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Reps To Probe Implications Of Cryptocurrency, Other Digital Asset Transactions

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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.
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Mbah mourns ,says Christian Chukwu was a ‘football icon’

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By Kayode Sanni-Arewa

Enugu Governor Peter Mbah has expressed deep grief over the passing away of former Super Eagles skipper and coach, Christian Chukwu, describing him as a football icon, titan, and phenomenon.

Reacting to the development on Saturday Mbah said: “I received with a deep sense of loss the passing away of Chairman Christian Chukwu. It is a personal loss to us as Ndi Enugu, his home state, and indeed to Nigeria as a nation and Africa as a continent.

“Christian Chukwu was a national icon, a football titan, field marshal, and phenomenon. His exploits as a footballer united the country across ethnic divides and creed.

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He was patriotism personified, serving the nation and Africa unreservedly both as a player and coach of the highly successful Rangers International Football Club of Enugu and Super Eagles of Nigeria, which he captained to victory as Green Eagles at the 1980 Africa Cup of Nations, AFCON. He also coached the Harambee Stars, Kenya’s senior male national team, among others.

“Chairman, as he was fondly called, gave his all not only to the nation but to the rest of Africa. He wrote his name in gold in the annals of the history of Nigerian and African football.

Our dear legend has gone the way of all mortals, but the fond memories and the pride he gave Ndi Igbo and Nigeria as a whole will be cherished forever.

“My heart goes out to his family, Ndi Enugu, the Nigerian sports community and the entire nation over this irreplaceable loss. May the good Lord grant his soul eternal repose.”

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Just in: Boko Haram IED Blast Kills Seven Along Maiduguri-Damboa Road

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By Kayode Sanni-Arewa

No fewer than seven people lost their lives on Saturday following the detonation of an Improvised Explosive Device (IED) planted by Boko Haram terrorists in Borno State.

The deadly incident occurred along the Maiduguri-Damboa Road, a notorious route that cuts through the Sambisa Forest—an area long plagued by insurgent activities.

The victims were part of a convoy of vehicles being escorted by the military from Damboa to Maiduguri.

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According to eyewitness accounts and local sources, the explosion struck as the convoy—organized to provide safe passage through the volatile region—was underway. Several other passengers sustained varying degrees of injuries and were rushed to a hospital in Maiduguri for urgent treatment.

The Maiduguri-Damboa Road serves as a vital link between the state capital and several local government areas in southern Borno, including Chibok and Gwoza.

For years, the route remained closed to civilian traffic due to persistent terrorist threats. However, under the administration of Governor Babagana Zulum, the road was reopened, with military escorts deployed to accompany travelers twice weekly after clearing the area for explosives.

Saturday’s attack raises fresh concerns about the safety of the corridor, despite consistent military presence. The blast also comes just days after Governor Zulum publicly raised alarm over renewed Boko Haram activity in the state, highlighting the persistent threat the group poses to peace and development in the region.

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Authorities are yet to release an official statement on the incident, while investigations and security operations in the area continue.

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Insecurity: Criminals Cart Away NSA Ribadu’s Office Hilux During Juma’at Prayer In Abuja

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By Kayode Sanni-Arewa

The Federal Capital Territory (FCT) Police Command has initiated a search following the theft of a black Toyota Hilux vehicle belonging to the Office of the National Security Adviser (ONSA), Nuhu Ribadu, which was stolen during Friday’s Juma’at prayers in Abuja.

It was gathered that the vehicle was parked around 1:05pm opposite the Abuja Municipal Area Council (AMAC) complex in Area 10, while the official attended prayers at a nearby mosque.

Security source, Zagazola Makama, disclosed the incident via his X (formerly Twitter) handle, revealing that the ONSA official returned from the mosque only to find the vehicle missing.

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According to him, a sources said the theft was immediately reported to the Garki Police Division at approximately 2:00 p.m., leading to a swift response by law enforcement.

Meanwhile, the FCT Police Command promptly activated a stop-and-search operation at various checkpoints and across all entry and exit points in the capital city.

Police authorities confirmed that investigations are ongoing and all efforts are being made to apprehend the culprits and recover the vehicle.

The Command said it had intensified efforts to track down the fleeing suspects and recover the stolen Hilux.

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