Nigeria: Cybercrimes (Prohibition, Prevention, etc.) Bill including levy regulation was adopted by House of Representatives

On 7 May 2015, the Cybercrimes (Prohibition, Prevention, etc.) Bill, 2015 passed by the House of Representatives and was sent to the President for assent. It includes a provision for the establishment of a National Cyber Security Fund. This fund is supported through a levy of 0.005% on all electronic transactions carried out by specific businesses, as outlined in the second schedule of the Act. The funds collected are intended to be used for cybersecurity measures and initiatives aimed at preventing and combating cybercrime in Nigeria. The Act mandates that the levy must be remitted directly by the affected businesses to the Fund, which is domiciled in the Central Bank of Nigeria, within 30 days.