A renowned cybersecurity expert, Mr Segun Olugbile, has endorsed the cybersecurity levy introduced by the Central Bank of Nigeria (CBN) but with cautions.

Speaking to PRNigeria, Olugbile, who is the president and co-founder of Global Network for Cybersolution (GNC), said the CBN policy is a rehash of a law that has been there for many years, adding that the recent development is in the best interest of the country.

“The cybersecurity levy has been in place since 2015 and it is meant to fund cybersecurity initiatives, but there were issues with interpretation and application. The recent 0.5% levy aims to provide clarity and funding for cybersecurity, targeting specific industries. Funding for cybersecurity initiatives must be internal to ensure sustainability and avoid dependence on external sources.

“As a nation, we need sustainable National funding for cybersecurity and counterterrorism. Cybersecurity is a strategic component of National Security. The nation has a robust national cybersecurity strategy that remains unimplemented due to poor funding and a lack of understanding of the critical nature of digital infrastructures. Nigeria must fund its cybersecurity and counter-terrorism program not by foreign aid.

“We must own it and not dance to the tune of the donors. I commend the NSA, the CBN and other stakeholders that made this happen. The Cybersecurity levy has always been there in the Act since 2015, but the conflicting challenges in interpretations and applications of the provision made it difficult to implement.

“However, institutional accountability and inclusive engagement should now be the necessary common doctrine for the success of the cybersecurity program. The approach to national cybersecurity should no longer be the same as before.

“My key concern now is the operational viability of the implementing agency, since ONSA is now transiting from national security coordination and policy advisory to implementer of policy, the ONSA now needs to embark on a comprehensive review of the need for the setting up a National Cybersecurity Agency, accommodate contributions and engagement of stakeholders with strategic communication on key national values of the cybersecurity levy. It is about safeguarding the digital future of Nigeria.

“The government has already provided exceptions to shield other vulnerable investments and transactions. The impact of the cybersecurity levy should be matched with a strong commitment to monitor the activities of the implementers and ensure good governance and accountability,” he said.

Mr Olugbile tackled organised labour and opposition figures who he said are seeking to make political capital out of the policy, adding that there is a lot of ignorance among the populace on the necessity of the levy.

He noted further that all countries of the world invest a lot fortunes on protecting their cyberspace.

According to a circular recently issued by the CBN to various financial institutions including commercial, merchant, non-interest, and payment service banks, a 0.5 per cent cybersecurity levy would come into effect from May 20.

While a lot of Nigerians have kicked against the policy and organised labour said it is exploitative, Olugbile, however, said the levy will not affect most Nigerians since it doesn’t include salary payments among other exceptions.

Other exceptions include same bank transactions, loan repayments and disbursements, charitable organisations payments, payments for educational pursuits including tuition among others.

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In a significant development for the Information Technology (IT) industry, the Computer Professionals (Registration) Council (CPN) and Data Analytics Privacy Technology Ltd (DAPT) have joined forces in a strategic partnership on bridging critical professional skills gap in data protection and privacy in the IT industry.

The collaboration was formalized through the signing of a Memorandum of Understanding (MoU) by Mr. Muhammed Bello, Registrar of the CPN, and Mr. Segun Olugbile, the leader of the board and management of DAPT.

The partnership aims to pioneer professional training and certifications in Data Protection and Privacy, structure specifically to IT industry professionals in line with the industry practice and data protection and privacy regulation in the country.

The signing ceremony took place in the presence of key figures, including Mr. Taofik Amoo, Director of Education, Examination, and Training at the CPN, Mr. Aileru Ganiu, Director of Finance Affairs, and Mr. Vincent Onyenma, Training Officer from DAPT.

The strategic collaboration signifies a crucial milestone for both CPN and DAPT, as they embark on this journey to enhance the expertise and skills of IT practitioners in the domain of Data Protection and Privacy.

The Memorandum of Understanding lays the foundation for a comprehensive training and certifications program, ensuring that professionals are well-equipped to navigate the complexities of safeguarding personal data in an ever-evolving digital economy landscape.

This initiative underscores the commitment of both organizations to contribute to the professional growth and competence of individuals and organizations operating in the IT industry.

As the demand for robust data protection measures continue to rise, this partnership is poised to play a pivotal role in shaping the standard of practices within the industry.

The collective expertise and resources brought forth by CPN and DAPT are expected to create a positive long time impact, fostering a culture of awareness, proficiency, and competence in Data Protection and Privacy creating a strategic balance of skills and competencies between of roles of IT and legal practitioners in mainstreaming effective data protection and privacy regime for the country.

As the industry embraces this new chapter, it is anticipated that the collaborative efforts will elevate the standards of data protection governance, risk and security compliance practices and contribute to a more resilient and secure IT ecosystem.

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TECHDIGEST – Global network for cybersolution, GNC, in collaboration with International Centre for Emerging Technology, ICET, and Global Skills Development Council, GSDC, will organize a global Summit on Emerging Technology with the theme “Industry 4.0 Emerging skills and the future of Africa”.

The summit is a three day event scheduled to take place virtually in zoom webinar between 6th June to 8th June, 11:00 am west Africa Time(WAT).

The Summit aims to realign the current approach toward emerging skills onboarding, unveil opportunities, and rescope requirements demanded by the next wave of industry in Africa.

All participants will have the opportunities to network and engage with top-notch professionals in the industry; obtain attendance/participation certificates powered by GNC-GSDC; opportunity to get shortlisted for an award on a complimentary certification worth USD 400 to the best-performing participant in the event, among others opportunities.

The Summit will have in attendance leading technology speakers and professionals in Africa and diaspora, participants from public and private sector organisations across many countries and industries in Africa, including transnational corporations in the emerging technology space and more.

The speakers include Steve Uma, Dr. Vincent Olatunji, Engr. Prof. Gloria Chukwudebe, Toyin Oloniteru, Dr. Bamidele Adebisi, Prof. Nicholas Iwokwagh, Setolu Veswuh, Mallam Yusuf Kazaure, Segun Olugbile, among others.

To participate, visit here for registration

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