Section 44: Establishment of National Cyber Security Fund (As amended by section 11 of the Cybercrimes (Prohibition, Prevention, etc.) Act, 2024)

1 There is established the National Cyber security Fund (in this Act referred to as "the Fund").

2 There shall be paid and credited into the Fund established under subsection (1) of this section and domiciled in the Central Bank of Nigeria-
a a levy of 0.5% (0.005) equivalent to a half percent of all electronic transactions value by the business specified in the Second Schedule to this Act"; and
b grants-in-aid and assistance from donor, bilateral and multilateral agencies;
c all other sums accruing to the Fund by way of gifts, endowments, bequest or other voluntary contributions by persons and organizations:

Provided that the terms and conditions attached to such gifts, endowments, bequest or contributions will not jeopardize the functions of the Council;
d such monies as may be appropriated for the Fund by the National Assembly; and
e all other monies or assets that may, from time to time, accrue to the Fund.

3 All monies accruing to the Fund shall be exempted from income tax and all contributions to the Fund shall be tax deductible.

4 The levy imposed under subsection 2(a) shall be remitted directly by the affected businesses or organizations into the Fund domiciled in the Central Bank within a period of 30 days.

5 An amount not exceeding 40 percent of the Fund may be allocated for programs relating to countering violent extremism.

6 The Office of the National Security Adviser shall administer, keep proper records of the accounts and shall ensure compliance monitoring mechanism.

7 The account of the Fund shall be audited in accordance with guidelines provided by the Auditor General for the Federation.

8 A business specified in the Second Schedule to this Act that fails to remit the levy under section 44 (2)(a) of this Act commits an offence and is liable on conviction to a fine of not less than 2% of the annual turnover of the defaulting business and failure to comply shall lead to closure or withdrawal of the business operational licence.