Connect with us

News

Reps To Probe Implications Of Cryptocurrency, Other Digital Asset Transactions

Published

on

By Gloria Ikibah
The House of Representatives as resolved to investigate the current status of Cryptocurrency, blockchain, digital asset transactions in Nigeria to identify threats to National Security and gaps in legislative framework and regulations to the detriment of the country.
Others to be investigated are all the online peer-to-peer (P2P) marketplace, utility sharing.
These resolution was sequel to a motion by Rep. Isiaka Ibrahim on “International money transfer operators, payment gateways and platforms, cloud computing, infrastructure (networks).
The House also resolved to investigate the current status of the e-Naira on the global cryptocurrency platform, the cost incurred, processes undertaken, and statutory compliance in creating the digital currency.
The House further resolved to engage all relevant stakeholders to initiate necessary processes for establishing required legislation and regulations, while establishing the profile of operators in the sector such as legal status, parent company, and assess their compliance with our existing statutes or complicity in infractions against Nigeria including money laundering, illicit transactions, currency speculation and bad practices.
The House also resolved to superintend the engagement of the office of the NationalSecurityAdviser(NSA), other relevant agencies, cryptocurrency exchanges, and stakeholders in tracking, Identifying, and recovering illicit and laundered funds or assets.
The House is to ensure that equity, probity, transparency, the rule of law, and international best practices are observed by the government in investigating cryptocurrency exchanges and others.
Leadingthedebate, Rep Isiaka highlighted the growing global concerns about the national security implications of cryptocurrency transactions through cryptocurrency exchanges including consumer and investor security as these exchanges are said to enable money laundering by criminals and terrorists for their illicit activities.
The lawmaker further stated that as part of its sweeping market friendly reforms designed to attract substantial foreign direct investment into the countries struggling economy, this administration reversed the ban on cryptocurrency transactions in Nigeria imposed by the previous administration.
He further explained that the current actions by the government should not be perceived by the global community and international investors as a policy somersault so early in the life of the administration and the existence of a hostile business environment.
The motion reads: “Cognisance of the concerns expressed by the CBN with regards to the likelihood of illicit transactions and money laundering on the cryptocurrency exchanges and their seeming use as an alternative platform for determining local foreign exchange rates.
“The US Treasury 2022 National Money Laundering Risk Assessment indicates that fiat and traditional financial activities contribute substantially higher (over 200%) than digital assets transactions to global money laundering activities.
“The conflict with the government about whether or not the crypto exchanges are determining the local foreign exchange rate and usurping the functions of the national bank does not appear to arise in other developed climes where appropriate statutes and regulations have been enacted and enforced to superintend crypto and other digital asset transactions”.
Rep Isiaka opined that the government should not be seen to be trying to “throw away the baby with the bath water” without considering the benefits of digital asset transactions to the country.
The House adopted the motion and mandated its Committee on National security and Intelligence to investigate and report back to the House for further legislative action.
Continue Reading
Advertisement

News

Nigeria Police face backlash over viral cash gift video

Published

on

By

A viral video showing several Nigerian police officers allegedly receiving N5,000 each from a Chinese man and his family has sparked widespread outrage and renewed concerns over corruption and ethics in the Nigeria Police Force.

The footage, which surfaced online, shows uniformed officers lining up as a Chinese man hands them cash gifts.

The incident has drawn sharp condemnation from the public and human rights advocates, who described it as disgraceful and damaging to the image of the police.

When contacted by Vanguard, Force Public Relations Officer, ACP Olumuyiwa Adejobi, said he was unaware of the viral video or the incident.

Advertisement

Similarly, the Lagos State Police Command distanced itself from the footage. Its spokesperson, CSP Benjamin Hundeyin, clarified that the incident did not occur in Lagos, contrary to claims circulating online.

Public figures have also weighed in. Omoyele Sowore, former presidential candidate of the African Action Congress (AAC), described the video as “shameful” and called for the removal of the IGP.

“This is why I keep saying illegal IGP Kayode Egbetokun must leave the police force. It is the shame of the nation,” he wrote in a Facebook post.

Popular social commentator and human rights activist Martins Victor Otse, also known as VeryDarkBlackMan, called the act “disgraceful, disrespectful, and degrading,” urging the police leadership to address the matter transparently.

Advertisement

The incident has intensified calls for accountability, with many Nigerians demanding disciplinary action and systemic reforms to restore public confidence in the police force.

Continue Reading

News

Easter celebration: FG declares Friday, Monday public holidays

Published

on

By

The Federal Government has declared Friday, April 18, and Monday, April 21, 2025, as public holidays to mark Good Friday and Easter Monday.

This was disclosed by the Minister of Interior, Dr Olubunmi Tunji-Ojo, on Tuesday.

He emphasised the importance of embodying the virtues of the sacrifice and love displayed by Jesus Christ, who had to die for the redemption of man, while greeting Christians on the joyous occasion.

In a statement by the Permanent Secretary in the ministry, Dr Magdalene Ajani, the minister called on Nigerians to use the holiday period to pray for the peace, unity, and stability of the nation.

Advertisement

He reassured citizens of President Bola Tinubu’s commitment to the Renewed Hope Agenda, which seeks to foster national growth and development.

“Furthermore, he encouraged Nigerians to extend love and goodwill to their neighbours through acts of kindness and generosity.

“The minister wished all Christians a blissful Easter celebration and extended warm holiday greetings to all Nigerians,” the statement added.

Advertisement
Continue Reading

News

CBEX Staff Arrested After Trading Platform Collapse

Published

on

By

Following the public outrage trailing the reported crash of the China Beijing Equity Exchange (CBEX) platform, fresh footage has emerged showing the moment a staff member of the embattled digital trading firm was apprehended by angry locals.

The video, which surfaced online on Tuesday and was tagged “CBEX wahala: Staff of CBEX office reportedly arrested in local area amid platform crash outrage”, captured the tense scene as a man believed to be a CBEX staff was whisked away.

Speculations had it that the staff was spotted in the Oke Ado axis of Ibadan, the same area where the CBEX office was earlier ransacked by enraged investors over the alleged collapse of the platform that led to the loss of millions in user funds.

While the identity of the staff remains unverified at press time, aggrieved traders who besieged the office earlier had vowed to hunt down the operators of the controversial platform, accusing them of running a Ponzi scheme disguised as a digital asset exchange.

Advertisement

Security agencies have yet to comment officially on the arrest or confirm whether the individual was taken into custody by police.

Meanwhile, calls for the investigation and prosecution of those behind CBEX have continued to gather momentum as more victims take to social media to lament their losses.

Continue Reading

Trending

Copyright © 2024 Naija Blitz News