CBN calls for review of Cybercrime Act

By David Agba Abuja

Th e Central Bank of Nigeria (CBN), has called for a review of the Nigerian Cybercrime Act of 2015. In his keynote address at the opening ceremony of the Nigeria Electronic Fraud Forum (NeFF) yesterday in Abuja, CBN Governor, Godwin Emefi ele stated the need to review the Act as its fl aws pose a threat to its proper implementation. Emefi ele, who was represented by Deputy Governor, Operations of the apex bank, Adebayo Adekola Adelabu said that “having enacted the law since 2015, it is high time we reviewed it and correct it’s fl aws or shortcomings and also improve on those areas we believe are obsolete.”

He added, “As regulators of fi nancial sector we are constantly confronted with issues raised by who occupy the unenviable position of fi rst line of defence against cyber attacks of the system…. through whic fi nancial services are carried out in the country.” While acknowledging the importance of technology to all human endeavours in general and fi nancial services industry in particular, Emefi ele urged organizations, especially fi nancial institutions to take steps to address increasing cases of cyber attacks. He said: “Given the reality that with this progress comes challenges in the manner of exposures and vulnerabilities, it is inescapable therefore that fi rm and appropriate legal frameworks must be put in place, supported with sound and eff ective law enforcement and enhanced technical and institutional capabilities to eff ectively protect these networks and secure the systems and infrastructure from all forms of cybercrimes.” He therefore called on relevant bodies to begin strict enforcement of the Act to serve as a deterrent to those who may wish to engage in illicit activities targeting the country’s fi nancial technology infrastructure.

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