News

House Launches Committee to Examine Cryptocurrency, POS Risks

Published

2 months ago

October 6, 2025

By Gloria Ikibah

The Speaker House of Representatives, Rt. Hon. Abbas Tajudeen, has inaugurated an adhoc committee to examine the economic, regulatory, and security implications of cryptocurrency adoption and Point-of-Sale (POS) operations across Nigeria.

Speaking during the inaugural ceremony on Monday in Abuja, Tajudeen explained that the setting up of the committee had become imperative in light of mounting concerns over fraud, cybercrime, and consumer exploitation within the digital finance sector.

The Speaker noted that despite past economic challenges, Nigeria’s economy has consistently demonstrated resilience — often rebounding strongly from recessions and showing notable progress in its non-oil industries.

According to him, such a robust economic environment could provide fertile ground for cryptocurrency trading to flourish. He however, cautioned that the risks associated with digital currencies must not be ignored.

Abbas pointed out that the largely unregulated nature of cryptocurrency markets leaves them open to potential misuse.

“There are genuine concerns about their vulnerability to terrorism financing and money laundering, given the opaque operations, weak regulatory framework, unclear governance structures, and lack of accountability,” he warned.

The Speaker emphasised that the committee’s work would be crucial in safeguarding Nigerians while fostering innovation within the country’s growing digital economy.

“It is because of this absence of clear rules, coupled with the volatility and complexity of the technology, that the House of Representatives found it imperative to establish regulations and consumer protection measures that will regulate the activities of Virtual Assets Service Providers, including cryptocurrencies and crypto assets.

“This Ad-Hoc Committee is therefore absolutely necessary. Its main job is to undertake public hearings to collate relevant information from stakeholders that will guide the House in developing legislation for a regulatory framework for the adoption of the currency in our economy.

“Its work will also guide the House in its oversight functions as they concern the use of digital currency in Nigeria,” he said.

Speaker Abbas, said that the 10th House remained at the vanguard of protecting the country and its citizens from any negative development that will impact the transformative workbeingn done by the administration of President Bola Tinubu to reform the Nigerian economy.

He therefore urged all committee to be patriotic in the discharge of its functions and let the best intentions for the good of the country continue to guide the work as always.

In his remarks, the Chairman of the committee, Rep. Olufemi Bamisile said the assignment is of national significance aimed at striking a balance between financial innovation and national security.

“We have been entrusted with a task of national significance: to review the economic, regulatory, and security implications of cryptocurrency adoption and Point-of-Sale operations in Nigeria.

“Across the world, financial systems are being reshaped by technology. In Nigeria, cryptocurrency and POS operations have grown rapidly, creating new opportunities for commerce, financial inclusion, and innovation.

“But alongside these opportunities lie serious risks cybercrime, fraud, money laundering, terrorism financing, and regulatory uncertainty,” he said.

Bamisile said that the committee’s work will focus on developing a legislative and regulatory framework that encourages innovation while protecting citizens and the integrity of the nation’s financial system.

The chairman said that the committee will collaborate closely with key regulatory and security agencies such the Central Bank of Nigeria (CBN) and Securities and Exchange Commission (SEC),

He said that they will work with the Nigeria Deposit Insurance Corporation (NDIC), Nigerian Financial Intelligence Unit (NFIU), Economic and Financial Crimes Commission (EFCC), Independent Corrupt Practices and Other Related Offences Commission (ICPC), and the Nigeria Police Force.

He assured that the committee will adopt a consultative and evidence-based approach, engaging stakeholders such as regulators, banks, fintech operators, civil society, and the security community in public hearings to gather diverse perspectives.

News

PHOTOS: FCT Minister, Wike, inspects ongoing construction of Interchange Bridge, Road linking Maitama, Gishiri, Jahi with Gwarinpa today

Published

1 hour ago

December 5, 2025

ADMIN

The Minister of FCT today inspected ongoing construction of Interchange Bridge, Road linking Maitama, Gishiri, Jahi with Gwarinpa today

The Minister of FCT, Nyesom Wike today, Friday inspected ongoing construction of Interchange Bridge, Road linking Maitama, Gishiri, Jahi with Gwarinpa.

The project is titled; Full scope development of Arterial Road N16 (Shehu Shagari Way) from Ring Road II to Ring Road III with Two Interchange Bridges at N16/RRII and N16/RIII intersections.

The portion from RRI to Arterial Road N20 (Solomon Lar Way) within Katampe District was developed and commissioned by President Bola Ahmed Tinubu, to mark 2nd year Anniversary of his Administration.

The portion from N20 to RRII is being developed under Jahi District Infrastructure Project, leaving the undeveloped portion from RRIII to Arterial Road N40 to link the road that leads to the Renewed Hope Estate in Karsana Districts.

The portion of this Arterial Road N16 under reference traverses the Gwarimpa Housing Estate and this segment of the road when developed will provide access to the Gwarimpa Housing Estate located within Bunkoro and Wupa Districts as well as Sector Center E which is the hub of commercial and social activities comprising group of four districts namely; Gwarimpa II – C03, Kafe – C05, Wupa – C15 and Bunkoro – C18 Districts in Phase III of the Federal Capital City.

See photos:

News

“Why I dumped PDP for APC “- Rivers Speaker, Amaewhule

Published

2 hours ago

December 5, 2025

ADMIN

The Speaker of Rivers State House of Assembly, Hon Martin Amaewhule, on Friday gave reasons why he dumped the Peoples Democratic Party (PDP) for the All Progressives Congress (APC).

“The major reason for leaving the PDP is because of the division in the PDP,” Amaewhule, who represents Obio-Akpor I constituency, told the lawmakers on Friday.

He commended President Bola Tinubu for some programmes embarked upon by his administration that have benefited Nigerians, especially Rivers people.

According to the Speaker, his defection would enable him to partner with President Tinubu for the overall good of the Rivers people.

Amaewhule said, “Distinguished colleagues, let me happily announce to honourable members that your Speaker, Rt Hon Martin Chike Amaewhule, has decided and has indeed written to my Ward Chairman, Mr Osondo Orlu, of my decision to leave the Peoples Democratic Party.

“APC is my new party. I will do all that is needed to be done towards ensuring that the party card of the All Progressives Congress is issued to me in no time. I am happy to be a member of the APC so that we can join forces with Mr President. He is doing so much for this country.

“President Bola Ahmed Tinubu means well for Nigeria. He is tackling issues of security headlong. The President has shown love to Rivers State; he is helping Rivers people to be part of the governance of this country. I am so delighted to be part of the APC so we can support the President right inside the All Progressives Congress.”

Amaewhule defected along with 15 other members of the House on Friday.

Also included were Igwe Aforji (Eleme), Tekena Wellington (Asari-Toru 1), Looloo Opuende (Akuku-Toru 2), Peter Abbey (Degema), Arnold Dennis (Ogu/Bolo), Chimezie Nwankwo (Etche), and Ofiks Kabang (Andoni).

Since returning to civil rule in 1999, the PDP has maintained a tight grip on the oil-rich Rivers state, until the protracted crisis rocked the state, which pitched the lawmakers against Governor Siminalayi Fubara.

The crisis led to the partial demolition of the State Assembly complex by forces allegedly loyal to Fubara as well as the attempted moves to impeach the governor by the lawmakers loyal to the FCT Minister, Nyesom Wike.

Worried by the development, President Bola Tinubu waded in to douse the tensions and declared a state of emergency on March 18.

The emergency declaration led to the suspension of Governor Fubara and his deputy, Ngozi Odu and the lawmakers.

At the expiration of the exercise, he reinstated Fubara, his deputy and the lawmakers on September 17.

News

Finally Rivers Speaker, 15 Other Assembly Members Dump PDP , join APC

Published

4 hours ago

December 5, 2025

ADMIN

The Speaker of the Rivers State House of Assembly, Martin Amaewhule, defected along with 15 other members of the House on Friday.

Speaker of Rivers State House of Assembly, Martin Amaewhule

The Speaker of the Rivers State House of Assembly, Martin Amaewhule, defected to the All Progressives Congress.

Amaewhule defected along with 15 other members of the House on Friday.

The House of Assembly is currently in session with the defectors blaming their departure from the Peoples Democratic Party (PDP) on the crisis in the party.

Others who dumped the PDP were the Deputy Speaker, Dumle Maol (Gokana), Major Jack (Akuku-Toru), Linda Stewart (Okrika), Franklin Nwabochi (Ogba/Egbema/Ndoni), Azeru Opara (Port Harcourt 3), Smart Adoki (Port Harcourt 2), Enemi George (Asari-Toru 2), and Solomon Wami (Port Harcourt 1).
Also included were Igwe Aforji (Eleme), Tekena Wellington (Asari-Toru 1), Looloo Opuende (Akuku-Toru 2), Peter Abbey (Degema), Arnold Dennis (Ogu/Bolo), Chimezie Nwankwo (Etche), and Ofiks Kabang (Andoni).

Details shortly…