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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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US Embassy issues new directive for Nigerian visa applicants

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The United States Embassy in Nigeria has announced updates to its immigration visa process, effective January 1, 2025.

Applicants with scheduled interviews will now need to visit the Consulate General in Lagos twice as part of the application procedure.

The embassy shared on its official X page that “For applicants with interviews scheduled after January 1, 2025, applicants are required to visit the Consulate General in Lagos at least twice during the immigrant visa process.

“This new process is designed to help you prepare for your visa interview and to prevent significant delays in processing your immigrant visa.”

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According to details on the embassy’s website, the first visit will involve an “In-Person Document Review” with a consular staff member.

The embassy explained, “This review ensures that applicants are prepared for their visa interviews. The review allows applicants to retrieve any missing documents ahead of their visa interviews, helping to avoid delays in application processing.”

The second visit will be the visa interview itself, conducted by a Consular Officer. This appointment will be scheduled by the National Visa Center (NVC).

“If you do not complete the In-Person Document Review before your visa interview, you will be required to reschedule your appointment,” the embassy noted.

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These changes, the embassy said aim to enhance efficiency and reduce delays caused by incomplete documentation.

As announced earlier, in a related development, the embassy has transitioned to a new visa services provider for its Abuja and Lagos consulates on August 26, 2024.

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BREAKING: FG Cancels N64bn Osun Airport Project Approval Over Relocation Dispute

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The Federal Government has pulled out of the foundation-laying ceremony for the proposed Osun State International Airport in Ede, following a request from the Minister of Aviation and Aerospace Development, Festus Keyamo.

This Nigeria news platform understands that the state governor, Ademola Adeleke, had planned the event for December 13, but the ministry has asked for a postponement until disputes surrounding the project are resolved.

The planned airport relocation from Ido-Osun to Ede, Adeleke’s hometown, has stirred controversy and tension.

A state government committee reported that the original site in Ido-Osun did not meet basic aviation requirements, prompting the move.

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In October 2017, the state government revived its intention to continue the project, but having entered a huge financial constraint, the Aregbesola administration opted for concession.

Later, before Aregbesola left office, the budgetary allocation for the airport project had swollen to N69bn. The PUNCH reliably gathered that about N12bn of Osun indigenes’ funds had been sunk into the construction site.

However, this decision has reignited a longstanding rivalry between the Ido community and Ede, with residents of the former protesting the relocation earlier this week.

The ministry’s request to delay the event came in a letter dated December 6, signed by the permanent secretary, Emmanuel Merinole, which was made available to The PUNCH on Tuesday.

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The letter reads, “I wish to refer to your letter Ref. No. S.12/19/1/Vol.VI/188 dated 21 November 2024 on the above subject and to respectfully request Your Excellency to suspend the foundation-laying ceremony of the Osun State International Airport until the issues regarding the petitions over the existing airstrip/airport are resolved and to harmonise the state’s efforts with that of the Federal Government.”

The letter also points out that the airstrip is a federal project included in the ministry’s 2024 budget, and the state’s plan to expand it to an international airport must align with federal objectives.

The statement added, “Your Excellency may wish to note that the airstrip is a federal project that is captured in the Ministry’s 2024 Appropriation. We also note that you have made arrangements to expand the airstrip to an international airport. In addition, there is a petition indicating there is an existing airstrip where funds have been expended and the need to use the site for the present airstrip instead of a new site.”

The letter emphasised the need for efficient use of public funds, stating, “The Federal Government is mandated to ensure judicious use of funds in order to curtail wastage of resources. As this Airstrip Project is a collaboration between the state and federal governments, it is important we are in sync before the project takes off.”

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The ministry urged the governor to postpone the ceremony.

Merinole stated, “Accordingly, Your Excellency is respectfully requested to reschedule the foundation-laying ceremony of the Osun State Airport pending the resolution of the petitions and selection of a mutually agreed date.”

Attempts to contact the state government’s chief press secretary, Olawale Rasheed, were unsuccessful, as he did not respond to calls or messages at the time of this report.

When contacted for further clarification, the media aide to the minister, Tunde Moshood, said the airport is currently cancelled following a litany of petitions that greeted the government’s continuation of the attempt to build the airport.

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Moshood said the government is also stopping the construction of the aerodrome over the discovery that the former government in the state got approval to cite the airport at a different location.

His words, “The airport has been cancelled for now because the previous administration got approval to site the airport in a particular location, and there can’t be two approvals at the same time.

“Meanwhile, we can’t deny the fact that we were carried along, but you know, sometimes it may be an oversight. Now there are petitions to that effect.”

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Just in: Lagos Health Workers Begin Strike

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The coalition of health sector unions in Lagos State has commenced a three-day warning strike over the non-implementation of adjustments to the Consolidated Health Salary Structure, CONHESS.

This Nigeria news platform understands that the unions include the Nigeria Union of Allied Health Professionals, NUAHP, National Association of Nigeria Nurses and Midwives, NANNM, the Medical and Health Workers Union of Nigeria, MHWUN, and the Joint Health Sector Unions, JOHESU.

Oloruntoba Odumosu, Secretary of NANNM, in an interview with NAN on Wednesday, insisted that the strike would hold following the expiration of an ultimatum issued by the unions.

Odumosu disclosed that a meeting of the union leaders with officials of the state government on Dec. 9 also ended in an impasse.

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“The government officials couldn’t give us a clear timeline for the implementation of our demands and there’s no governor’s approval for the payment.

“We reported the feedback to the Congress, which was ongoing at our secretariat, and it unanimously voted ‘No’, insisting on proceeding with the strike,” he said.

He complained that the matter had lingered for long, in spite of numerous attempts by the unions to resolve it amicably.

“However, it has become clear that the government does not accord the issue the seriousness it deserves.

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“Engagement on December 2 with the Ministry of Establishments and Training further reinforced our concerns as the meeting failed to provide clarity on the computation method for the adjustment.

“This is particularly concerning given that Lagos state does not operate the full CONHESS structure, nor did it yield a definite timeline for payment.

“This is especially disheartening as adjustments have already been implemented for doctors since October 2024.

“This approach, which prioritises some segments of the health workforce while neglecting others, is divisive and undermines the collective morale of health professionals in the state,” he said.

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Odumosu regretted that the government appeared ‘indifferent’ to addressing their legitimate demands in spite of the critical roles played by members of the unions in ensuring the delivery of quality healthcare to Lagos residents.

“The handling of this matter has left us with no other choice but to resort to this warning strike, spanning from December 11 to December 13.

“It is aimed at pressing home our demands for the full implementation of the CONHESS adjustment for all eligible health workers in Lagos state,” he said.

Similarly, Kamaldeen Kabiawu, State Secretary, NUAHP, decried the delayed implementation of the 25 per cent CONHESS adjustment, especially after the government approved a 35 per cent CONMESS adjustment for doctors in October 2024.

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NAN reports that the strike will affect all state-owned health facilities – Lagos State University Teaching Hospital (LASUTH), general hospitals, and primary health centres (PHCs).

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