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Tech News & Podcast | Africa

Unveiling Nigeria’s Cybercrimes Act: Essential Insights for Digital Citizens

In a bid to fortify cybersecurity measures and promote financial transparency, Nigeria has witnessed significant regulatory updates impacting various sectors. Let’s delve into the latest directives and initiatives shaping the country’s digital landscape.

Nigeria Bolsters Cybersecurity Measures: Implementing the Cybersecurity Levy

Starting from Monday, May 20, 2024, telecommunications companies, financial institutions, and the Nigerian Stock Exchange are mandated to adhere to a new cybersecurity levy enforced by the Central Bank of Nigeria (CBN). This levy, set at 0.5% of electronic transaction values, aims to bolster the National Cybersecurity Fund.

While this directive aims to enhance security measures, it has raised several questions regarding its applicability, exempted transactions, and the CBN’s jurisdiction. Omoruyi and our dedicated reporters have been diligent in addressing these concerns, providing clarity on the implications for businesses and individuals alike.

The Corporate Affairs Commission (CAC) has recently announced a pivotal measure targeting over 1.8 million Point of Sale (PoS) agents operating across Nigeria. In a bid to combat fraud and enhance transparency within financial transactions, these agents are now required to register with the CAC.

This move comes in response to the alarming statistics revealing that PoS terminals were responsible for a significant portion of fraud incidents in 2023. With Nigeria consistently deploying an average of 74,000 new PoS terminals monthly, this regulatory step is crucial in safeguarding financial integrity.

In 2023, the Patricia platform fell victim to a cyberattack, resulting in subsequent developments including token launches, share conversions, failed partnerships, and numerous arrests. This week, investigative journalist Bolu Abiodun has shed light on previously undisclosed details surrounding the Patricia hack and its aftermath.

Abiodun’s exposé delves into the conflicting narratives surrounding the hack, scrutiny of the founder’s lifestyle amidst customer concerns, and unanswered questions regarding the security of customer funds. This comprehensive report serves as a testament to the importance of transparency and accountability in the digital realm.

As Nigeria continues to navigate the complexities of cybersecurity and financial regulation, these recent developments underscore the nation’s commitment to fostering a secure and transparent digital ecosystem.

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