Economy
SERAP, BudgIT, Others Sue CBN Over Cybersecurity Levy
By Adedapo Adesanya
The Socio-Economic Rights and Accountability Project (SERAP), BudgIT, and 136 individuals have filed a lawsuit against the Central Bank of Nigeria (CBN) over its failure to withdraw the cybersecurity levy.
This was disclosed in a statement signed by the Deputy Director of SERAP, Mr Kolawole Oluwadare, on Sunday.
The CBN had last week directed banks to implement a levy of 0.5 per cent (0.005) equivalent to half per cent of all electronic transactions and to remit the levy to the National Cybersecurity Fund.
The CBN relied on the Cybercrime Act 2015 [as amended]. The directive is to be implemented by Monday, May 20, 2024.
In the suit number FHC/L/CS/822/2024 filed last Friday at the Federal High Court, Lagos, the plaintiffs are asking the court to determine “whether the CBN Circular dated 6th May 2024, directing financial institutions to deduct from customers’ accounts a cybersecurity levy is unlawful and therefore ultra vires the CBN.”
They also want the court to determine “whether the CBN Circular dated 6th May 2024, directing financial institutions to deduct from customers’ accounts a cybersecurity levy and section 44(2) (a) of the Cybercrimes Act are not in breach of sections 14(2), 44(1) and 162(1) of the Nigerian Constitution 1999 [as amended], and therefore unconstitutional, null, and void.”
The aggrieved parties have asked the court for “a declaration that the CBN Circular dated 6th May 2024 directing all banks and other financial institutions to deduct from customers’ accounts a cybersecurity levy is contrary to the provisions of the Cybercrimes Act and ultra vires the CBN, and therefore is illegal null and void.”
The suit filed on behalf of the plaintiffs by their lawyer Mr Ebun-Olu Adegboruwa (SAN) described the CBN notice as “unlawful and an outright violation of the provisions of the Nigerian Constitution and the country’s international obligations.”
“Unless the reliefs sought are granted, the CBN will enforce its Circular directing banks to deduct from customers’ accounts a cybersecurity levy. Millions of Nigerians with active bank accounts would suffer irreparable damage from the unlawful deduction of cybersecurity levies from their accounts.
“The provisions of the Cybercrimes Act on payment of cybersecurity levy strictly apply only to businesses listed in the Second Schedule to the Act. These provisions make no reference to bank customers, contrary to the CBN Circular to all banks and other financial institutions.
“The Nigerian government has a legal responsibility to ensure the security and welfare of the people, as provided for under section 14(2)(b) of the Nigerian Constitution and human rights treaties to which Nigeria is a state party.
“The CBN Circular is also a blatant violation of Nigerians’ human rights including the right to property guaranteed under section 44 of the Nigerian Constitution and article 14 of the African Charter on Human and Peoples’ Rights to which Nigeria is a state party.
“We urge the court to grant the reliefs sought in the public interest and the interest of justice as well as to prevent arbitrariness and ensure the rule of law in the country.
“Any deduction of cybersecurity levy from Nigerians’ accounts would be contrary to the provisions of section 44(2)(a) of the Cybercrimes Act 2015 as amended by the Cybercrimes Prohibition, Prevention etc) (Amendment) Act 2024 and ultra vires the CBN, and therefore illegal, null and void.
“Section 162 (1) of the Nigerian Constitution provides that all revenues collected by or on behalf of the Government of the Federation are mandatorily required to be paid into the Federation Account save the revenue excepted by the provisions of the section.
“The National Cybersecurity Fund established by section 44(1) of the Cybercrimes Act 2015 [as amended] into which it is required to be paid the levy of 0.5% chargeable on all electronic transactions instead of the Federation Account is unconstitutional, null, and void,” the parties said.
They noted that “The CBN Circular is a breach and misinterpretation of Sections 44(2)(a) and 58 of the Cybercrimes Act [as amended], in that it purports to incorporate customers of the bank (neither defined by the Act nor designated by the CBN as financial institutions) as those to pay the cybersecurity levy.”
“As of 30 April 2024, commercial banks in Nigeria already charge exorbitant fees for electronic transactions, including Electronic Transfer Charges at N53.75 on any amount above N10,000, Stamp Duty of N50 on every transaction, and Account Maintenance Charge deducted per month,” it claimed.
By Adedapo Adesanya
The Nigerian National Petroleum Company (NNPC) Limited has revealed that Nigeria’s crude total oil and condensate production stood at 1.61.
This was contained in its Monthly Report Summary for April 2025 which contained key operational and financial metrics.
According to the state oil firm, this was 3.2 per cent higher than 1.56 million barrels of oil per day recorded in March.
Giving a breakdown of the monthly production figures, total crude oil and condensate production was out at 1.67 million barrels of oil per day in January, 1.62 million barrels of oil per day in February, 1.56 million barrels per day in March and 1.61 million barrels of oil per day in the month under review.
Meanwhile the country’s natural gas production reached 7.35 billion standard cubic feet per day in April.
A breakdown showed that in January, the production stood at 7.12 billion standard cubic feet, it dropped to 6.62 billion standard cubic feet in February and rose to 6.92 billion standard cubic feet, and 7.35 billion standard cubic feet in April.
The NNPC clarified that all crude oil and gas figures are provisional and based solely on NNPC Limited’s data, adding that the figures excluded production by independent operators as reported by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
On the financial part, the NNPC generated revenue up to N5.89 trillion with a Profit After Tax of N748 billion.
The national oil company report also showed that statutory payments for the period January to March 2025 totaled N4.23 trillion.
In terms of supply NNPC Retail Limited (NRL) Stations’ petrol availability was at 54 per cent.
Giving updates on the ongoing projects— the NNPC said the OB3 pipeline project has achieved 95 per cent completion, while the Ajaokuta–Kaduna–Kano (AKK) pipeline has reached 70 per cent completion as of the review month.
It added that upstream pipeline availability was recorded at 97 per cent.
On its upcoming Final Investment Decisions (FIDs) in 2025, the NNPC disclosed that the Nkori Development (OML 102), crude oil production expansion project (OML 29), gas development projects (OMLs 40, 42) and Brass Fertilizer (Financial Close) will all be done in the fourth quarter of the year.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange recorded its first loss in five consecutive sessions, declining by 0.33 per cent on Wednesday, June 11.
At the close of trading activities, the market capitalisation of the bourse declined by N6.45 billion to finish at N1.954 trillion compared with the preceding day’s N1.960 trillion and the NASD Unlisted Security Index (NSI) decreased by 11.01 points to settle at 3,337.24 points, in contrast to Tuesday’s closing value of 3,348.25 points.
Share prices of three companies on the trading platform recorded movements at midweek, according to data obtained byBusiness Post.
Geo-Fluids Plc was up by 31 Kobo to end at N3.50 per unit versus the preceding day’s N3.19 per unit, and Central Securities Clearing System (CSCS) Plc expanded by 13 Kobo to end at N28.13 per share compared with the previous day’s N28.00 per share.
On the flip side, FrieslandCampina Wamco Nigeria Plc further depreciated by N4.31 yesterday to quote at N74.37 per unit versus the preceding day’s N78.68 per unit.
Yesterday, the volume of securities surged by 1,232.6 per cent to 3.3 million units from the 248,882 units recorded a day earlier, the value of securities went up by 31.8 per cent to N12.9 million from N9.8 million, and the number of deals increased by 46.7 per cent to 44 deals from the 30 deals posted in the preceding trading session.
At the close of business, Impresit Bakolori Plc remained the most active stock by volume on a year-to-date basis with 536.9 million units worth N524.8 million, trailed by Air Liquide Plc with 507.2 million valued at N4.2 billion, and Geo-Fluids Plc with 268.4 million units sold for N475.6 million.
Also, Okitipupa Plc maintained its position as the most active stock by value on a year-to-date basis with 153.7 million units traded for N4.9 billion, followed by Air Liquide Plc with 507.2 million units worth N4.2 billion, and FrieslandCampina Wamco Nigeria Plc with 38.9 million units valued at N1.6 billion.
By Modupe Gbadeyanka
Between January 2025 and March 2025, Nigeria improved its trade surplus by about 52 per cent to N5.17 trillion from the N3.4 trillion recorded between October 2024 and December 2024.
This information was made known to the public by the National Bureau of Statistics (NBS) in its Foreign Trade in Goods Statistics Report for Q1’25 released on Wednesday.
The agency disclosed that on a year-on-year basis, trade surplus expanded by 17.5 per cent from the N4.4 trillion achieved in the first quarter of last year.
According to the NBS, the total merchandise trade posted by Nigeria in Q1 of 2025 was N36.024 trillion, higher than the N33.92 trillion recorded in the corresponding period of 2024 by 6.19 per cent, but lower than the N36.6 trillion reported in the preceding quarter by 1.58 per cent.
It stated that the value of total imports stood at N15.42 trillion in the first quarter of this year, 4.59 per cent higher than the N14.75 trillion posted in the same period of 2024 and 7.02 per cent lower than the N16.59 trillion recorded in the last quarter of 2024.
Also, the value of exports achieved in the first quarter of 2025 was N20.59 trillion, higher than the N19.17 trillion posted in the same period of last year by 7.42 per cent, and 2.92 per cent higher than the N20.00 trillion recorded in the previous quarter, with India, the Netherlands, the United States, France, and Spain as the top five trading export partners of the country.
“The merchandise trade balance for Q1 2025 remained positive at N5.17 trillion indicating an increase of 52 percent compared to the value recorded in the preceding quarter,” it said.
“Further analysis shows that Nigeria’s exports trade continued to be dominated by crude oil in the first quarter of 2025 valued at N12.95 trillion representing 62.89 per cent of total exports while the value of non-crude oil exports stood at N7.64 trillion accounting for 37.11 per cent of total exports; of which non-oil products contributed N3.16 trillion or 15.38 percent of total exports,” the stats office said.
It disclosed that, “China remains Nigeria’s highest trading partner on the import side in the first quarter of 2025, followed by India, United States of America, the Netherlands, and the United Arab Emirate.
“The most traded commodities imported during the quarter were, Gas oil, Motor spirit ordinary, Petroleum oils and oils obtained from bituminous minerals, crude, Cane sugar meant for sugar refinery, and Durum wheat (Not in seeds).”
It was further revealed that the most exported commodities included crude oil, liquefied natural gas, other petroleum gases in a gaseous state, Urea, whether or not in aqueous solution, and Standard quality Cocoa beans.
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