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Reps, Crypto Stakeholders Forge New Path for Nigeria’s Digital Finance Future
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…seek balance between innovation, regulation, security
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, chaired by Rep. Olufemi Bamisile, has held a landmark session with major cryptocurrency operators and blockchain innovators to shape Nigeria’s emerging digital finance framework.
The meeting, which took place at the National Assembly Complex in Abuja, brought together leading voices from the fintech and blockchain sectors, including executives from Quidax, Luno, Busha, Bitbarter, and the Stakeholders in Blockchain Technology Association of Nigeria (SiBAN) alongside regulatory agencies and lawmakers.
In his address, Chairman of the Committee, Rep Bamisile reiterated the commitment of the 10th House to a balanced approach that supports innovation while maintaining oversight and investor protection.
He explained that the aim is to create a framework that supports innovation without compromising security or financial integrity, adding that Nigeria must not fall behind in the digital economy but should advance with “transparency, coordination, and accountability.”
He further called on law enforcement agencies such as the Economic and Financial Crimes Commission (EFCC) and Nigeria Financial Intelligence Unit (NFIU) to build technical expertise in blockchain operations, noting that “not every young Nigerian with a laptop and a crypto wallet is a fraudster.”
The session also featured a heated but productive exchange on regulatory oversight. As lawmakers questioned co-founder of Quidax, Buchi Okoro on the exchange’s operations under the SEC regulatory sandbox, with the Securities and Exchange Commission’s (SEC) Head of Fintech Innovations, Abdulrasheed Mohammed, assuring that the Commission maintains strict monitoring within its Accelerated Regulatory Incubation Programme (ARIP).
Chairman Bamisile intervened, urging regulators to encourage innovation rather than penalise it.
“Rather than punish innovation, we should strengthen supervision and taxation mechanisms through agencies like the Federal Inland Revenue Service (FIRS) so that the sector contributes meaningfully to President Bola Tinubu’s vision of a N1 trillion digital economy,” he said.
Participants commended the Committee for facilitating what many described as the most open and inclusive dialogue yet between government and industry.
Several stakeholders, including representatives from the Nigeria Women Bitcoiners and the Blockchain Experts Association of Nigeria, urged policymakers to include gender perspectives and promote digital literacy through schools and youth programmes.
Industry leaders also warned against premature or excessive taxation, arguing that such measures could drive crypto activities underground. Instead, they called for phased taxation, incentives for compliance, and the development of locally-built regulatory technologies to strengthen oversight, boost local capacity, and attract investment.
Participants at the session also pressed for the creation and deployment of home-grown regulatory technologies capable of tracking, auditing, and reporting digital asset transactions in real time.
A Sovereign Blockchain Architect, Oye Shobowale Benson, argued that building such tools locally would help secure Nigeria’s monetary sovereignty, stimulate skills development, create millions of jobs, and attract foreign investment, boosting economic diversification beyond oil.
Stakeholders also pushed for a coordinated regulatory framework involving the Central Bank of Nigeria (CBN), Securities and Exchange Commission (SEC), and National Information Technology Development Agency (NITDA) to eliminate the overlaps and inconsistencies currently stalling sectoral growth.
They called for clearer compliance standards, stronger government support for blockchain infrastructure, and greater inter-agency cooperation to create a stable environment for digital innovation.
The hearing underscored a growing consensus that Nigeria’s fragmented approach to digital asset regulation must be replaced with a harmonised framework involving the CBN, SEC, and NITDA.
Coming just days after Nigeria’s removal from the Financial Action Task Force (FATF) grey list, the engagement marks a pivotal moment for the nation’s financial reform efforts.
With one of the world’s largest crypto user bases, Nigeria remains Africa’s epicentre for digital finance. Yet, the absence of unified regulation and growing security challenges have made it urgent to craft a national policy that safeguards investors while promoting innovation.
As the Committee prepares to submit its recommendations, stakeholders expressed optimism that Nigeria is on the verge of establishing its first coherent legal and regulatory framework for cryptocurrency and digital finance — one that secures investors, empowers innovation, and positions the country as Africa’s leading digital economy.
The Committee is now expected to table key recommendations that will shape Nigeria’s first comprehensive legal and regulatory framework for cryptocurrency and digital finance — one designed to make the nation’s digital economy secure, competitive, and future-ready.
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Oborevwori Urges Investors To Explore Opportunities Beyond Oil
Delta State Governor, Rt. Hon. Sheriff Oborevwori, has called for a shift away from over-reliance on oil revenue, urging both local and foreign investors to take advantage of opportunities in agriculture, energy, transportation, the blue economy, solid minerals and digital innovation.
Speaking at the close of the second day of the 2026 Delta State Economic and Investment Summit in Asaba, the governor said the state must broaden its economic base to achieve sustainable growth, create jobs and improve living standards.
He said discussions at the summit highlighted Delta State’s vast but largely untapped potential across several non-oil sectors, including agriculture and livestock, energy, transportation, the blue economy, solid minerals, digital innovation and investment-friendly legal reforms.
“We can no longer depend on one source of revenue. We must diversify our economy by attracting strategic investments into sectors where Delta State has a clear comparative advantage. That is the pathway to creating jobs, growing businesses and improving the quality of life of our people,” Oborevwori said.
The governor explained that the summit was designed as a private sector-led initiative, with government playing the role of facilitator by connecting investors with viable opportunities capable of delivering long-term value.
He reaffirmed his administration’s commitment to creating a conducive business environment through investor-friendly policies, infrastructure development, improved security and stronger collaboration with the private sector.
Oborevwori also disclosed that the state had acquired suitable land and taken other strategic measures to attract investments into priority sectors. He added that investment promotion missions had already been conducted in countries including China and Brazil to market Delta’s economic opportunities.
According to him, the summit has gone beyond policy discussions to become a practical platform for linking investors with viable projects and converting investment interests into real business ventures.
He expressed confidence that the partnerships and commitments made during the summit would translate into concrete investments capable of driving industrial growth, generating employment and positioning Delta among Nigeria’s leading investment destinations.
During the technical sessions, resource persons identified agriculture, livestock development, mining, the blue economy and investment-friendly legal reforms as key sectors with strong potential to attract long-term investments.
Speaking at the agriculture, agribusiness and agro-industry panel, former South-South Vice President of the Poultry Association of Nigeria (PAN), Chief Eta Enahoro, urged the state government to invest more in fish and poultry production, describing both industries as major drivers of job creation and economic transformation.
He said that with the right support, many young people seeking political appointments could become successful entrepreneurs through commercial poultry and fish farming.
Brazilian agribusiness investor Roberto Fonseca announced plans to collaborate with the Delta State Government on an integrated cattle and beef value chain covering breeding, ranching, abattoirs, meat processing, cold storage, refrigerated logistics and distribution.
Fonseca said Delta’s climate and environmental conditions closely resemble those that helped Brazil become a global leader in cattle and beef production, adding that the partnership could position the state as a major livestock hub for Nigeria and neighbouring African countries.
At the session on the blue economy and transport infrastructure, Dr. Uche Igwe called on the state government to tackle illegal and unregulated fishing in order to maximise the economic potential of its waterways.
Managing Director of Mosra Energy, Ramos Olukayode, disclosed that Delta State has more than 200 million tonnes of coal deposits in Obomkpa, Ugbodu and Ukunzu, which he said exceed the reserves found in Enugu and Kogi states.
He described the deposits as a significant resource that could support industrial expansion and revealed plans to establish a 600-megawatt power plant in Obomkpa, noting that more than 200 hectares of land had already been secured for the project.
Olukayode added that the area also has substantial deposits of kaolin and clay that could support manufacturing activities within the proposed industrial cluster.
News
Nigeria seeks closer ECOWAS, Sahel ties to fight terrorism
Nigeria’s Minister of Defence, Christopher Musa, has called for stronger security cooperation between the Economic Community of West African States and the Alliance of Sahel States to combat terrorism, insurgency and transnational crimes across the region.
Musa made the call on Tuesday during a three-day working visit to Cotonou, Benin Republic, where he is holding talks aimed at harmonising regional defence strategies and strengthening security cooperation.
According to a statement by his media aide, Leah Katung-Babatunde, the minister said West Africa’s complex security challenges required an inclusive and coordinated regional response.
He urged the leadership of ECOWAS and the Alliance of Sahel States to find common ground to curb the spread of insurgency across land borders and improve maritime security in the Gulf of Guinea.
“There is a need for a unified security alliance between the ECOWAS and the Alliance of Sahel States to defeat terrorism, dismantle cross-border criminal networks, and restore regional stability. ECOWAS and AES leadership should find a common ground to insulate land borders from insurgent spillover and strengthen maritime security along the Gulf of Guinea., ” he was quoted as saying.
Musa who was received at Cotonou International Airport by Benin’s Minister of National Defence, Gildas Agonkan.
Agonkan commended Nigeria for what he described as its leadership role in promoting peace and stability in West Africa, citing the country’s interventions in support of democratic governance in the sub-region.
He also praised the performance of the Nigerian Army contingent that participated in Benin’s National Day parade on August 1, describing Nigeria as an indispensable partner in the fight against transnational crime.
During the visit, Musa met with Nigerian troops stationed at Togbin, where he conveyed President Bola Tinubu’s commitment to improving troop welfare, enhancing operational effectiveness and strengthening the capacity of the armed forces.
The minister also visited the Nigeria House in Cotonou, where he was received by Nigeria’s Ambassador to Benin Republic, Mopelola Ibrahim.
The ambassador said Nigeria’s diplomatic engagement with Benin remained focused on expanding bilateral trade and strengthening joint border surveillance to tackle emerging security threats.
The Alliance of Sahel States comprises Burkina Faso, Mali and Niger, three military-led countries that withdrew from ECOWAS after disagreements with the regional bloc over sanctions and the timeline for returning to civilian rule.
The three countries formally exited ECOWAS on January 29, 2025, and have since deepened military, political and economic cooperation under the AES framework.
Despite their political differences, both blocs face common security threats, including terrorism, violent extremism, insurgency, arms trafficking and other cross-border crimes, particularly in the Sahel and the Gulf of Guinea.
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FG orders varsities to dismiss students involved in kidnapping
The Federal Government has directed vice chancellors, rectors and provosts of tertiary institutions across the country to dismiss any student found culpable, after due investigation, of involvement in kidnapping or related criminal activities.
Minister of Education, Dr.Tunji Alausa, issued the directive during a meeting with the Pro-Chancellor, Governing Council and Management of the Federal University of Lafia (FULafia) in Abuja.
He also ordered heads of tertiary institutions to strengthen internal intelligence systems and deepen collaboration with the Department of State Services (DSS) and other security agencies to improve campus safety.
Alausa said the directive followed concerns over reports that some students were allegedly involved in kidnapping operations carried out outside their campuses, stressing that tertiary institutions must not become safe havens for criminal elements.
“If you tolerate bad behaviour for too long, it becomes a culture. Any student found culpable, after due investigation, of planning or participating in the kidnapping of fellow students has no place in our tertiary institutions. Such individuals must be dismissed. Our campuses must never become safe havens for criminal elements,” the minister said.
While noting that Nigeria’s universities, polytechnics and colleges of education remain largely safe, Alausa said recent isolated incidents involving students outside campuses underscored the need for stronger intelligence gathering and closer collaboration with security agencies.
He disclosed that he recently met with the Minister of Defence, General Christopher Musa (retd.), to develop a coordinated strategy aimed at strengthening the Safe Schools Initiative and improving the protection of learners across the country.
The minister also reiterated President Bola Tinubu’s directive that no government institution should negotiate with or pay ransom to kidnappers, warning that such actions only embolden criminal groups and undermine efforts to tackle insecurity.
Beyond disciplinary measures, Alausa directed governing councils and managements of tertiary institutions to establish effective internal intelligence mechanisms, maintain close ties with the DSS and other security agencies, and promptly address threats to the safety of students and staff.
He announced that the Federal Government would support security enhancement projects in tertiary institutions through the 2027 intervention programme of the Tertiary Education Trust Fund (TETFund), including perimeter fencing and other critical security infrastructure. Institutions were urged to submit proposals early for consideration.
The minister also reaffirmed the government’s commitment to expanding the Energising Education Programme in collaboration with the Federal Ministry of Power to improve electricity supply to tertiary institutions through additional solar generation and battery storage.
Earlier, the Pro-Chancellor of the Federal University of Lafia, Lola Akande, commended the Federal Government for its support to the institution but identified student accommodation, electricity supply to the university’s second campus and insecurity as major challenges.
She disclosed that some students of the university were suspected to have been involved in kidnapping activities carried out off campus, adding that the institution strongly opposed the payment of ransom, saying it would only encourage more criminality.
The Vice-Chancellor of the university, Prof. Mohammed Isa Kida, also praised the minister’s reforms in the education sector and appealed for the extension of the Energising Education Programme to the institution’s second campus, as well as additional office accommodation and staffing support.
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