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Reps Calls For Review Of Capital Requirement for Crypto Service Providers, POS Operators 

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By Gloria Ikibah

The House of Representatives Ad-Hoc Committee on the Economic, Regulatory, and Security Implications of Cryptocurrency Adoption and Point-of-Sale (POS) Operations in Nigeria has said that the N500 million to N1 billion capital requirement set by the Securities and Exchange Commission (SEC) for Virtual Assets Service Providers (VASPs) was toohigh and prohibitive.

Chairman of the Committee, Rep. Olufemi Bamisile, who stated this during its technical session with key regulatory and security agencies on Monday in Abuja, urged the SEC to review the capital requirement to make it more accessible and inclusive.

The lawmaker noted that while regulation of the cryptocurrency sector was crucial, the current capital threshold can choke innovation, discourage legitimate investors, and exclude emerging entrepreneurs, particularly young Nigerians, who hold the potential to drive economic growth and Nigeria’s digital transformation.

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During the session, the Economic and Financial Crimes Commission (EFCC) informed the Committee that all confiscated virtual and digital assets linked to criminal activities are currently in its custody.

The Commission further revealed that it keeps dedicated digital wallets across its zonal offices for the safekeeping of such assets.

In response, the Committee directed the EFCC to provide comprehensive records of all digital asset confiscations to support its ongoing legislative review and policy recommendations.

The Chairman therefore restated the commitment of the Committeto developing a regulatory framework that balances innovation with oversight, safeguards the financial system, and promotes transparency, youth inclusion, and national security in Nigeria’s digital economy.

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He, however, expressed displeasure over the failure of several key institutions, including the Office of the National Security Adviser, Central Bank of Nigeria, Nigerian Communications Commission, Federal Inland Revenue Service, Ministry of Finance, and Ministry of Communications, Innovation and Digital Economy, to honour its invitation to the meeting.

Rep. Bamisile said the economic and security implications of the rapidly evolving digital finance sector should be take seriously.

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DAY 13 of Projects Commissioning in the FCT

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President Tinubu Will Commission Roads 01 and 02 Linking Mabushi Bus Terminal and Ahmadu Bello Way Today

#FCTRenewedHope
#FCTProjectsCommissioning

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BEWARE: FG warns 26 States of flood, places, Bayelsa, Delta, Lagos, Adamawa, Benue, others as critical risk areas

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The Federal Government has alerted residents of 26 states and the Federal Capital Territory (FCT) to the possibility of flooding between June 22 and July 5, 2026, following forecasts of heavy rainfall in different parts of the country.

The warning was issued by the Federal Ministry of Environment through the National Flood Early Warning Centre under its Erosion, Flood and Coastal Zone Management Department.

The ministry said several communities across the country have been identified as areas that could face serious flood threats during the period.

According to the forecast released on June 22, heavy rainfall is expected in many locations, raising concerns about possible flooding in vulnerable communities.

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States placed under the critical-risk category include Abia, Adamawa, Akwa Ibom, Anambra, Bayelsa, Benue, Cross River, Delta, Ebonyi, Edo, Ekiti, Enugu, Imo, Kogi, Kwara, Lagos, Niger, Ogun, Ondo, Osun, Oyo and Rivers.

In Abia State, the affected communities include Aba, Arochukwu and Umuahia. In Adamawa, the ministry listed Jimeta and Numan, while Eket, Oron and Uyo were named in Akwa Ibom. In Anambra, Onitsha Inland Town and Awka Urban Drainage Corridors were identified as vulnerable locations.

Bayelsa communities such as Yenagoa, Brass and Nembe Town were also listed among areas that could be affected by flooding.

Other locations mentioned include Makurdi, Gboko and Katsina-Ala in Benue State; Calabar Metropolis and Creek Town in Cross River State; Asaba, Warri and Sapele in Delta State; and Abakaliki, Afikpo and Onueke in Ebonyi State.

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The ministry also identified Benin City Urban Core and Auchi in Edo State, Ado-Ekiti and Ikere-Ekiti in Ekiti State, as well as Enugu, Nsukka and Oji River Town in Enugu State.

In Imo State, Owerri, Orlu and Okigwe were listed, while Lokoja and Ajaokuta were named in Kogi State. Communities such as Ilorin, Jebba and Pategi in Kwara State were also included in the warning.

Several parts of Lagos State were equally listed among the areas at risk.

These include Agege, Alimosho, Apapa, Badagry, Ikeja, Ikorodu, Lagos Island, Lekki and Surulere.

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In Niger State, Bida, Minna, Mokwa, Suleja and Kontagora were identified, while Abeokuta, Ota and Sagamu were listed in Ogun State.

The flood alert further covered Akure, Owo and Okitipupa in Ondo State; Oshogbo, Ile-Ife and Ilesa in Osun State; Ibadan, Ogbomoso and Oyo in Oyo State; as well as Port Harcourt Urban Core, Bonny, Ahoada and Omoku in Rivers State.

Apart from the states under the critical-risk category, the ministry also placed parts of Adamawa, the FCT, Kebbi, Kogi, Nasarawa, Plateau and Taraba states under a high-risk category.

Communities listed in this group include Yola North, Yola South, Mubi and Gurin in Adamawa State; Abuja Municipal, Gwagwalada, Kubwa, Nyanya and Wuse in the FCT; Birnin Kebbi and Argungu in Kebbi State; Bako in Kogi State; and Keffi, Lafia, Karu and Toto in Nasarawa State.

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The warning also covered Jos and Jos North in Plateau State, as well as Jalingo, Wukari, Takum, Serti and Karim Lamido in Taraba State.

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Finally, INEC confirms suspension of staff linked to Emeka Ike’s voter data leak

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Finally, the Independent National Electoral Commission, INEC, has confirmed suspended an electoral officer allegedly involved in the voter data leak concerning Nollywood actor and politician, Emeka Ike.

The Commission disclosed that investigations by security agencies and data protection regulators are still ongoing.

INEC National Commissioner and Chairman of the Information and Voter Education Committee, Mohammed Haruna, made the disclosure during a fireside chat organised by the Peering Advocacy and Advancement Centre in Africa, PAACA, in Abuja.

The suspension came against the backdrop of a controversy that arose after the voter registration details of actor and politician, Emeka Ike, surfaced online during a dispute linked to a political party primary election in the Federal Capital Territory.

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The electoral body said preliminary findings showed there was no external breach of its ICT infrastructure or compromise of its voter register.

Rather, according to the Commission, the data was allegedly accessed using valid credentials assigned to officials involved in the ongoing CVR exercise and subsequently disclosed without authorisation.

INEC said its audit trail enabled investigators to identify the specific user account used to access the voter record, leading to the questioning of personnel with access to the system.

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