Nigeria: Signed Cybercrimes (Prohibition, Prevention, etc.) (Amendment) Act 2024, including levy regulation

On 28 February 2024, the President signed the Cybercrimes (Prohibition, Prevention, etc.) (Amendment) Bill 2024 into law. The amendments impose a levy of 0.5% on the value of all electronic transactions conducted by businesses specified in the Second Schedule to the Act. This levy funds various cybersecurity initiatives, including the establishment and maintenance of sectoral Computer Emergency Response Teams (CERTs) and Security Operation Centres (SOCs), capacity building, and international cooperation. Penalties for non-compliance include a fine of not less than 2% of the annual turnover of the defaulting business and potential closure or withdrawal of the business operational licence.