Business
SERAP, BudgIT, 136 Nigerians Ask Court To Order Tinubu To Stop Cybersecurity Levy
The Socio-Economic Rights and Accountability Project (SERAP), BudgIT and 136 concerned Nigerians have filed a lawsuit against the Central Bank of Nigeria (CBN) “over its failure to withdraw the patently unlawful ‘Circular’ directing all banks and other financial institutions to deduct from customers’ account a ‘cybersecurity levy’.”
Recall that the CBN had last week directed banks to implement a levy of 0.5% (0.005) equivalent to a half percent of all electronic transactions, and to remit the levy to the ‘national cybersecurity fund.’ The CBN relied on the Cybercrime Act 2015 [as amended]. The directive is to be implemented by Monday, May 20, 2024.
In the suit number FHC/L/CS/822/2024 filed last Friday at the Federal High Court, Lagos, the Plaintiffs are asking the court to determine “whether the CBN Circular dated 6th May 2024, directing financial institutions to deduct from customers’ accounts a cybersecurity levy is unlawful and therefore ultra vires the CBN.”
The Plaintiffs are also asking the court to determine “whether the CBN Circular dated 6th May 2024, directing financial institutions to deduct from customers’ accounts a cybersecurity levy and section 44(2)(a) of the Cybercrimes Act are not in breach of sections 14(2), 44(1) and 162(1) of the Nigerian Constitution 1999 [as amended], and therefore unconstitutional, null, and void.”
The Plaintiffs are asking the court for “a declaration that the CBN Circular dated 6th May 2024 directing all banks and other financial institutions to deduct from customers’ accounts a cybersecurity levy is contrary to the provisions of the Cybercrimes Act and ultra vires the CBN, and therefore is illegal null and void.”
The Plaintiffs are seeking “an order of interim injunction restraining the CBN, its office, agents, privies, assigns, or any other persons acting on its instructions from enforcing the Circular dated 6th May 2024, pending the hearing and determination of the motion on notice filed contemporaneously in this suit.”
The suit filed on behalf of the Plaintiffs by their lawyer Ebun-Olu Adegboruwa, SAN, read in part: “The CBN Circular is unlawful and an outright violation of the provisions of the Nigerian Constitution and the country’s international obligations.
“Unless the reliefs sought are granted, the CBN will enforce its Circular directing banks to deduct from customers’ accounts a cybersecurity levy. Millions of Nigerians with active bank accounts would suffer irreparable damage from the unlawful deduction of cybersecurity levies from their accounts.
“The provisions of the Cybercrimes Act on payment of cybersecurity levy strictly apply only to businesses listed in the Second Schedule to the Act. These provisions make no reference to bank customers, contrary to the CBN Circular to all banks and other financial institutions.
“The Nigerian government has a legal responsibility to ensure the security and welfare of the people, as provided for under section 14(2)(b) of the Nigerian Constitution and human rights treaties to which Nigeria is a state party.
“The CBN Circular is also a blatant violation of Nigerians’ human rights including the right to property guaranteed under section 44 of the Nigerian Constitution and article 14 of the African Charter on Human and Peoples’ Rights to which Nigeria is a state party.
“We urge the Honourable (Court) to grant the reliefs sought in the public interest and the interest of justice as well as to prevent arbitrariness and ensure the rule of law in the country.
“Any deduction of cybersecurity levy from Nigerians’ accounts would be contrary to the provisions of section 44(2)(a) of the Cybercrimes Act 2015 as amended by the Cybercrimes Prohibition, Prevention etc) (Amendment) Act 2024 and ultra vires the CBN, and therefore illegal, null and void.
“Section 162 (1) of the Nigerian Constitution provides that all revenues collected by or on behalf of the Government of the Federation are mandatorily required to be paid into the Federation Account save the revenue excepted by the provisions of the section.
“The National Cybersecurity Fund established by section 44(1) of the Cybercrimes Act 2015 [as amended] into which it is required to be paid the levy of 0.5% chargeable on all electronic transactions instead of the Federation Account is unconstitutional, null, and void.
“The CBN Circular is a breach and misinterpretation of Sections 44(2)(a) and 58 of the Cybercrimes Act [as amended], in that it purports to incorporate customers of the bank (neither defined by the Act nor designated by the CBN as financial institutions) as those to pay the cybersecurity levy.
“The Plaintiffs are customers of commercial banks in Nigeria with accounts domiciled with many commercial banks in Nigeria. The CBN is the statutory agency charged with the overall control and administration of the monetary and financial sector policies of the Federal Government.
“The Plaintiffs are included in the statistics of Nigerians with active bank accounts as the Plaintiffs are owners of accounts in different Banks and other financial institutions.
“As of 30 April 2024, commercial banks in Nigeria already charge exorbitant fees for electronic transactions, including Electronic Transfer Charges at N53.75 on any amount above N10,000, Stamp Duty of N50 on every transaction and Account Maintenance Charge deducted per month.”
The Plaintiffs are therefore asking the court for the following reliefs:
“A DECLARATION that the Circular issued by the CBN and dated 6th May 2024 directing all banks and other financial institutions to deduct from customers’ accounts cybersecurity levy is manifestly misleading, extorting and a breach and misinterpretation of the provisions of Section 44, 58 and Second Schedule of the Cybercrimes (Prohibition, Prevention, ETC) (Amendment) Act 2024 and ultra vires the CBN, and therefore is illegal, null and void.
“A DECLARATION that the Circular issued by the CBN and dated 6th May 2024 directing all banks and other financial institutions to deduct from customers’ accounts cybersecurity levy and section 44(2)(a) of the Cybercrimes Act are inconsistent with, and a breach of the provisions of Section 14(2), 44 (1) 162 of the Nigerian Constitution 1999 [as amended] and therefore unconstitutional, null and void.
“AN ORDER setting aside the Circular issued by the CBN and dated 6th May 2024 directing all banks and other financial institutions to deduct from customers’ accounts cybersecurity levy, for being misleading, extorting and a breach of the provisions of Section 44, 58 and Second Schedule of the Cybercrimes (Prohibition, Prevention, ETC) (Amendment) Act 2024.
“AN ORDER setting aside the Circular issued by the CBN and dated 6th May 2024 directing all banks and other financial institutions to deduct from customers’ accounts cybersecurity levy and section 44(2)(a) of the Cybercrimes Act, for being inconsistent with, and a breach of the provisions of Section 14(2), 44 (1) and 162 of the Nigerian Constitution 1999 [as amended] and therefore unconstitutional, null and void.
“AN ORDER restraining the Central Bank of Nigeria, including its agents, assigns, privies and or representatives or such other persons acting on its behalf, from enforcing the Circular issued by the CBN and dated 6th May 2024 against all banks and other financial institutions and their customers.
“ANY ORDER(S) that the Honorable Court may deem fit to make in the circumstance of this suit.”
No date has been fixed for the hearing of the suit.
Business
Ingentia Energies Appoints New MD
Indigenous oil and gas company, Ingentia Energies Limited, has appointed a former Shell executive, Engr Victor Agbaroji, as its new Managing Director/Chief Executive Officer.
It was gathered that Agbaroji assumed office on 1 September 2026, following the completion of the tenure of the company’s interim managing director, Engr Charles Odita, who led the firm between March and August 2026.
The company disclosed this in a statement on Tuesday, after a leadership transition ceremony held in Lagos.
READ ALSO: Dangote Credits Tinubu’s Economic Reforms with Driving Nigeria’s Economic Recovery
Speaking during the event, Odita said his six-month tenure was productive and expressed confidence in Agbaroji’s ability to accelerate the company’s growth.
“It is my privilege today to hand over the affairs of Ingentia Energies Limited to the incoming managing director, Engr Victor Agbaroji. The company has achieved a lot within the last six months; it is our desire that the new Managing Director will take us to the next level, and I am confident that as an industry veteran, he would hit the ground running and accelerate the company’s growth trajectory,” Odita stated.
In his acceptance remarks, Agbaroji said he would consolidate the gains made under the outgoing management while focusing on safety, talent development, innovation and cost competitiveness.
“Our immediate focus is to consolidate and sustain the gains we have made. Ingentia Energies has set the pace among its peers in growing the company since the acquisition of its licence, and we intend to maintain that momentum, holding in high esteem our company’s greatest assets – people – and taking into recognition the importance of safety, talent development, innovation and cost-competitiveness. IEL will ensure that our people work safely and return home to their loved ones every day. At the same time, we will continue to develop talents, improve efficiency, embrace innovative ways of creating value, and deliver strong returns to our shareholders and stakeholders while affirming our commitment to supporting Nigeria’s energy aspirations, including the national target of increasing crude oil production to 3 million barrels per day,” the new MD said.
According to the statement, Agbaroji brings more than 31 years of experience across the oil and gas value chain to the new position.
He began his professional career as a well-test engineer, gaining experience across several fields before moving to Shell as a reservoir engineer.
During his career at Shell, he held various positions covering operations engineering, corporate petroleum engineering, corporate planning and economics.
The company said he contributed to portfolio optimisation initiatives that supported the emergence of Nigeria’s indigenous marginal field operators.
Agbaroji also served as front-end development manager for major gas projects, including gas supply initiatives for fertiliser production.
At the global level, he was global operations manager for reserves reporting across the Shell Group, overseeing activities spanning Asia, Europe, Australia and North America.
He subsequently moved into Nigeria’s independent oil sector, where he brought international industry practices into indigenous operations.
Before joining Ingentia Energies, Agbaroji led technical advisory, risk management and project delivery support services for emerging energy companies.
Business
Dangote Credits Tinubu’s Economic Reforms with Driving Nigeria’s Economic Recovery
President and Chief Executive of Dangote Industries Limited (DIL), Aliko Dangote, has commended the Federal Government for implementing bold and transformative economic reforms repositioning Nigeria for sustainable growth, strengthening investor confidence, and accelerating the country’s economic recovery.
According to Dangote, the ongoing fiscal, monetary, and regulatory reforms have contributed significantly to improving macroeconomic stability, enhancing productivity across key sectors, increasing Nigeria’s attractiveness as an investment destination, and fostering a more resilient business environment. He noted that the positive outcomes emerging from the reform agenda underscore the importance of consistent, market-driven policies in advancing national development and economic prosperity.
“The economic reforms being implemented by the Federal Government are beginning to yield tangible results. We are witnessing improved economic activity, stronger investor confidence, increased industrial productivity, and a more resilient business environment. These measures are laying a solid foundation for sustainable economic growth and long-term prosperity for Nigeria,” Dangote stated
READ ALSO: US-Iran Conflict Sees Oil Exceed $94
He explained that the reforms have created a more enabling operating environment for businesses, particularly large-scale manufacturing and industrial enterprises that are critical to economic diversification, job creation, foreign exchange generation, and national competitiveness. He added that government initiatives aimed at improving efficiency, promoting investment, enhancing transparency, and supporting domestic production are providing a solid framework for industrial expansion.
“We commend the Federal Government for its courage and determination in implementing reforms that are essential for economic transformation. While every reform process comes with initial challenges, the benefits are increasingly evident in stronger economic indicators, improved business confidence, and renewed investor interest in Nigeria,” he said.
Dangote further observed that the government’s favourable policy environment has supported the continued growth and efficient operation of the Dangote Petroleum Refinery and Petrochemicals complex, Africa’s largest integrated refining and petrochemical facility. He noted that policy measures designed to strengthen local refining capacity, reduce import dependence, improve energy security, and encourage value addition have contributed meaningfully to the refinery’s success and Nigeria’s broader economic development objectives.
“The progress being recorded at the Dangote Petroleum Refinery and Petrochemicals complex is closely linked to a policy environment that encourages investment, supports domestic industrialisation, and promotes self-sufficiency. These reforms are helping Nigerian businesses to plan with greater certainty, invest with confidence, and compete effectively on the global stage,” he added.
He stated that the refinery’s increasing production capacity and expanding export footprint are contributing significantly to Nigeria’s economic resurgence by generating foreign exchange earnings, creating employment opportunities, strengthening local supply chains, and positioning the country as a leading energy and manufacturing hub
Reaffirming the Group’s commitment to supporting the Federal Government’s economic agenda, Dangote said Dangote Industries Limited would continue to invest in strategic sectors, drive innovation, promote industrial development, and create sustainable employment opportunities.
“Our vision has always been to support Nigeria’s economic development through transformative investments. Today, we are witnessing how the combination of private-sector commitment and decisive government policies can unlock unprecedented opportunities for national growth. The refinery, petrochemical operations, fertiliser production, and our other industrial investments are helping to build a more self-reliant, competitive, and prosperous economy,” he said.
He expressed confidence that sustained reforms, policy consistency, and stronger collaboration between the public and private sectors would further stimulate economic growth, attract increased foreign direct investment, and reinforce Nigeria’s position as one of Africa’s most attractive investment destinations.
“Nigeria is on the path to becoming one of the world’s leading industrial and economic powers. With continued policy consistency, robust private-sector participation, and investment-led growth, the future of our economy is exceptionally bright,” Dangote concluded.
Business
Group Credits PINL with Safeguarding Environment, Farms
A group has given kudos to the Pipeline Infrastructure Nigeria Limited (PINL) for effective pipeline surveillance and community interventions during the recent flooding in parts of the Niger Delta.
The Niger Delta Progressive Alliance (NDPA) in a statement signed by its Convener, Nse Victor Udoh, noted that the PINL’s operational efficiency and sustained maintenance of pipeline corridors helped prevent additional environmental damage, preserve farmlands and protect aquatic ecosystems from threats associated with pipeline failures and oil spills.
According to the NDPA, annual flooding in the Niger Delta poses serious environmental risks, particularly when floodwaters come into contact with damaged pipelines, oil spills and illegal activities around oil and gas infrastructure.
The organisation noted that the recent flood season was different, as there were no reported cases of widespread oil contamination of floodwaters, dead fish or the spread of oil into farms and residential areas attributable to pipeline failures.
READ ALSO: DPRP Decries Rising Fuel Imports, Despite Strong Local Supply Capacity
It said the development underscored the importance of preventive pipeline management, stressing that effective infrastructure protection was often measured by disasters that were prevented rather than emergencies that attracted public attention.
According to the group, regular patrols, monitoring and right-of-way surveillance enabled PINL to identify and address potential threats before they escalated into major incidents.
It added that inspection, maintenance and repair activities had also contributed to maintaining the integrity of critical pipelines, especially during periods of heavy rainfall and flooding.
The NDPA further commended PINL for its interventions in flood-affected communities in Rivers, Bayelsa and Imo States.
It cited the company’s restoration efforts in areas previously affected by illegal refining, as well as empowerment programmes targeting women and youths in host communities.
Udoh said the initiatives showed that corporate social responsibility should go beyond occasional charitable gestures and become part of a sustained commitment to community welfare and development.
“We commend Pipeline Infrastructure Nigeria Limited, therefore, on two counts that this season has made inseparable: the efficiency of its service, tested by a flood and found equal to it, and the seriousness of its social responsibility,” he said.
He added that the group had observed that farms remained protected and waterways retained their ecological value despite the flooding.
“This season, our farms still stand where the water reached them. Our creeks still hold their life,” Udoh said.
The alliance maintained that infrastructure security and community welfare were closely linked in the Niger Delta, where pipelines pass through several communities and environmentally sensitive areas.
It urged PINL to sustain the standard, stressing that protection of critical national infrastructure, environmental preservation and improved host-community welfare should remain mutually reinforcing objectives.
The NDPA described PINL’s performance during the flood season as an example of how operational efficiency and responsible community engagement could combine to protect energy infrastructure and the environment.





