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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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NSITF presents 78 beneficiaries with prostheses

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By Kayode Sanni-Arewa

The Nigeria Social Insurance Trust Fund (NSITF) has presented prostheses for different degrees of injuries to 78 beneficiaries in continuation of its Prosthesis Provision Exercise.

Managing Director, Barrister Oluwaseun Faleye, at the formal presentation of the final report on the current phase of the exercise in Abuja, said “the cooperation and commitment demonstrated by the prosthesis providers, beneficiaries, employers, and the monitoring team greatly contributed to the successful completion of this intervention.

“The providers also demonstrated flexibility by accommodating special clinical needs, including the provision of a hip disarticulation prosthesis where necessary”.

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Represented by the Executive Director (Operations), Mojisola Alli Macaulay, the MD explained that following the commencement of the prosthesis provision exercise in April 2026, the Claims & Compensation Department of NSITF monitored the implementation of the programme from inception through to its successful completion.

In his words, “Sequel to the interim report submitted previously, I am pleased to report that the prosthesis provision exercise has now been successfully concluded. All identified beneficiaries under the approved programme have been assessed, fitted with the appropriate prostheses, trained on their use, and discharged after satisfactory evaluation.”

According to him, “Where beneficiaries could not participate due to reasons such as inability to establish contact, refusal to attend after notification, or death, they were replaced from the supplementary list to ensure the successful completion of the exercise”.

The various categories of prostheses successfully provided include: Above-knee prosthesis: Total beneficiaries 8, all 8 beneficiaries satisfactorily discharged; Hip Disarticulation Prosthesis: Total beneficiary 1 (provided for a beneficiary whose assessment indicated a hip disarticulation rather than an above-knee amputation), 1 beneficiary satisfactorily discharged

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Below knee prosthesis:  Total beneficiaries 11 (All 11 beneficiaries satisfactorily discharged), Below elbow prosthesis:  Total beneficiaries 12 (All 12 beneficiaries satisfactorily discharged); Above elbow prosthesis: Total beneficiaries 5 (All 5 beneficiaries satisfactorily discharged), Trans-humeral prosthesis: Total beneficiary 1 (1 beneficiary satisfactorily discharged).

Silicon partial hand prosthesis: Total beneficiaries 40 (All 40 beneficiaries satisfactorily discharged), Total beneficiaries scheduled for prosthesis provision 78, Total beneficiaries duly discharged 78.

Also speaking at the event, the General Manager (Claims and Compensation), Nkiru Ede-Ogunnaike, noted that throughout the exercise, beneficiaries underwent assessment, measurement, prosthetic fabrication, fitting, gait and functional training, evaluation, and final discharge.

“The prostheses were successfully fitted, and beneficiaries expressed satisfaction with the services rendered. Discharge letters stating completion and warranty with the beneficiaries’ satisfaction forms have been duly completed and filed in their respective dossiers.

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“In conclusion, the prosthesis provision programme achieved its intended objectives and has been completed successfully. The exercise has significantly improved the mobility, functionality, and quality of life of the beneficiaries while fulfilling the Fund’s mandate of providing appropriate rehabilitation support to eligible employees who sustained work-related disabilities”.

Speaking on behalf of all the beneficiaries, Solomon Sunday, a staff of Zodoson Industries in Abia State, praised NSITF for giving them their lives back.

He stated that most of them were depressed and frustrated with life after their accident before NSITF came into the scene to redeem their lives with prostheses which have given them  the opportunity to live normal once again.

In his words:” we are deeply grateful to the fund and appreciate NSITF for all they have done for us and have been doing, you can see how excited and happy l am as a young man who can look forward to a bright future and the fund has given me opportunity to acquire new skill to earn a living.  Honestly, we are deeply grateful and thank God for using NSITF to change our stories.”

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Troops nab foreign ISIS-linked operative in Borno

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Nigerian troops have nabbed a suspected foreign operative linked to the Islamic State (ISIS) during intensified counter-insurgency operations following a failed attack by Islamic State West Africa Province (ISWAP) fighters on Cross Kauwa in Kukawa Local Government Area of Borno State.

Security sources said the suspect, believed to be a Moroccan national, was apprehended after troops of Operation HADIN KAI repelled the attack and launched follow-up operations to track fleeing insurgents.

According to the sources, the terrorists abandoned several items as they retreated under sustained military pressure, prompting troops to carry out exploitation missions along their escape routes.

During the operation, soldiers recovered high-frequency hand-held radios and other communication equipment believed to have been used by the insurgents.

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The recovered materials reportedly provided intelligence that enabled troops to expand the operation into the Lake Chad Islands axis and parts of Abadam Local Government Area, where the foreign suspect was eventually arrested.

Military sources said the suspect had earlier been identified during forensic analysis of footage extracted from a camcorder recovered after the failed Cross Kauwa attack.

The camera, according to the sources, belonged to a suspected terrorist media operative who was killed during the encounter.

The footage was analysed in collaboration with international partners, leading investigators to identify the suspect as a person of interest.

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Following his arrest, the suspect was evacuated by a Nigerian Air Force helicopter to a secure military facility, where he is currently undergoing interrogation.

Investigators are expected to determine his role within the terrorist network, his route into Nigeria, possible links to the wider ISIS organisation, and any involvement in training, operational planning, communications or propaganda activities.

Security officials described the arrest as a major intelligence breakthrough that could provide fresh insights into the financing, structure and international connections of terrorist groups operating in the Lake Chad Basin.

The development also reinforces longstanding intelligence assessments that foreign nationals continue to provide technical support to extremist groups in the region in areas such as communications, explosives, media production, training and strategic coordination.

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Although ISWAP is largely made up of fighters recruited from communities around the Lake Chad Basin, intelligence reports have indicated that foreign facilitators linked to the broader Islamic State network have operated alongside the group.

Military authorities said interrogation of the suspect is ongoing and declined to provide additional operational details for security reasons.

They added that intelligence gathered from the suspect could support ongoing counter-terrorism operations, expose cross-border movement routes and help identify other terrorist cells operating in the region.

The arrest comes as Operation HADIN KAI sustains offensive operations across Borno State aimed at disrupting terrorist activities, dismantling logistics networks and denying insurgents the ability to re-establish strongholds in the Lake Chad region.

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BREAKING: PFIPC scam: Police nab Prince Adeniyi Adeyemi

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The controversial Director-General of the alleged invincible Presidential Foreign Intervention Promotion Council, PFIPC, Adeniyi Adeyemi, has been nabbed.

According to TVC, his arrest came moments after Justice Mohammed Umar of the Federal High Court in Abuja issued a warrant for his arrest.

Adeyemi was billed to take his plea on an eight-count charge marked FHC/ABJ/CR/562/2025, relating to forgery, fraud, and impersonation.

Although the matter was listed as No. 12 on the court’s cause list, the defendant failed to appear for his arraignment, even though a lawyer, Mr. Genesis Francis, announced his appearance on his behalf.

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Details shortly….

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