SERAP, BudgIT, and Citizens Challenge CBN’s Cyber-Security Levy in Court

“Socio-Economic Rights and Accountability Project (SERAP), along with BudgIT and 136 concerned Nigerians, have taken legal action against the Central Bank of Nigeria (CBN) for its failure to withdraw the cyber-security levy. This levy, as directed by a CBN circular, mandates financial institutions to deduct cyber-security fees from customers’ accounts.

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In a statement by SERAP’s Deputy Director, Kolawole Oluwadare, the plaintiffs are seeking a court declaration that the CBN’s directive is unlawful. They argue that the levy imposition violates customers’ rights and lacks legal basis.

Moreover, the plaintiffs demand that the court restrains the CBN, its representatives, and any parties acting on its behalf from enforcing the circular. They assert that this injunction is necessary until the court fully hears and determines the motion filed in conjunction with the lawsuit.

This legal action underscores concerns regarding the imposition of the cyber-security levy and its potential adverse effects on Nigerians. It reflects a concerted effort by civil society organizations and concerned citizens to uphold transparency, accountability, and the protection of citizens’ rights in financial matters.”