What you need to know about Nigeria's Cybercrimes Act

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May 9, 2024
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2 min read
cybersecurity

On today's episode of the Techpoint Africa Podcast, our reporters are joined by Omoruyi Edoigiawerie, Startup Lawyer and Founder E & C Legal as they discuss some of the stories buzzing in the African tech ecosystem this week.

First is the soon-to-be implemented cybersecurity levy.

From Monday, May 20, 2024, telecommunications companies, financial institutions, and the Nigerian Stock exchange will be mandated to pay a cybersecurity levy for all electronic transactions, according to a directive from the Central Bank of Nigeria (CBN).

The levy, which will be equivalent to 0.5% of the transaction, will be remitted to the National Cybersecurity Fund.

Since the announcement, lots of questions have been asked as to whether it applies to businesses or individuals, what transactions are actually exmepted, and whether the CBN has the authority to make the directive.

Omoruyi and our reporters answer these questions and more.

Next, we go to Nigeria's Corporate Affairs Commission (CAC) and it's recent annoucement concerning Point of Sale (PoS) agents.

Over 1.8 million PoS agents must register with the CAC. This is to crack down on fraud and make things more transparent. In 2023, PoS terminals accounted for 26.37% of fraud incidents.

Fun fact: Nigeria deploys 74,000 new PoS terminals on average each month

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Chart: Nigeria deploys 74,000 new point-of-sale terminals on average each month
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Last is a quick update on the Patricia saga.

In 2023, news broke of a hack on the Patricia platform. Since then, there has been a token launch, share conversions, a failed escrow partnership, and several arrests.

This week, Bolu Abiodun published an expose, revealing some previously unknown details regarding the Patricia hack and customer funds.

From conflicting stories on the hack to concerns on the founder's "lavish" lifestyle in the face of customer issues, the article touches on some unanswered questions.

Our reporters discuss how corporate gorvernance and customer due diligence can help prevent issues like this.

You can catch up on the conversation on Google Podcasts, Apple Podcasts, Spotify, YouTube, and anywhere you get your podcasts. You can also send your questions and observations to podcast@techpoint.africa or share your thoughts using the hashtag #TechpointAfricaPodcast.


Got a tip? Our journalists are ready to dig deeper. Please share your insights and information and help us uncover the stories that matter.

Writer, Humanoid, Forever she/her, Lover of words. Find me on Twitter @OnomeOneyibo.
Writer, Humanoid, Forever she/her, Lover of words. Find me on Twitter @OnomeOneyibo.
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Writer, Humanoid, Forever she/her, Lover of words. Find me on Twitter @OnomeOneyibo.

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