custody. They’re being grilled by our investigators over alleged fraudulent activities running into over N6bn.”

Confirming the development, another source said, “The EFCC did not arrest the NSCDC CG, neither is he being probed. We only have six senior NSCDC officers in our custody, and they’re being probed over alleged N6bn fraud.

“The EFCC Chairman had earlier written to the NSCSC CG to provide the officers, and the CG did. Now they’re in our custody and are being grilled by EFCC interrogators.”

The spokesperson for the EFCC, Dele Oyewale, could not be reached for comments on Monday as phone calls and text messages to his phone lines were not responded to nor returned.

Meanwhile, when contacted for comments, the spokesperson for the NSCDC, Babawale Afolabi, said he was not aware of the development.

“I’m not aware of this,” Afolabi said in a terse WhatsApp message sent to our correspondent on Monday.