
Admin
Uzodimma: Subsidy Removal Is A Direct Blessing To State Govts
Governor Hope Uzodimma of Imo State has described the removal of petrol subsidy as a direct blessing to state governments.
The governor said this during the inspection of some projects to celebrate the first year of his second term.
He said more money now accrues to the coffers of state governments for the development.
“In reconciling the negative effects of the fuel subsidy removal and the benefits in terms of socio-infrastructure, social benefits, and then the ease of doing business occasioned by the provision of the enabling infrastructure, I think it is a blessing.”
“It is a direct blessing, it is not a disguise to the sub-nationals because more monies are now coming to states and state governments must do things to show citizens that they are able to do these things because they now get more monies as a result of the fuel subsidy removal by the Federal Government.”
Uzodimma is not the first governor to make such claim.
Last year, Governor Abdullahi Sule of Nasarawa State asked Nigerians to hold governors to account over the improved allocation from the federation account.
Sule stated this while answering questions during an interview on Channels TV’s Politics Today.
He said that people were suffering, urging them to ask their state governors what they were doing with the improved revenues from the federal government.
Sule had said, “Most of the time people are looking at some of the hard economic decisions the president has taken. That is his own style. Two decisions taken are bringing these economic reforms.
“One, is the subsidy removal and the second is the floating of the forex. These are the two major policies people keep on complaining about. And people are asking where the money is. The money is there. It is being given to various people and places and coming to the people in different ways.
“That is why I give you an example of what we are doing in Nasarawa. Yes, there is going to be difficulties; but instead of just looking at the federal government let the people hold every state governor responsible. What are you doing with the improved revenue you are getting? Until every state governor comes back and says we are doing this and that.
“President Tinubu doesn’t have land anywhere. The lands belong to the state. He can’t go and do agriculture anywhere, for example. They have already started construction of highways from Badagry to Calabar. The one from Calabar is coming to Abuja and the one from Badagry going to Sokoto State. There are many of them.
“The federal government would continue to do its own part. The same improved revenue the states have seen is the same improved revenue local governments see. The local governments in Nasarawa State when they receive their own after the FEC meeting they are getting 100% increase in their revenue. They used to receive N2.2 billion. Today they receive more than N4 billion. Local governments in Nasarawa do not owe anybody salary. They have some savings.”
NASS rejects N11.8bn budgeted for take-off of newly established Livestock Ministry
The Joint Committee on Livestock Development of the Senate and House of Representatives has rejected the 2025 budgetary provision of N11.8 billion for the takeoff of the newly established Federal Ministry of Livestock Development.
The committee chairman, Sen. Musa Mustapha said lawmakers are aware of enormous challenges associated with taking off a ministry, hence, they will look into the budget with a view to re-adjust it.
The Federal Government had proposed a budget of N10 billion for capital expenditure and N1.8 billion for overhead in the 2025 budget of the ministry which commenced activities about three months ago.
The Minister of Livestock Development, Idi Maiha who appeared before the joint committee with officials of the agency listed numerous challenges confronting the ministry, stating that structures are still being put together.
He said: “The take off process is ongoing with necessary structures being put together from formative departments from the Ministry of Agriculture and Food Security.
“We are yet to have office accommodation,” he said.
Wale Raji, Chairman House Committee on Livestock Development, queried the amount of input from the Presidential Implementation Committee for the take – off of the ministry.
“There will be need for you to make special presentation on this or come up with supplementary budget that will reflect the hope of Nigerians.
“The budget is abysmally low to respond to the yearnings of Nigerians,” he said.
[DailyPost]
Tinubu appoints Deputy Director General for DSS
President Bola Ahmed Tinubu has approved the appointment of Folashade Arinola Adekaiyaoja, as the Deputy Director General of the Department of State Services (DSS).
The approval, the first of its kind by any President, it was gathered, seeks to revise the agency’s structure for better efficiency.
This, it was learnt, is in line with the original organogram of the Service.
Checks revealed that the DSS is structured to comprise three Deputy Directors General in its hierarchy.
The appointment and ratification by the President was based on the recommendation of the DG, through the National Security Adviser (NSA), Mallam Nuhu Ribadu, The Nation learnt.
“It is line with its extant regulations and unprecedented in the history of the Secret Service,” a source said
The appointment of Adekaiyaoja, a native of Kogi state was celebrated by a cross section of officers and operatives who see her as eminently qualified for the position, it was learnt.
It was further gathered that President Tinubu had, in line with his promise to improve on the security of life and property of Nigerians, tasked the heads of security agencies to come up with proposals on how to improve on their service delivery.
“It was on this note that the President approved the DG’s recommendation, which many serving and retired officers are confident would boost career progression in the Service,” the source said.
President Tinubu had at the the investiture ceremony of the National Institute for Security Studies (NISS) Executive Intelligence Management Course 17 graduates last December, promised to support the DSS and other security agencies with Artificial Intelligence- powered state-of-the-art equipment to combat insecurity across the country.
Speaking through the NSA, the president stated that he was not oblivious of the security challenges in contemporary times, and charged all security agencies to synergize for the common good of Nigerians.
The DSS Director-General, Mr. Oluwastosin Ajayi, had on assumption of office late August 2024, promised sweeping reforms in the Organization, which he assured would transform the DSS into one of the most efficient covert Security Agencies in the world.
Biden announces $770 one-time payment for California fire victims
United States President, Joe Biden, has announced a federal aid of $770 one-time payment to California wildfire victims as the Los Angeles County battles one of the worst sets of fires in state history.
Biden, whose tenure in the White House is drawing to a close, made the announcement on Monday.
According to Hollywoodunclocked, the wildfire, which had claimed 29 lives, is a growing concern among Americans.
However, Biden, in a meeting, vowed to offer a one-time payment of $770 to the victims of the deadly Los Angeles County fires and that the government would be covering 100% of the disaster response costs for the next six months.
He said, “I want to be clear: we are not waiting until the fires are over to help victims. We are helping them all right now. People impacted by these fires are going to receive a one-time payment of $770. So they can quickly purchase things like water, baby formula, and prescriptions. So far, nearly 6,000 survivors have registered to do just that, and $5.1 million has gone out.”
For those who the Los Angeles County fires have impacted, President Joe Biden said victims can visit DisasterAssistance.gov or call 1-800-621-3362. As mentioned, the federal government will be covering all fire-related and firefighting costs for the next 180 days.
Nearly $5.1 million in immediate aid has already been distributed, with victims of the wildfires in Los Angeles being given a one-time payment of $770.
Additionally, FEMA (Federal Emergency Management Agency) has reported that about 33,000 residents have already registered for disaster assistance.
In a briefing with Vice President Kamala Harris and emergency officials, Biden stressed, “It’s going to cost tens of billions of dollars to get Los Angeles to what it was. We are going to need Congress to step up with the funding.”
According to AccuWeather, the total damage and economic loss from the fires is now estimated to be between $250 billion and $275 billion.
AccuWeather Chief Meteorologist Jonathan Porter claims the preliminary estimate has surpassed the total damage and loss accrued during the 2020 wildfire season.
The damage and economic loss has also surpassed Hurricane Helene in 2024, which cost between $225 billion to $250 billion, and has surpassed the deadly Maui, Hawaii fires in 2023, which cost an estimated $13 billion to $16 billion.
[Punch]
UNICAL to reimburse students impacted by NELFUND delays
The University of Calabar (UniCal), says beneficiaries of the Nigerian Education Loan Fund for the 2023/2024 session, who could not access the fund, will be given concession in the new session.
The Deputy Vice-Chancellor, Academic, Prof. Tony Eyang revealed this in a statement in Calabar on Tuesday.
Eyang said that the concession would be for the beneficiaries who were yet to graduate, as they would be given access to register for the 2024/2025 academic Session.
He explained that the release of the 2023/2024 loan would be used to settle the 2024/2025 tuition fees for the beneficiaries.
He added that the 2024/2025 loan when released would also be refunded to beneficiaries due to graduate within the session after their Bursary clearance.
According to him, beneficiaries who paid their full fees in both 2023/2024 and 2024/2025 sessions will be refunded the fees paid for 2023/2024 Session, pending the release of 2024/2025 Loan.
“Beneficiaries who graduated in the 2023/2024 session will be refunded the fee paid to the University after Bursary Clearance.
“Beneficiaries and other students alike are therefore urged to register for the 2024/2025 loan, as the verification of applicants is ongoing.”
He also said that beneficiaries who made part payment in the 2023/2024 and have not settled the balance will have to pay it in 2024/2025.
He explained that while the university’s Information and Communication Technology (ICT) Centre was the hub for NELFUND registration, the dashboard of beneficiaries on the fee portal was to be configured to reflect NELFUND disbursement.
He also used the opportunity to advise students to take advantage of the unique opportunity and register for the fund now.
NELFUND is an initiative of the Federal Government aimed at providing financial assistance to students in tertiary institutions across Nigeria.
NAN
[OPINION] Democracy and its Discontents in Africa - Jideofor Adibe
Burkina Faso’s military leader, Ibrahim Traoré, was the centre of attention at the inauguration ceremony of Ghana’s President John Mahama on January 7 2025. From a pistol conspicuously attached to his waist, to his entourage of heavily armed guards, and the resounding ovation he received when he was introduced, the oddity of it all was not lost on many people.
Wasn’t it a paradox that the man who toppled a constitutional order in his country was being received as a hero at an occasion to celebrate the increasing resilience of liberal democracy in Ghana? And what was the subtext of inviting him at all at the occasion, given that together with his fellow coup leaders in Niger and Mali, they had haemorrhaged the Economic Community of West African States by declaring their departure from the regional grouping that was formed in 1975? Traoré’s presence marked his first official African trip outside the Sahel Alliance—a bloc comprising Burkina Faso, Mali, and Niger—since the 36 year old junta came to power in 2022. Despite breaching protocol, the thunderous applause he received, especially from younger attendees, deafeningly overshadowed the acknowledgment of other dignitaries.
John Mahama’s inauguration ceremony as Ghana’s 14th President in Ghana’s Black Star Square followed the victory of his opposition National Democratic Congress (NDC) party in the December 7, 2024, elections, which the Commonwealth Observer Group and several local and international observers commended for their orderly conduct. Another epochal event at the inauguration was the swearing in of Professor Naana Jane Opoku-Agyeman as the country’s first female Vice President. Mahama, 66, was previously Ghana’s president between July 2012 and January 2017. He was first sworn in as president when President John Evans Atta Mills died in July 2012. He previously served as the 12th president from 2012 to 2017 and as the fifth vice president from 2009 to 2012
How do we explain the oddity of thunderous applauses for a man who truncated democracy in his country during an occasion which was also a celebration of the increasingly resilience of the same democracy in Ghana? Any attempt to answer this would inevitably lead to the question of what do people expect from liberal democracy? Though Ghana is going through one of its toughest economic crises in a generation, the fact that they could peacefully choose their leaders, when the same cannot be said of its bigger and richer neighbour, Nigeria, seemed to be one of the grounds for optimism and even pride in the eternal brotherly competition between the two countries.
Will the election of John Mahama resolve most of the serious economic problems facing Ghana? Though the question of whether democracy facilitates or undermines economic development (at least in the short run) has remained controversial in the literature, a belief that people can freely and peacefully choose their leaders, (meaning that their votes will count if they exercise their franchise) is one of the attractions of liberal democracy. But even more important than periodic elections, (in fact a precondition for all other tangible and intangible benefits of liberal democracy) is freedom of expression. This is probably why the very First Amendment to the US Constitution on December 15, 1791 was to protect religious freedom and free speech. The Amendment stated: “Congress shall make no law respecting an establishment of religion, or prohibiting the free exercise thereof; or abridging the freedom of speech, or of the press; or the right of the people peaceably to assemble, and to petition the Government for a redress of grievances.” One of the main differences between democracy in transitional or new democracies and democracy in countries that we call ‘mature democracy’ is their attitude to free speech. In Nigeria, though the politics of the opposition could sometimes be problematic, we seem to have government and ruling party functionaries that see any form of criticism of government policy as an affront that must be taken personal.
There are four main arguments for free speech: One, is that it is needed for discovering the truth. A key idea here is that the truth will emerge from the competition of ideas in free and transparent public discourse. The metaphor is based on the market economy and free exchange of goods in that market. Because many goods (read: ideas) are available in such a market, we as rational consumers, choose carefully what we want from the available goods after evaluating the relative merits and demerits of each product. The ‘marketplace of ideas’ was first developed by John Stuart Mill in his book, On Liberty (1859) but was popularized in the dissenting judgment of Oliver Wendell Holmes in Abrams v. United States (1919). According to Holmes, “The best test of truth is the power of the thought to get itself accepted in the competition of the market, and that truth is the only ground upon which their wishes safely can be carried out.” Essentially this theory tells us that a laissez faire approach to the regulation of free exchange of ideas (both by governments and the mind-guards in group thinks), will lead to ideas, theories, propositions and movements succeeding or failing on their own merits. In other words, left to their own devices, free individuals have the capacity to sift through competing ideas and proposals in an open environment of deliberation and exchange, allowing truth or the best possible results to be achieved at the end.
A second argument for free speech is that there is a big distrust of the government and that unless citizens are allowed to freely express themselves, the government will naturally try to muzzle free speech, and allow only the echo of voices it wants to hear. A third justification for free speech is that it is necessary for citizens to become active participants in the political and governmental processes. Fourth, is that free speech is also seen as a value to be enjoyed on its own. It is believed in free speech jurisprudence that once free speech is muzzled, every other value associated with liberal democracy – accountability, freedom of assembly, periodic elections etc will become caricatured. In this sense, liberal democracy becomes ‘illiberal democracy’ in which only the form but not the substance of it is observed.
Unfortunately in many parts of Africa, liberal democracy has morphed into illiberal democracy: free speech is routinely muzzled through various contrivances – prior restraints, use or threat of defamatory action and threats of charging one for terrorism financing. In fact, one of the commonest grounds for stifling free speech in illiberal democracy is for the government to accuse people with different opinions or critics of its policies of incitement against the government. The danger here is that every idea could be construed as an incitement. As Justice Holmes put it in a landmark case in the USA, (Gitlow v New York [1925]), “Every idea is an incitement… The only difference between the expression of an opinion and an incitement in the narrower sense is the speaker’s enthusiasm for the result.” This means that everyone could potentially be accused of incitement in illiberal democracies.
When a democracy becomes so corrupted into an illiberal democracy, citizens often become so concomitantly frustrated with the system that they long for ‘liberation’ from such a system. This is where opportunists like Traoré and other military coupists come in, and those who never lived through a military regime would wrongly interpret their stern mien as evidence that they had the magic wand to turn things around. I believe this could also be a partial explanation for the applause Traoré got in Ghana- apart from what some perceive as his courage (alongside the rulers of Niger and Mali) in standing-up to France, their former colonial masters.
Jideofor Adibe is Professor of Political Science and International Relations at Nasarawa State University and founder of Adonis & Abbey Publishers (www.adonis-abbey.com).
What went wrong? 3 major reasons behind Obasa’s removal as Lagos Assembly Speaker
On Monday, January 13, 2025, members of the Lagos State House of Assembly hurrriedly impeached their Speaker, Mudashiru Obasa over alleged financial misappropriation and replaced him immediately with his erstwhile deputy, Mojisola Meranda.
The development ended Obasa’s nearly 10 years reign as the Speaker of the Lagos State House of Assembly and made Meranda the first substantive female Speaker in Lagos history.
The lawmakers also removed the Clerk, Olalekan Onafeko, who was said to have been singlehandedly brought to the assembly by Obasa, making him a close confidant and ally.
The impeached speaker and Onafeko were reportedly behind the ban on journalists covering the activities of the assembly over two years ago.
However, while Obasa’s impeachment came as a surprise to Lagosians, political watchers and critics saw it coming, with some saying the Agege representative has committed many ‘sins’ against the powers that be in the state.
Political missteps
Obasa’s longstanding feud with Governor Babajide Sanwo-Olu and his contemptuous treatment of the governor during the 2025 budget presentation in November 2024, marked the beginning of his political predicament.
In what appeared like a show of power, Obasa reportedly delayed the budget presentation with a trivial discussion about celebration of 2024 Men’s Day. And rather than taking a moment to acknowledge the governor when he eventually entered the legislative chamber for the presentation, he ordered the session to proceed uninterrupted.
To worsen the matter, his unapologetic declarations about his 2027 ambition overshadowed the session as his feud with the governor became more pronounced.
In the views of political observers, Obasa’s outburst was interpreted to mean a direct response to the purported endorsement of Seyi Tinubu by some groups for the foremost political office in the state.
According to reports, following the show of power, President Bola Tinubu and the leadership of the Governor’s Advisory Council (GAC), invited him to a meeting where he was sternly warned and chastised for disrespecting Sanwo-Olu and mismanaging the politics of the state because of his ambition.
It is believed that Obasa’s fate was decided at the meeting, as the President reportedly said he knew what to do on the matter.
Financial misappropriation allegations
Obasa has recently been accused of spending N17 billion to fix the assembly complex gate.
In his reaction to claims by a group, Lagos State Anti-Corruption Coalition, accusing the Assembly of spending the alleged amount on a gate, Obasa described the allegation as “fake news, spurious and funny.”
He said the allegation stemmed from the fear of some people over the 2027 polls which is still more than two years away.
The speaker further debunked the claim that the Assembly spent N200 million on its recently organised thanksgiving service for staff.
Reacting, Obasa said, “It is so funny. How much is the allocation of the Assembly in the whole year that we will decide to spend N17 billion on a gate? They even claimed that we expended N200 million on Thanksgiving which did not hold.
“We are aware that at a period like this when we are approaching elections in 2027, we should expect such things. I think some people are scared and I don’t know why.”
Obasa has also been accused of financial mismanagement involving ₦44 billion allocated for vehicles and capital projects for over two years.
The allegation generated concerns and questions about transparency and accountability in the Assembly’s financial operations from critics, including lawmakers and residents.
According to available official records on the Lagos House of Assembly Budget Performance, in 2023, ₦30.19 billion was allocated for vehicles, including official cars, utility buses, and backup vehicles.
Another ₦13.33 billion was earmarked for vehicles in 2024.
However, investigations revealed that no vehicles were purchased in 2023, and only a small fraction of the 2024 allocation has been accounted for.
Questionable capital projects
Critics have also raised questions over alleged financial irregularities about how funds are allocated for projects.
Critics argued the ₦1.1 billion allocated for properties in 2023 was excessive, particularly when essential sectors like education, healthcare, and infrastructure are underfunded.
The ₦126 million allocated for properties in Abuja in the 2024 budget equally raised eyebrows, with critics questioning why the state’s funds are being spent outside its jurisdiction.
According to critics, these expenditures suggest a troubling pattern of fiscal mismanagement and misplaced priorities, fueling public anger.
Therefore, when the lawmakers suddenly moved for impeachment of Obasa yesterday, the smoothness and speed of the process suggest that there was a master plan, and not coincidence or on-the-spot decision.
APC chieftain: Obasa was acting like an emperor — impeachment necessary to cut his excesses
Fouad Oki, a chieftain of the All Progressives Congress (APC), says Mudashiru Obasa’s impeachment as speaker of the Lagos house of assembly was necessary to hold him accountable for his actions.
Oki spoke on Monday when he appeared on Politics Today, a programme on Channels Television, in the aftermath of Obasa’s impeachment.
Earlier on Monday, Obasa was removed as the house speaker over allegations of gross misconduct and abuse of office.
The 52-year-old lawmaker, who represents Agege state constituency I, became speaker of the Lagos state house of assembly in 2015. He was serving his third term as speaker.
Mojisola Meranda, the deputy speaker, was subsequently elected to lead the house.
Oki said anyone familiar with Lagos politics could have envisaged Obasa’s impeachment, noting that he had begun to see himself as an “emperor”.
The APC chieftain said events of the last three months had also suggested that Obasa’s days were numbered.
“He saw himself as an emperor. It became very obvious that there was a need for a change in the leadership of the parliament in Lagos,” Oki said.
“If you cast your mind back, you must have seen this coming in the last 18 months.
“Recall the events on the day when the governor presented the 2025 appropriation bill and the leadership of the party was invited to the convention.
“Not only was the governor kept waiting for over four hours, but the leadership of the party and all invited dignitaries were also kept waiting with no apologies or excuses. And when he came into the chambers, courtesies, too, were not extended to anyone.
“Rather, it was a situation or an event of letting people know that I am the emperor here. One of the ways to check such an irresponsible attitude is by calling his excesses to order.”
Oki added that the impeachment was done in President Bola Tinubu’s best interest to see that Lagos continued to remain pivotal in terms of his political leadership.
“Before the president came home, this issue had been lingering. In the wisdom of members of the Governor’s Advisory Council (GAC), the president’s attention was called,” he said.
“The president, as father and leader, called a meeting wherein he tried to make sense out of the observations raised by elders of the party.
“Unfortunately, the president saw by himself a recalcitrant. I think that is what broke the camel’s back.”
[TheCable]
[OPINION] The future of cryptocurrency regulation in Nigeria: Opportunities and challenges - Olufemi Ariyo
Cryptocurrency has been steadily gaining ground in Nigeria, making it one of the top adopters of digital currencies in Africa. Despite the ongoing regulatory uncertainties, Nigerians have increasingly turned to cryptocurrencies like Bitcoin, Ethereum, and stablecoins to navigate economic challenges, protect their savings from inflation, and explore alternative financial options. With this surge in adoption, the conversation around regulation has become more urgent, as the country looks for ways to harness the benefits of digital currencies while ensuring security and stability in the market.
Nigeria’s relationship with cryptocurrency has been a turbulent one, marked by notable regulatory shifts that have created uncertainty for businesses and investors. In 2021, the Central Bank of Nigeria (CBN) issued a controversial directive that prohibited banks and other financial institutions from facilitating transactions involving cryptocurrencies. This decision sent shockwaves throughout Nigeria’s growing crypto community, as it was seen as a direct blow to the ecosystem, particularly to fintech startups and individual traders who relied on traditional financial channels to convert and transact in digital currencies. The CBN’s ban was initially justified on the grounds of consumer protection and financial stability, with concerns about fraud, money laundering, and the volatility of cryptocurrencies. This action was particularly major in a country like Nigeria, where a growing number of young tech enthusiasts and traders were embracing digital currencies as alternatives to the traditional banking system, which many Nigerians have long distrusted due to issues of accessibility, high fees, and inflation.
Despite the CBN’s efforts to curb crypto adoption, the demand for digital currencies in Nigeria remained robust, underscoring the resilience of the market and the strength of local demand. In the face of regulatory restrictions, Nigerians turned to peer-to-peer (P2P) trading platforms to continue buying, selling, and exchanging cryptocurrencies. Platforms like Paxful and Binance P2P became more popular, allowing traders to directly engage with one another without the need for traditional banks or financial intermediaries. These P2P platforms thrived in the absence of centralised financial services, allowing Nigerians to sidestep the limitations imposed by the CBN while still accessing the benefits of cryptocurrencies. This shift to decentralised exchanges and informal networks also illustrated the innovative spirit within Nigeria’s tech community, as people found creative ways to overcome regulatory bpttlenecks. The thriving P2P market demonstrated that demand for cryptocurrencies was not merely a passing trend, but an essential part of Nigeria’s financial landscape, driven by a mix of factors, including remittances, hedge against inflation, and access to global markets.
As we entered 2023, the regulatory landscape started to shift in a more optimistic direction. There has been a noticeable change in tone from Nigerian regulators, particularly with the Securities and Exchange Commission (SEC), which has begun to show more interest in creating a regulatory framework that acknowledges the potential benefits of cryptocurrency and blockchain technology. Unlike the CBN’s more restrictive stance, the SEC’s focus has been on ensuring that digital assets are properly regulated while fostering innovation and investor protection. For example, in 2022, the SEC began providing clearer guidelines on the regulation of stablecoins and security tokens, signalling an intention to bring these assets into a formal regulatory structure. Furthermore, the Nigerian government had also expressed interest in developing a Central Bank Digital Currency (CBDC), known as the eNaira, which could work in tandem with cryptocurrency regulations to provide a more stable, government-backed alternative to digital currencies. This shift towards a more structured regulatory approach, while still in the early stages, signals a move towards striking a balance between protecting consumers and encouraging the growth of blockchain and cryptocurrency innovations in Nigeria. Such changes where well deployed could help position Nigeria as a leader in the African crypto space, providing the regulatory clarity that both investors and entrepreneurs need to navigate the rapidly changing digital economy.
Opportunities for Nigeria in Cryptocurrency Regulation
A clear and comprehensive regulatory framework presents numerous opportunities for Nigeria’s burgeoning cryptocurrency market. Here are some of the key benefits:
- Financial Inclusion
Nigeria’s financial access gap remains one of the most pressing hurdles in its economic landscape. With over 50 million adults (about a fifth of population) in the country lacking access to formal banking services, a major portion of the population is excluded from traditional financial systems. This exclusion is particularly pronounced in rural areas where physical banks are scarce, and many Nigerians are unable to meet the requirements to open a traditional bank account due to lack of documentation or minimum balance requirements. Blockchain technology and cryptocurrencies offer an opportunity to bridge this gap by offering a decentralised alternative to traditional banking. Through blockchain, Nigerians can access peer-to-peer (P2P) financial services, participate in the global economy, and store value without the need for a centralised financial institution. This is particularly beneficial for the unbanked population, as it allows them to send and receive money, invest, and build wealth without needing access to a bank branch. By adequately regulating the cryptocurrency sector, Nigeria can create a more accessible, secure, and inclusive financial ecosystem that enables millions of Nigerians to engage in financial activities that were once out of reach.
A well regulated cryptocurrency market can also bring much-needed stability and confidence to Nigeria’s financial ecosystem, especially in the context of inflation and currency devaluation. The Nigerian Naira has experienced major volatility in recent years, leading many Nigerians to seek alternative stores of value to protect their wealth. Stablecoins, digital currencies pegged to the value of assets like the US dollar, present a viable solution to this problem. These digital assets offer a relatively stable store of value, shielding users from the rapid depreciation of the Naira. By enabling access to stablecoins in a regulated environment, Nigeria could provide its citizens with a hedge against inflation, especially in times of economic uncertainty. Moreover, cryptocurrencies like Bitcoin or Ethereum could offer investment opportunities for individuals who might not have the means to access traditional investment vehicles, like stocks or bonds. With clear regulations in place, these digital assets would not only increase financial literacy and awareness but also allow Nigerians to store, transfer, and transact in a more secure, transparent, and accessible manner, contributing to broader financial inclusion. Thus, cryptocurrency could move from a speculative asset into a vital tool for financial empowerment, especially for underserved and marginalised communities in Nigeria.
- Legal Clarity for Businesses and Investors
This represents one of the most pressing hurdles for crypto-related businesses in Nigeria. This lack of clarity surrounds the operation of digital assets and blockchain technology. Without a clear regulatory framework, entrepreneurs and businesses in the cryptocurrency space are often left in a legal grey area, unsure of their obligations, liabilities, and the potential risks they face. This uncertainty stifles innovation and discourages both local and foreign investment in the sector. For instance, the United States has created a relatively clear regulatory environment for cryptocurrencies, with agencies like the Securities and Exchange Commission (SEC) providing specific guidelines on how digital assets should be classified and taxed. This legal clarity has promoted a thriving crypto ecosystem, where businesses are able to operate with greater confidence, leading to the creation of large-scale companies like Coinbase and Ripple. In contrast, Nigeria’s lack of such clarity has forced many businesses to operate in a legal limbo, which hinders growth and limits the potential for technological advancements. By creating a comprehensive regulatory framework, the Nigerian government could signal to entrepreneurs and investors that the country is serious about encouraging a competitive and innovative crypto market, thus attracting global investors and giving local businesses the stability they need to scale and succeed.
For investors, the lack of clear regulation in Nigeria creates major risks, as there is no legal protection in place to ensure the legitimacy of projects or mitigate the threat of fraud and scams. The rise of Initial Coin Offerings (ICOs), Security Token Offerings (STOs), and the Non-Fungible Token (NFT) market has brought new investment opportunities but also increased the potential for malicious actors to exploit inexperienced investors. China and Singapore have taken proactive steps to regulate ICOs and other digital assets, with Singapore’s Monetary Authority introducing clear rules around token offerings, investor protections, and anti-money laundering (AML) measures (Nigeria and Africa can learn from them). This has led to a stable environment for investors and a thriving cryptocurrency market, with projects such as Chainlink and Aave operating successfully in Singapore. A similar regulatory approach in Nigeria would help reduce the risks associated with Ponzi schemes, pump-and-dump schemes, and unregistered projects, which have been rampant in many emerging markets due to the lack of oversight. Clear regulations would instill confidence among investors, knowing that their investments are being protected by legal frameworks and that they can pursue legal recourse in cases of fraud or misconduct. Additionally, a regulated environment would encourage institutional investment in digital assets, further legitimising Nigeria’s crypto market and driving long-term growth.
- Government Revenue through Taxation
Blockchain and cryptocurrency have the potential to be lucrative sources of government revenue, especially in a country like Nigeria, where the government is constantly seeking innovative ways to diversify income streams and reduce dependence on oil revenues. By instituting a clear regulatory framework for the crypto sector, the Nigerian government could impose taxes on crypto transactions, capital gains, and other related activities, similar to the approaches adopted by many developed nations. For instance, Germany treats Bitcoin as a private asset and taxes capital gains on crypto holdings, providing the government with additional revenue while encouraging long-term investment in digital assets. Similarly, in the United States, the Internal Revenue Service (IRS) taxes cryptocurrency transactions as property, and this has contributed to a notable stream of revenue for federal and state governments. The introduction of taxes on crypto activities in Nigeria could help the government capture a portion of the rapidly expanding market while also formalising the sector, leading to a more transparent and stable environment. Given the high volume of crypto trading in Nigeria (some companies even pay their staff salaries using cryptos, as they accept crypto from investors), particularly in peer-to-peer markets, a well-structured tax regime could unlock substantial funds to finance public services, infrastructure, and development projects, boosting national economic growth.
Moreover, by adopting a pro-crypto regulatory framework, Nigeria could position itself as a regional hub for cryptocurrency and blockchain innovation in Africa. The continent is seeing an influx of global blockchain firms, as countries like Malta, Switzerland, and Singapore have attracted digital asset companies with favourable tax laws and regulatory clarity. Nigeria has the potential to tap into this growing market, which could lead to the establishment of new blockchain startups, fintech companies, and crypto exchanges in the country. For example, Luno, a leading global cryptocurrency exchange, has already made inroads into Nigeria, and regulatory clarity could encourage more international firms to set up operations in the country. This influx of businesses would create competitively high-paying jobs, boost local innovation, and stimulate investments in technology and education, resulting in an overall economic uplift. Additionally, attracting global blockchain companies would bring much-needed capital, expertise, and technology transfer to Nigeria’s growing tech ecosystem, powering a more vibrant and competitive economy. By positioning itself as a crypto hub, Nigeria could generate enormous tax revenues and strengthen its position as a leader in Africa’s digital economy.
- Boosting the Tech and Startup Ecosystem
Cryptocurrency, blockchain technology, and artificial intelligence (AI) are converging as part of the broader fintech revolution that is sweeping across Africa, and Nigeria, with its dynamic, tech-savvy population, is primed to benefit from this intersection. Countries like Estonia have used AI in tandem with blockchain to enhance government services and fintech solutions. For example, Estonia’s e-Residency program leverages both AI and blockchain to offer global entrepreneurs a secure, transparent, and automated system for starting and managing businesses remotely. In Singapore, AI-powered blockchain applications help to streamline financial services, including crypto trading platforms, smart contracts, and payment systems. Nigeria can harness this fusion of AI and blockchain to catalyse innovation, particularly through the development of decentralised applications (dApps), AI-driven crypto wallets, and automated systems that cater to both local and international markets. By encouraging the creation of AI-powered financial services and machine learning algorithms for data analysis, the government can enable Nigerian startups to build next-generation fintech solutions that improve efficiency, security, and scalability in ways that traditional systems CANNOT. This convergence of AI and blockchain empowers local entrepreneurs to create new revenue streams, optimise supply chains, and even revamp industries such as agritech, e-commerce, and logistics.
A supportive regulatory framework for cryptocurrency and blockchain can also attract global venture capital and angel investors who are increasingly looking to invest in the intersection of AI, blockchain, and fintech. Countries like the U.S., United Kingdom, and Singapore have attracted millions in investment by positioning themselves as global hubs for AI-driven fintech solutions. In the U.K., companies like Revolut and Monzo are already using AI to enhance user experience, predict market trends, and offer tailored financial advice to users. Similarly, Binance, the global cryptocurrency exchange, uses AI-based algorithms to detect fraudulent activity and optimise trading experiences. By adopting a regulatory framework that supports cryptocurrency and AI, Nigeria could become a magnet for global investors looking for opportunities to fund cutting-edge AI and blockchain startups. This would help Nigerian entrepreneurs scale their operations while driving the development of AI-powered financial tools that can tackle specific challenges within the African market, such as financial inclusion, cross-border payments, and mobile banking. As AI and blockchain technologies evolve together, Nigeria could emerge as the Silicon Valley of Africa, providing a hub for technological innovation that combines the power of AI, cryptocurrency, and blockchain to transform industries, create jobs, and drive economic growth.
Challenges to Effective Cryptocurrency Regulation
Despite the promising opportunities, there are several challenges that Nigeria must navigate to ensure effective and balanced cryptocurrency regulation.
- Regulatory Overreach
This stands out as the primary concerns for crypto enthusiasts, where overly restrictive policies could stifle innovation and drive businesses away. While regulation is essential for protecting investors, preventing fraud, and ensuring the security of the market, excessively stringent regulations can create a hostile environment for startups and entrepreneurs. Countries like Malta and Switzerland have successfully attracted global cryptocurrency businesses by adopting pro-crypto regulatory frameworks that emphasize transparency, security, and investor protection without imposing heavy burdens on businesses. Malta, often called the “Blockchain Island,” has built a robust legal framework for blockchain and cryptocurrency, providing legal certainty for businesses and entrepreneurs (Africa can learn from them). Similarly, Switzerland, with its Crypto Valley in Zug, offers a favourable regulatory environment that encourages innovation while maintaining strict anti-money laundering standards. In contrast, countries that have adopted harsh measures, like China, which has imposed outright bans on cryptocurrency exchanges and mining, have seen their markets move to more crypto-friendly jurisdictions. For Nigeria to avoid stifling its growing crypto sector, it must find the delicate balance between ensuring sufficient oversight and maintaining an open, conducive environment for innovation. Overly aggressive regulation could drive talent and investment to countries with clearer, more attractive policies, hindering the development of Nigeria’s crypto ecosystem.
- Lack of Infrastructure and Education
Despite the increasing adoption of cryptocurrency in Nigeria, major hurdles remain due to the lack of infrastructure and limited education on blockchain and digital assets. Many Nigerians are still unfamiliar with the intricacies of cryptocurrency trading, digital security, and the underlying blockchain technology, which can lead to skepticism or poor decision-making. Kenya, another African country with rising crypto adoption, has made notable strides in addressing these issues by promoting financial literacy programs and partnering with blockchain companies to educate the population about the opportunities and risks in digital finance. However, infrastructure remains a notable barrier, as many Nigerians still face bottlenecks with reliable internet access, which is basic for trading and securely managing digital assets. Additionally, the lack of secure exchanges and access to professional financial services leaves users vulnerable to scams and fraud. This is a challenge faced in India, where the rapid growth of crypto trading led to numerous fraud cases due to unregulated exchanges and a lack of consumer protection. To ensure the long-term success of cryptocurrency in Nigeria, the government, alongside industry players, must prioritise comprehensive educational programs and the development of secure, user-friendly infrastructure. These efforts should focus on improving financial literacy, teaching blockchain fundamentals, and providing training on safe crypto trading practices. Without these foundational elements in place, widespread adoption could be delayed, and Nigerians may fall prey to financial risks, ultimately undermining the growth of the digital economy.
- Risk of Financial Instability
The speculative nature of cryptocurrencies poses a huge risk to financial stability, particularly in emerging markets like Nigeria, where investor protections are often limited and the financial literacy gap is wide. In the absence of proper regulation, speculative trading can result in sharp market volatility, leaving uninformed investors vulnerable to significant financial losses, as seen in South Korea during the 2017 cryptocurrency boom. At that time, a surge in speculative trading led to market instability, prompting the South Korean government to implement stricter regulations, including banning anonymous crypto accounts and enforcing real-name trading. Similarly, in China, the speculative frenzy around crypto trading led to the government’s decision to crack down on exchanges and Initial Coin Offerings (ICOs), fearing it would destabilise the financial system. These measures, while aiming to protect investors and prevent market manipulation, also helped to curb rampant speculation. For Nigeria, it’s crucial to adopt a regulatory approach that balances investor protection with sector growth. The government could introduce safeguards such as mandatory disclosure of risks, investor accreditation for participation in high-risk assets, and guidelines to limit excessive leverage in crypto trading. These measures would help curb speculation while maintaining a nurturing environment for innovation and growth in the sector, similar to how Germany and Switzerland have implemented clear regulations that allow crypto markets to flourish but with enough oversight to prevent systemic risk. By taking a proactive approach, Nigeria can reduce the risk of financial instability while encouraging the growth of its digital economy.
- Security Concerns and Cybercrime
As cryptocurrency continues to gain popularity in Nigeria, the risks associated with cybercrime and fraud will inevitably increase, threatening both individual investors and the broader market. The decentralised and pseudonymous nature of cryptocurrencies makes them attractive targets for cybercriminals, and without robust security measures, Nigeria could see an uptick in incidents of hacking, scams, and identity theft, as seen in countries like Japan and South Korea. In Japan, the Coincheck hack in 2018 saw cybercriminals steal over $500 million worth of cryptocurrencies, highlighting the vulnerabilities of exchanges in an under-regulated environment. Similarly, in South Korea, the exchange Upbit faced multiple security breaches, leading to the loss of millions of dollars’ worth of digital assets, which seriously undermined investor confidence in the local market. For Nigeria to avoid these pitfalls, it is essential that the government and crypto businesses work together to implement robust cybersecurity frameworks. These measures should include two-factor authentication, regular security audits, insurance coverage for digital asset theft (new opportunities for insurance companies), and anti-fraud regulations that hold businesses accountable for safeguarding their customers’ funds. Additionally, education around digital security is important to ensure users understand how to protect their private keys and avoid falling victim to phishing scams and fake investment schemes. If left unaddressed, these security concerns could erode trust in the cryptocurrency space, potentially derailing Nigeria’s ambitions to become a leading player in the global crypto market. By prioritising cybersecurity and collaborative efforts between regulators and crypto firms, Nigeria can build a more secure, trustworthy ecosystem that promotes innovation while protecting its citizens and investors.
The Future Role of Blockchain in Nigeria’s Digital Economy
While the road ahead is fraught with challenges, the future of cryptocurrency and blockchain in Nigeria remains bright, offering the potential to model the country into a leading digital economy. A well-crafted regulatory environment will be key to unlocking these opportunities, striking a delicate balance between encouraging innovation and mitigating risks such as cybercrime and market instability. For instance, Estonia’s approach, where blockchain is embedded in e-governance, healthcare, and financial services, has demonstrated how blockchain can drive efficiency and transparency while maintaining regulatory oversight. Similarly, Rwanda has explored blockchain to improve transparency in supply chains, boosting trust in sectors like agriculture and trade. By drawing from these examples, Nigeria can build a framework that encourages blockchain adoption in areas like financial inclusion, healthcare, and government services. This would not only offer Nigerians with easier access to financial services but could also empower underserved communities, especially those without access to traditional banking systems. Furthermore, by educating the workforce and powering a culture of technological innovation, Nigeria can create a thriving ecosystem of blockchain startups and fintech companies, attracting global investment and talent. As Nigeria positions itself as a hub for blockchain and cryptocurrency innovation, it will play a crucial role in shaping the future of Africa’s digital economy, driving growth, creating jobs, and ensuring that the benefits of the digital revolution are felt across the continent. Through smart regulation, concise education, and an emphasis on technology-driven solutions, Nigeria can harness the full potential of blockchain to drive economic growth, improve public services, and position itself as a global leader in the digital economy.
In conclusion, the cryptocurrency space in Nigeria should be growing at an unprecedented pace, and with this should come the pressing need for a thoughtful and comprehensive regulatory framework. While challenges such as regulatory uncertainty, financial literacy gaps, and security concerns continue to pose major obstacles, the opportunities for Nigeria are immense. By establishing clear and balanced regulations, Nigeria can avoid the pitfalls seen in other regions while positioning itself as a leader in cryptocurrency adoption across Africa. This framework would promote a thriving digital economy and pave the way for a more inclusive financial system, offering millions of Nigerians access to decentralised financial services, greater economic opportunities, and increased participation in the global digital economy. Moreover, with the right investments in education, infrastructure, and cybersecurity, Nigeria can cultivate a robust tech ecosystem that attracts global investors and innovators, creating jobs, driving economic growth, and unlocking the immense potential of blockchain and digital currencies. As the country steers through the complexities of regulation, it holds the key to shaping a future where blockchain and cryptocurrency are powerful drivers of financial empowerment, technological advancement, and economic prosperity, not just for Nigeria but for the broader African continent.
Thank you for the huge investment in time. Please follow my Medium: https://medium.com/@roariyo and LinkedIn: https://www.linkedin.com/in/olufemiariyo/ for more; or send an email to techtalk@freesia.com.ng
Mbah Factor and Tinubu’s Game-changing Trip to Enugu
President Bola Tinubu’s recent visit to Enugu State on the heels of Governor Peter Mbah’s performance marks a paradigm shift in All Progressives Congress-led government at the centre’s disposition to opposition and South East in particular.
Addressing the nation on the eve of the 1936 presidential election in which he was seeking a second term in the White House, having won the previous election in 1932, America’s 32nd President, Franklin Delano Roosevelt, expressed his indignation at a form of campaign he considered bitter. But the statesman, nevertheless, reaffirmed his belief that anyone worthy to be called the President of USA, should be able to rise above partisanship and adopt a wider worldview to build America.
In that important address at Madison Square, New York City, Roosevelt said, “I prefer to remember this campaign not as bitter, but only as hard-fought. There should be no bitterness or hate where the sole thought is the welfare of the United States of America. No man can occupy the office of President without realising that he is President of all the people.”
Regrettably, the dearth of this statesmanly disposition has been the bane of Nigerian politics and development, as leaders often see those who did not vote for them as nothing less than sworn enemies.
For instance, many easily point at the statements and actions following the 2015 presidential election as the lowest.
However, with his recent visit to Enugu state and other overtures, President Bola Tinubu appears determined to change the narrative, showing a much-needed capacity to differentiate and rise above an election and its bitter rhetoric and the leadership demanded of him as a president.
For various reasons, the South East has consistently given the ruling All Progressives Congress (APC) the least support since 2015. Former President Muhammadu Buhari polled 198,248 in the South East in 2015 and 403,968 in 2019, his highest ever. Tinubu got 127,370 votes. So, Buhari got more votes than Tinubu is his first term.
Asked how he intended to unite the country and give every tendency a sense of belonging after a bitterly fought 2015 election, Buhari responded, “Constituencies that gave me 97 per cent cannot in all honesty be treated equally, on some issues, with constituencies that gave me five per cent, I think these are political realities…. I see this as really fair.”
Conversely, hear President Tinubu in Enugu: “Election is over and we have to move the nation forward and you have demonstrated that commitment, an irrevocable commitment towards human development. I don’t care which party you come from. You are my friend. You are doing well and very focused. We must build this house called Nigeria to not just satisfy our immediate need, but our tomorrow too.
“It’s not about difference in languages and place of birth. No one of us has control of the mother tongue. You are created by God and you found yourself in Enugu or Onitsha or you find yourself in Lagos. We are all a member of one big huge family called Nigeria, but living in different rooms in the same house. This house, we must build it. We must build it to satisfy our immediate needs, which is not going to be enough yet, but our tomorrow too.”
Nothing can be more presidential and statesmanly. Facts show that Tinubu has treated the South East better. For instance, Tinubu appointed Rear Admiral Emmanuel Ikechukwu Ogalla from Enugu State as Chief of the Naval Staff, while Senator David Umahi from Ebonyi State was appointed the Minister of Works and Dr. Doris Uzoka-Anite as Minister of State, Finance.
Only recently, Nwakuche Ndidi Sylvester, who hails from Imo State, was appointed the Acting Comptroller-General of the Nigeria Correctional Service.
But beyond appointments, the President has made commitments to lifting the South East in terms of infrastructure and optimising its natural blessings like gas for the good of the region and the nation. It is recalled that while ex-President Buhari embarked on an ambitious $1.9bn 248km Chinese loan-funded project from Kano to Maradi in Niger Republic, the Eastern Rail Line, which traverses major towns and cities like Port Harcourt, Aba, Enugu, Otupko, Igumale, Makurdi, Kafanchan, Kuru, Bauchi, Gombe and all the way to Maiduguri, was neglected. This was a very sore point in the relationship between Buhari and the South East. Deputy President of the Senate and leader of the opposition at the time, Senator Ike Ekweremadu as well as Senator Enyinnaya Abaribe were among those who led the opposition against the exclusion both in and outside the parliament.
In one of his interventions on the matter, an angry Ekweremadu told told the Senate, “All the loans for railway projects by the current administration, totally excluded this vital corridor. But the questions are: Why would loans taken on behalf of Nigerians and to be repaid by all Nigerians exclude more than a half of the country from the benefits of such loans? Why should the South East, South South, North Central, and North East pay for what they were inexplicably excluded from enjoying? Fairness and equity demand that every part of the country should be carried along”.
It was on account of such protests that Buhari’s subsequent loan request for railway projects was thrown out by the Senator Bukola-Saraki-led Senate in 2018. But the $30bn external loan request was returned by Buhari, again to the exclusion of the South East, but was approved by the Senator Ahmad Lawan-led Senate amid uproar.
It was, therefore, not surprising that those nagging matters resurfaced at the president’s roundtable with the people of South East during the visit. In his presentation, former Minister of Power, Prof. Chinedu Nebo, while applauding the Tinubu Administration for completing the Port Harcourt – Aba Section of the Eastern Rail Line, appealed for the prioritisation of the remaining portions of the rail line to boost the region’s and nation’s economy.
On his part, the Secretary, Police Service Commission (PSC), Chief Onyemuche Nnamani who presented the zone’s requests, conveyed the region’s complaints about the many checkpoints and roadblocks that have negatively affected the economy of the people and increased security risk and traffic congestions. Also, Chris Ugo called for the development of the Anambra Basin to unlock the oil and gas reserves of about 30 billion cubic feet lying waste in the area.
Again, Tinubu’s reassuring words were a soothing balm to the hurting nerves of the region. “The question on the rail line is a work in progress. I inherited some of these critical problems and I am going to do it. On the gas infrastructure, sure, gas is an alternative fuel and there’s no wasting of time but to invest more in it. We will do it together,” he said.
Following the Enugu visit, which has been variously described as a masterstroke in building Southern solidarity and national cohesion, it is expected that the region’s dispositions to his person will improve as 2027 approaches, especially if he is able to fulfil his promises.
Even President Tinubu, could not help but confess to the palpable warm reception and affection he got from Enugu residents, starting from the airport and through the streets and event venues. He confessed the solidarity and kinship saying “it is a great turn-up for me to be in Enugu. It is a joy and I feel relaxed and at home with you. It is a homecoming for me. This is a serious demonstration of what we can do together and what we can build together.”
But noteworthy is the president’s wisdom in anchoring his South East rapprochement on Governor Peter Mbah. The President was clear that the Enugu visit would be his first official function in 2025. He was also aware that it would be his first official visit to any of the 36 states of the federation since his inauguration on May 29, 2023. But he was convinced that the trip was worth it. Mbah has no doubt distinguished himself in less than two years as governor and is nationally acknowledged as one of the shining lights and beacons of hope in the present dispensation.
On that visit alone, the President symbolically inaugurated from GTC, Enugu the 30 completed and equipped Enugu Smart Green Schools out of 260 under construction across the 260 wards in the state.
At New Haven Junction by Bisalla Road, he symbolically inaugurated 90 completed urban roads in Enugu City. He equally inaugurated the 5,000 combined multi-auditorium and multi-functional Enugu International Conference Centre after 17 years of abandonment by previous administrations. Tinubu further inaugurated the most ambitious and sophisticated state-of-the-art Command and Control Centre for the surveillance of the entire state as well as a matching 150 smart patrol vehicles with AI-embedded cameras for the Distress Response Squad, which is a special police unit. This unit, according to the government, will wear body cams and work with hi-tech communication equipment to prevent and fight crime. Instructively, these are a tip off the iceberg of Mbah’s efforts.
It is also against this backdrop and the fact that he accomplished all these in 18 months that Tinubu’s stamp on his government can best be appreciated. Among other paundits, the President announced, “He (Mbah) is doing a fantastic job. I am glad that Enugu got a very good tomorrow, today. I salute Peter Mbah for his commitment to development. You are a good leader and you are my friend. We can go places together, in harmony, building Nigeria, building the future. You are a private sector person; we must encourage more private sector people to come into politics.”