The high-level engagement sought to gather insights for developing a balanced and forward-looking national framework for cryptocurrency and digital asset regulation in the country, even as the meeting underscores the legislature’s commitment to addressing both the security risks and the economic potential of Nigeria’s booming digital finance sector.

Olufemi Bamisile, the chairman of the House Ad-hoc Committee on Cryptocurrency, strongly advocated for a significant downward review of the Securities and Exchange Commission’s (SEC) minimum capital requirement of up to ₦1 billion for cryptocurrency exchanges.

He grounded his stance in the need for regulations to protect investors without strangling innovation, arguing that Nigeria’s threshold is far higher than global norms, such as the European Union’s MiCA framework. Bamisile specifically addressed a critical inconsistency, noting that most Nigerian crypto firms do not hold customer funds but only manage the underlying technology.

He stressed that subjecting these pure technology-focused firms to the same high capital and insurance standards as those that hold investors’ funds is unfair and a view shared by various stakeholders, including investors and consumer groups.

This entire regulatory effort, which also saw remarks from the representative of Speaker of the House of Representative, Usman Kumo on the clear need for a robust framework, was driven by concerns over consumer protection and national security, as Bamisile highlighted the significant deficiency of many Nigerian Fintechs in providing robust consumer protection, warning that current widespread scams could ultimately compromise financial stability and national security.

The Committee’s recommendations center on ensuring that regulations open doors, not close them, acknowledging that high barriers, such as the ₦1 billion capital requirement, would simply export our brightest minds as young entrepreneurs register their businesses abroad, resulting in lost jobs, skills, and tax revenue for Nigeria.

To promote local innovation and youth empowerment, the committee is championing a Nigeria first licensing pathway using a tiered approach. Under this model, firms with smaller capital exposure would operate under mandatory mentorship and joint compliance tracking between the SEC and the Central Bank of Nigeria (CBN).

As these firms grow and their capacity is proven, they would gradually graduate to higher tiers with broader responsibilities.

This strategic mode is specifically designed to keep innovation thriving within Nigeria, build trust in the system, and support the President’s vision of inclusive economic empowerment.

The Stakeholders in Blockchain Technology Association of Nigeria (SiBAN), the foremost self-regulatory body for the sector, was a key stakeholder to the session. SiBAN, led by its President Obinna Iwuno, presented a comprehensive memorandum to the Committee, chaired by Hon. Olufemi Bamisile, commending the House for its timely intervention.

The association acknowledged the Committee’s mandate to review regulatory gaps, investigate security implications, and develop a framework that protects consumers while harnessing innovation.

In its submission, SiBAN highlighted Nigeria’s position as a global leader in digital asset adoption, driven by a young and tech-savvy population.

However, it pointed out that the industry is currently hampered by a fragmented regulatory landscape, with overlapping jurisdictions among the Central Bank of Nigeria (CBN), the Securities and Exchange Commission (SEC), and other agencies, creating operational uncertainty.

SiBAN stressed that a cohesive, risk-based framework is urgently needed to foster growth and address issues like fraud and money laundering.

To achieve this coherence, SiBAN proposed a series of sweeping reforms, beginning with the enactment of an act for Blockchain Technology and Digital Assets.

This proposed legislation would define and categorise digital assets, recognise blockchain as foundational infrastructure, and establish regulatory coherence across all agencies.

The association argued that this unified approach is necessary to align Nigeria with global benchmarks, such as the European Union’s Markets in Crypto-Assets Regulation (MiCA) and UAE’s Virtual Assets Regulatory Authority (VARA).

SiBAN noted that a National Council on Blockchain & Digital Assets should be established and situated under the Presidency, to serve as a central coordinating body to harmonise cross-agency standards, issue technical architectures, and manage a national multi-sector sandbox.

“This structure aims to ensure a single, adaptive institutional framework for rapid technological change and to prevent policy duplication,” it said.

Furthermore, the self-regulatory body advocated for a tiered licensing framework for operators differentiating between high-risk custodial services and lower-risk infrastructure providers to encourage innovation and market integrity.

It also called for local content requirements and policy incentives to protect Nigerian-owned firms from foreign dominance, reduction in the licensing fees, admittance of more operators into the Accelerated Regulatory Incubation Program, coupled with mandatory consumer protection measures like compulsory KYC, AML/CFT/CPF Compliance and dispute resolution through mechanisms such as SiBAN’s own Blockchain Dispute Resolution Panel (BDRP).

By adopting these proposals, SiBAN concluded, Nigeria could achieve significant national benefits including regulatory certainty, enhanced financial inclusion, reduced fraud, and increased job creation.

The association reaffirmed its readiness to collaborate, asserting that transitioning to a unified framework under the proposed actions would position Nigeria as a globally respected model for digital innovation governance.

The post Reps, Regulators, and Blockchain Stakeholders Chart Course for Safer Crypto and POS Ecosystem appeared first on Tech | Business | Economy.

The move comes after the officials declined multiple invitations to appear before the committee and address pressing questions regarding their operations.

During the committee’s hearing on Tuesday, a motion to issue the arrest warrant was introduced by lawmaker Fred Agbedi, citing the persistent non-compliance of the invited officials. Agbedi emphasized that the parliament operates with a sense of urgency, having extended invitations four times without any response from the concerned individuals.

The motion received unanimous approval, leading to the issuance of arrest warrants for CBN Governor Olayemi Cardoso, Oluwatoyin Madein, and 17 others. The decision was reinforced by the committee’s chairman, Rep. Micheal Irom, who directed the Inspector General of Police to ensure the appearance of the accused officials before the committee on December 14.

The roots of this controversy stem from a petition anchored on the Nigeria Extractive Industries Transparency Initiative (NEITI) report of 2021. Fidelis Uzowanem, the petitioner, presented evidence that the NEITI report exposed fraudulent activities within the oil and gas industry dating back to 2016.

Uzowanem highlighted the concealment of illegal transactions involving the Nigerian National Petroleum Corporation (NNPCL) and various oil companies. He alleged that funds meant for crude oil production were misappropriated through cash core payments, a method employed for money laundering.

The petitioner disclosed, “The 2024 budget of 27.5 trillion that has been proposed can be confidently funded from the recoverable amount that we identified in the NEITI report.” Uzowanem accused NNPCL of collaborating with oil companies, such as Total Exploration and Production Nigeria Ltd and Chevron, to launder funds through misrepresented payments.

Uzowanem claimed, “In 2021 NEITI reported that Total Exploration and Production Nigeria Ltd was paid 168 million dollars, but examination of submissions by the company shows that it received 292 million dollars.”

This alleged financial malpractice extends to other companies, including Chevron and Nigeria Agip Company, raising concerns about the integrity of financial reporting within the oil and gas sector.

The House of Representatives Committee on Public Petitions remains resolute in its pursuit of accountability. The issuance of arrest warrants is a critical juncture in the investigation, putting high-ranking government officials on notice and emphasizing the gravity of the allegations brought forward by the petitioner.

The nation awaits the developments slated for December 14, when the accused are expected to face the committee and address the serious allegations against them.

The post Why House of Reps Issued Warrant to Arrest CBN Governor, Others appeared first on Tech | Business | Economy.

The companies in question, both of which ceased operations just a year after their establishment, NIPOST Transport and Logistics Limited and NIPOST Property, began operations in May 2023 but were dissolved following a presidential directive in May 2024.

During a session of the investigative hearing, BPE’s Head of Finance and Accounts, Imam Rilwan, representing the agency’s Director-General, stated that the sum of ₦10 billion had been allocated to the two companies to facilitate their launch. 

Furthermore, ₦400 million was reportedly used by the Bureau of Public Enterprises for preparatory activities necessary for the companies’ operation, including office rentals and other essential expenditures.

The BPE’s activities were initially approved in 2017, but the funds were only disbursed in 2023. Rilwan explained that the bureau used part of the funds to recover its expenditure, stressing that ₦423 million was specifically allocated to office space rentals for the two entities. 

He further informed the committee that once the companies were dissolved, all assets were transferred to NIPOST management.

Chairman of the committee, Bamidele Salam, pointed out that spending government funds prior to their release contravenes the provisions of the Public Procurement Act. 

Salam directed BPE’s Director-General, Ayodeji Gbeleyi, to appear before the committee with all relevant documents related to the transaction by 11th September.

Similarly, the committee has urged the Joint Admissions and Matriculations Board (JAMB) and the Investments and Securities Tribunal to repay ₦3.46 billion and ₦6.33 million, respectively, to the Consolidated Revenue Fund. 

This request followed the Fiscal Responsibility Commission’s (FRC) reveal that JAMB had failed to remit 50% of its internally generated revenue (IGR) to the government, as required. Instead, the body remitted only 25%, leading to a default.

JAMB’s Director of Finance and Account, Mufutau Bello, speaking on behalf of the Registrar, Prof Ishaq Oloyede, explained that the board does not receive government funding for its capital and overhead expenses, which he claimed exempted them from the 50% IGR remittance requirement. 

This, however, was contested by the office of the Accountant-General of the Federation, which maintained that JAMB is obligated to meet the 50% threshold.

Salam disapproved JAMB’s failure to respond to official correspondence from the FRC regarding its debt, stressing that government agencies must operate transparently through proper channels of communication.

The committee has demanded that the outstanding funds be deposited into government coffers within 30 days.

The post Public Accounts Committee Demands Accountability for ₦10 Billion Spent by Bureau on Two Dissolved Firms appeared first on Tech | Business | Economy.

The Body has also directed its Committee on Banking Regulations to probe the circumstances surrounding the failure of Heritage bank.

The resolutions followed a motion of urgent public importance moved by Uchenna Okonkwo (LP, Anambra) on Tuesday during plenary.

Recall that the Central Bank Of Nigeria (CBN), on June 3rd revoked the license of the bank, citing its violation of Section 12 (1) of the Banks and Other Financial Institutions Act (BOFIA), 2020.

Consequently, the CBN appointed Nigeria Deposit Insurance Corporation (NDIC) as the liquidator, pursuant to Section 12(2) of BOFIA, 2020.

The NDIC announced that depositors of the bank who have alternate accounts within the industry will be paid up to the insured amount of N5 million per depositor using their Bank Verification Number (BVN) to locate their alternate account.

According to NDIC, depositors with funds in excess of N5 million are to be paid liquidation dividends upon realization of the bank’s assets and recovery of debts owed to the bank.

In the motion, Okonkwo said the liquidation process could disproportionately affect some depositors who have above the N5 million threshold.

He noted that “limiting compensation to N5 million is deeply inadequate to alleviate the substantial losses experienced by depositors who had placed their trust in Heritage Bank, exacerbating their financial distress and uncertainty.”

The lawmaker said the CBN failed to disclose the status of the bank to the public, in order for depositors to take adequate action.

“This lack of transparency has not only eroded public trust in the banking system and regulatory bodies but has also intensified the distress and uncertainty faced by depositors who relied on the bank for their financial security,” Okonkwo said.

The post Why Reps Ask CBN to Investigate Management of Failed Heritage Bank appeared first on Tech | Business | Economy.

“This is inspiring news for all of us on the team; a lot of hard work has gone into drafting the bill, generating support and just getting the word out there, and it’s great to see that all that effort is not a waste. I personally can’t wait until the final step where the president assents to the bill and startups begin to reap its benefits,” a Volunteer on the NSB communications team expressed his gratitude.

With all that’s left being the approval of the President of Nigeria, Muhammadu Buhari, the news was received by stakeholders, ecosystem leaders, innovators, citizens, policymakers and all who have been engaged in driving the NSB movement with great excitement.

The Bill was said to be passed without much delay and the youth pushed hard to ensure this happened. 

Now left to the President, the Bill will become law following his approval. Meanwhile, members of the Nigeria Startup Bill will “focus on the full implementation of the bill. This includes driving state adoption of the bill to ensure that all states and their stakeholders such as state house of assemblies, executive governments and ecosystem members are engaged in adopting it so they can enjoy the benefits as well at a subnational level.”

Recall that the main objectives of the Bill include: 

• Providing a legal and institutional framework for the development of startups in Nigeria
• provide an enabling environment for the establishment, development and operation of startups in the country
• Foster the development and growth of technology-related talent 
• Position Nigeria’s startup ecosystem, as the leading digital technology hub in Africa, having excellent innovators with cutting-edge skills and exportable capacity 

The post House of Rep Passes Nigeria Startup Bill; Objectives Reiterated appeared first on Tech | Business | Economy.