The House of Representatives has commenced the move to review the economic, regulatory, and security implications of cryptocurrency adoption and point-of-sale (PoS) operations in Nigeria.

To this end, the Speaker, Hon. Tajudeen Abbas, on Monday, in Abuja, inaugurated an Ad hoc Committee to carry out the task.

The Speaker, while speaking at the inauguration of the committee, became imperative following growing concerns of fraud, cybercrime, and consumer exploitation in the digital finance space.

He emphasised that there were real concerns about its susceptibility to terrorism financing and money laundering, considering its opaque nature, dubious regulatory framework, unclear governance structure, and lack of accountability.

Abbas, however, said the vulnerability inherent in cryptocurrency operations cannot be underestimated.

He stated: “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 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.”

Earlier, the Chairman of the Committee, Hon. Olufemi Bamisile, said the assignment is of national significance, aimed at striking a balance between financial innovation and national security.

He noted that the committee’ work would 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 the committee would collaborate closely with key regulatory and security agencies such as the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC).

He stressed that the committee would also 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.

Bamisike said: “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 of cybercrime, fraud, money laundering, terrorism financing, and regulatory uncertainty.”

The Supreme Court has reserved judgment in the case instituted by the Osun State government challenging the Attorney General of the Federation for withholding local government funds due to it.

Justice Uwani Abba- Aji, who led a seven- man panel of Justices, reserved judgement, to a date that will be communicated to the parties, after taking arguments from parties in the suit.

In the suit, the Attorney General of Osun State, is seeking an order of the apex court directing the AGF to immediately release the statutory allocations to chairmen and councillors of the 30 LGA of the state.

Counsel for the the plaintiff, Musibau Adetunbi, who invoked Supreme Court’s original jurisdiction, based on a letter according recognition to the disputed APC chairmen, also sought an order stopping the AGF from further withholding, seizing monthly allocations and revenues, to the credit of the constituents local governments, having democratically elected chairmen in place.

The grouse of the Osun Attorney General was that the AGF was wrong in his letter recognizing APC LGA chairmen when the matter was pending before the court.

He also predicated his case on the ground that the election that brought in the APC officials as local government chairmen, had been nullified by a Federal High Court and upheld by the court of appeal In Abuja.

While presenting the case of the plaintiff, Adetunbi asked the Justices of the apex court to uphold his argument and grant all the reliefs sought by his client.
Opposing the Suit, counsel for the AGF, Akin Olujimi, urged the apex court to dismiss the case on various grounds.

Among others, Olujimi argued that the plaintiff lacked the legal authority to bring the case before the Supreme Court to invoke the original jurisdiction.

He also contended that the apex court lacked jurisdiction to entertain the suit because it was not competent to be presented directly to it, as done by the plaintiff.

He further argued that the suit did not disclose any cause of action, adding that the tenure of the disputed council chairmen will run till October 22nd this year and the proper thing was for the funds to be released to them to run their councils.

He argued that the Osun AG had engaged in abuse of court processes by filing cases in different courts on the same subject with the same parties.

He therefore urged the court to refuse the reliefs sought by the plaintiff and dismiss the suit.

A chieftain of the All Progressives Congress, APC, in Taraba State, David Kente, has denied wooing Governor Agbu Kefas of Taraba into the party.

Kente made the denial on Tuesday in a Telephone interview with newsmen in Jalingo.

He, however, declared that Kefas has the right to join the APC or any other political party of his choice.

“Let me make it clear that, as a critical stakeholder in the APC in Southern Taraba and from Wukari Local Government area where the governor comes from, he has not informed me of his decision to join the party as we speak.

“I was surprised when people started accusing me of clearing the ground for his defection into the party.

“He did not and has not informed me of his intention to join the APC. For me, it is still in the realm of rumours,” he said.

Kente also hinted that he was under immense pressure from various groups in the State and may be compelled to contest the governorship election in 2027.

He said that he went out of his way to support the present governor of the state to win elections under the platform of the Peoples Democratic party, PDP, in 2023, despite being in the opposition party.

He, however, lamented that the government has not met the people’s expectations in its first two years in office and has grossly undermined his efforts and sacrifices.

“As a critical stakeholder, I contributed to the victory of the governor in the last election.

I want to put it on record that I am a loyal member of the APC and I have been sincere since I joined the party. I know that I played a key role towards the emergence of my younger brother, Kefas as the governor of the state in 2023.

“And I have paid a very high price for that because I am excluded from the APC government completely. I am also aware that just a few weeks ago, I said I won’t be contesting against Kefas in 2027, except if that became the overwhelming position of the people of Taraba,” he added.