The Socio-Economic Rights and Accountability Project (SERAP), BudgIT, and 136 concerned Nigerians have taken the Central Bank of Nigeria (CBN) to court over the controversial introduction of a 0.5% cybersecurity levy on certain bank transactions.
They instituted a legal action initiated against the CBN, challenging the legality of its directive mandating the implementation of a cybersecurity levy on electronic transactions.
The lawsuit, filed at the Federal High Court, Lagos, challenges the recent CBN directive, labeling it as patently unlawful.
According to Kolawole Oluwadare, Deputy Director of SERAP, the CBN’s directive exceeds its legal authority and violates constitutional provisions and existing cybercrime legislation.
The legal challenge seeks clarity on the compatibility of the levy with the Nigerian Constitution and Cybercrimes Act, questioning its constitutionality and validity.
He said that the CBN Circular is being contested as an infringement on constitutional rights and international obligations, with a plea for interim relief to halt its enforcement pending the court’s decision.
The plaintiffs argue that the levy, if enforced, would cause irreparable harm to millions of bank customers and violates their rights to property.
The lawsuit also contends that the levy’s application to bank customers is contrary to the provisions of the Cybercrimes Act and constitutes a violation of human rights
With the court yet to schedule a hearing date, the outcome of this legal battle could have far-reaching implications for financial transactions and cybersecurity policy in Nigeria.
