• Imposes National Cybersecurity Levy on electronic transactions
Agatha Chitumu, Abuja
'Seun Ibukun-Oni, Abuja
DAILY COURIER – The Federal Government, through the Nigerian Electricity Regulatory Commission (NERC), has ordered the downward review of electricity tariff for Band A customers to N206.80 per kilowatt-hour from N225/kWh.
In the same breath, the Central Bank of Nigeria (CBN) has directed all banks, as well as other financial institutions and payments service providers in the country, to collect and remit 0.5% of all electronic transactions as National Cybersecurity Levy.
In a statement on Monday, the electricity market operator said the development was due to the appreciation of the naira in the official exchange window.
“Effective from May 6, 2024, Band A end-user tariffs have been reviewed to NGN206.8/kWh under MYTO 2024. This is largely driven by the relative appreciation of the Naira in the official foreign exchange window,” the statement said.
The development was confirmed in separate notices by the Discos.
A notice by Ikeja Electric to its customers reads: “Please be informed of the downward tariff review of our Band A feeders from N225/kWh to N206.80/kwh effective 6th May 2024, with guaranteed availability of 20-24hrs supply daily. The tariff for Bands B, C, D, and E remains unchanged,” the notice read.
Similarly, the Abuja Electricity Distribution Company (AEDC) announced the review of the tariff to its customers in Band A.
“We are pleased to share with you the revised tariff for our Band A feeders, which will decrease from N225/kWh to N206.80/kWh effective today, May 6th 2024. We assure customers on our Band A feeders of continued availability of electricity supply for 20-24 hours daily. Please note that the tariffs for Bands B, C, D, and E remain unaffected,” AEDC wrote.
Also, the Kaduna Electricity Distribution Company has informed Band A customers that they can now enjoy a reduced electricity tariff of N206.80/kWh from N225.
“The Management of Kaduna Electric is pleased to inform the public of a downward review in the tariff of our Band A feeders from N225/kWh to N206.80/kWh. The review is effective from 6th May 2024 and affects both prepaid and postpaid customers.
“Kaduna Electric assures customers on its Band A feeders of the continued availability of 20-24hrs supply daily as stipulated in the Service Based Tariff regime.
“The public should please note that the tariff for Bands B, C, D, and E remains unchanged,” the Disco said.
CBN directs banks, other financial institutions to implement National Cybersecurity Levy on electronic transactions
Following the enactment of the Cybercrime (Prohibition, Prevention, etc) (Amendment) Act 2024 and pursuant to the provision of Section 44 (2)(a) of the Act, the Central Bank of Nigeria has directed banks, other financial institutions to implement National Cybersecurity Levy on electronic transactions.
The apex bank announced the directives in a circular jointly signed by its Director, Payments System Management Department, Chibuzo A. Efobi and Director, Financial Policy and Regulation Department, Haruna B. Mustafa.
Addressed to all commercial, merchant, non-interest and payment services banks as well as other financial institutions, mobile money operators and payment service providers in the country, the circular dated May 6, 2024, said the levy is to be remitted to the National Cybersecurity Fund (NCF), which is administered by the Office of the National Security Adviser (ONSA).
Titled, “RE: CYBERCRIMES (PROHIBITION, PREVENTION, ETC) (AMENDMENT) ACT 2024-IMPLEMENTATION GUIDANCE ON THE COLLECTION AND REMITTANCE OF THE NATIONAL CYBERSECURITY LEVY,” the circular reads in part:
“The earlier Central Bank of Nigeria (CBN) circular and letter to all Banks dated June 25, 2018, (Ref: BPS/DIRIGEN/CIR/05/008) and October 5, 2018, (Ref: BSD/DIRIGEN/LAB/11/023) respectively on compliance with the Cybercrimes (Prohibition, Prevention, Etc.) Act 2015 refer.
“The recent public engagements by the Office of the National Security Adviser (ONSA) on the above subject, also refers.
“Following the enactment of the Cybercrime (Prohibition, Prevention, etc) (Amendment) Act 2024 and pursuant to 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).
“Accordingly, all Banks, Other Financial Institutions and Payments Service Providers are hereby required to implement the above provision of the Act as follows:
1. The levy shall be applied at the point of electronic transfer origination, then deducted and remitted by the financial institution.
2. The deducted amount shall be reflected in the customer’s account with the narration: “Cybersecurity Levy.
3. 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 5h business day of every subsequent month.
4. System reconfigurations towards ensuring complete and timely submission of remittance files to the Nigeria Inter-Bank Settlement System (NIBSS) Plc shall be completed as follows:
a. Within four (4) weeks of this circular – Commercial, Merchant, Non-Interest and Payment Service Banks; and Mobile Money Operators.
b. Within eight (8) weeks of this circular – all Other Financial Institutions (Microfinance banks, Primary Mortgage banks, Development Finance Institutions).
5. Exemptions – To avoid multiple applications of the levy on the same transaction/transfer, Appendix 1 (attached) captures transactions currently deemed eligible and are exempted from the application of the levy.
6. Penalties for Non-compliance – Section 44 (8) of the Act prescribes that failure to remit the levy is an offence and is liable on conviction to a fine of not less than 2% 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.
“Please be guided accordingly.”
