Galloping profit: NIBSS, National Assembly and cybersecurity charges

by a cocktail of uniformed men, wielding anything from AK 47 rifle to sticks and Koboko. by a cocktail of uniformed men, wielding anything from AK 47 rifle to sticks and Koboko. They could be soldiers, policemen without name tags, right down to community boys in sundry Khaki. Law and order, preventing crime are the furthest items in their minds.

There’s no law setting up the EFCC that allows them to tax Nigerians for the purpose of tracking cyber crime. They don’t have the infrastructure for policing cyber crime and were never set up for that purpose. The imposition of this new forced deduction by the CBN, therefore, begs the question: Why is there a need for an additional Cybersecurity fee when such functions have been under the purview of the NIBSS? It’s part of the deductions already in place. It also brings in focus how the NIBSS—a private enterprise—has moved from a quick fix and a compromise to something that wakes thoughtful people from their sleep.

As a private entity entrusted with state roles, it’s not sufficient for a department of CBN to chair the NIBSS. There must be a comprehensive review of its activities since its inception in 1993, especially considering the significant changes in its operational landscape after the mobile network era.

This significant increase demonstrates the company’s aggression towards the citizens without corresponding satisfaction on the part of the public. This new spike in the burden of the common man amounts to copying the exploitative tendencies of NIBSS without any foreseeable dividends to those of us at the receiving end of the bullwhip.

The National Assembly is called upon to exercise its legislative powers to remove any ambiguity surrounding the roles of government and private entities in the financial sector, ensuring that the operations of entities like NIBSS are transparent and the CBN has veto power over their financial system. This should go beyond being chair of a board loaded with banking privateers. The agenda of the hawk and that of the mother hen can’t be as harmonious as the present pretence.

The National Assembly should consider revising the policies that govern financial transactions to reduce the burden on small businesses. CBN needs to revert to its crucial role of maintaining financial stability, rather than be horse-drawn by the harsh drive for galloping profit by its NIBSS majority.

Source: Tech Daily Report (techdailyreport.net)

EFCC National Assembly NIBSS

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