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By Gloria Ikibah

The Speaker House of Representatives, Rt. Hon. Abbas Tajudeen, has inaugurated an adhoc committee to examine the economic, regulatory, and security implications of cryptocurrency adoption and Point-of-Sale (POS) operations across Nigeria.

Speaking during the inaugural ceremony on Monday in Abuja, Tajudeen explained that the setting up of the committee had become imperative in light of mounting concerns over fraud, cybercrime, and consumer exploitation within the digital finance sector.

The Speaker noted that despite past economic challenges, Nigeria’s economy has consistently demonstrated resilience — often rebounding strongly from recessions and showing notable progress in its non-oil industries.

According to him, such a robust economic environment could provide fertile ground for cryptocurrency trading to flourish. He however, cautioned that the risks associated with digital currencies must not be ignored.

Abbas pointed out that the largely unregulated nature of cryptocurrency markets leaves them open to potential misuse.

“There are genuine concerns about their vulnerability to terrorism financing and money laundering, given the opaque operations, weak regulatory framework, unclear governance structures, and lack of accountability,” he warned.

The Speaker emphasised that the committee’s work would be crucial in safeguarding Nigerians while fostering innovation within the country’s growing digital economy.

“It is because of this absence of clear rules, coupled with the volatility and complexity of the technology, that the House of Representatives found it imperative to establish regulations and consumer protection measures that will regulate the activities of Virtual Assets Service Providers, including cryptocurrencies and crypto assets.

“This Ad-Hoc Committee is therefore absolutely necessary. Its main job is to undertake public hearings to collate relevant information from stakeholders that will guide the House in developing legislation for a regulatory framework for the adoption of the currency in our economy.

“Its work will also guide the House in its oversight functions as they concern the use of digital currency in Nigeria,” he said.

Speaker Abbas, said that the 10th House remained at the vanguard of protecting the country and its citizens from any negative development that will impact the transformative workbeingn done by the administration of President Bola Tinubu to reform the Nigerian economy.

He therefore urged all committee to be patriotic in the discharge of its functions and let the best intentions for the good of the country continue to guide the work as always.

In his remarks, the Chairman of the committee, Rep. Olufemi Bamisile said the assignment is of national significance aimed at striking a balance between financial innovation and national security.

“We have been entrusted with a task of national significance: to review the economic, regulatory, and security implications of cryptocurrency adoption and Point-of-Sale operations in Nigeria.

“Across the world, financial systems are being reshaped by technology. In Nigeria, cryptocurrency and POS operations have grown rapidly, creating new opportunities for commerce, financial inclusion, and innovation.

“But alongside these opportunities lie serious risks cybercrime, fraud, money laundering, terrorism financing, and regulatory uncertainty,” he said.

Bamisile said that the committee’s work will focus on developing a legislative and regulatory framework that encourages innovation while protecting citizens and the integrity of the nation’s financial system.

The chairman said that the committee will collaborate closely with key regulatory and security agencies such the Central Bank of Nigeria (CBN) and Securities and Exchange Commission (SEC),

He said that they will work with the Nigeria Deposit Insurance Corporation (NDIC), Nigerian Financial Intelligence Unit (NFIU), Economic and Financial Crimes Commission (EFCC), Independent Corrupt Practices and Other Related Offences Commission (ICPC), and the Nigeria Police Force.

He assured that the committee will adopt a consultative and evidence-based approach, engaging stakeholders such as regulators, banks, fintech operators, civil society, and the security community in public hearings to gather diverse perspectives.