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Nigerian Lawmakers Engage Crypto Stakeholders on Landmark Regulatory Framework
The House of Representatives Ad-Hoc Committee on the Economic, Regulatory and Security Implications of Cryptocurrency Adoption and Point-of-Sale (POS) Operations in Nigeria recently held a crucial meeting with regulators and virtual assets service providers (VASPs), through the Stakeholders in Blockchain Technology Association of Nigeria (SiBAN).
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.
The Chairman of the House Ad-hoc Committee on Cryptocurrency, Hon. Olufemi Bamisile, 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, Hon. 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.
Entrepreneurs backed by the Tony Elumelu Foundation (TEF) have generated more than $4.2 billion in cumulative revenue since the organisation began its grant programme in 2015, according to Somachi Chris-Asoluka, chief executive officer of the foundation.
Chris-Asoluka, revealed this during a virtual media briefing, where she also stated that over $100 million has been distributed to nearly 24,000 young entrepreneurs across Africa.
She noted that the beneficiaries of the programme have gone on to create about 1.5 million jobs, both directly and indirectly, across various sectors of the continent’s economy.
The performance, she said, has strengthened the resolve of the foundation and its partners to scale up financial support for emerging businesses.
Chris-Asoluka emphasised that the foundation’s interventions are anchored on the conviction that entrepreneurship is central to reducing poverty and reshaping Africa’s economic future.
She explained that selected participants receive a $5,000 seed capital grant, in addition to structured business training and mentorship designed to help them either expand existing enterprises or establish new ones.
Highlighting operational challenges faced by entrepreneurs, she identified inadequate electricity supply as a major constraint.
According to her, many small businesses spend as much as 60 per cent of their earnings on alternative power solutions, including generators and inverters.
To mitigate this challenge, she disclosed that Tony Elumelu, TEF founder, alongside the foundation’s leadership, has been engaging governments across Africa on the urgent need to improve power infrastructure.
She further stated that investments by programme beneficiaries cut across critical sectors such as agriculture, artificial intelligence, manufacturing, and technology innovation.
Chris-Asoluka also announced that the foundation’s 2026 cohort of entrepreneurs will be formally unveiled by Elumelu in Abuja.
A new financial operations platform, Morney, has officially launched in Nigeria to help businesses face growing pressure to digitise their finance processes as the country’s shift towards electronic invoicing.
Developed by Morzoe Technologies Inc. and introduced locally through its partner, BuySimply Services Limited, the platform is designed to help organisations streamline and automate financial workflows.
Speaking at the launch, Head of Growth at BuySimply, ‘Mide Olubi, said many Nigerian organisations still depend on fragmented systems such as emails and spreadsheets to manage expenses, supplier invoices and payments.
According to him, this approach often results in inefficiencies, delayed processes, weak oversight and a higher risk of errors.
He noted that Nigeria’s increasing adoption of electronic invoicing and tax digitisation frameworks is accelerating the need for structured and transparent financial systems. Businesses, he said, must move away from manual processes and adopt platforms that provide clear visibility into financial operations.
Morney integrates payments, procurement, expenses and invoicing into a single system, enabling finance teams to automate approvals, monitor transactions in real time and maintain accurate records.
The platform also supports supplier onboarding and invoice processing, helping organisations better manage operational spending.
The company revealed that businesses across sectors such as FMCG, manufacturing, energy, banking and telecommunications are already adopting the solution to improve efficiency and strengthen financial control.
It added that the partnership with BuySimply reflects a broader trend of digital transformation, as organisations respond to evolving regulatory requirements and the demand for more efficient financial management systems.
Dr Krishnan Ranganath (Krish) to Lead UniCloud Africa in Continental Digital Infrastructure Push
UniCloud Africa Limited, the premier pan-African cloud platform dedicated to advancing the continent’s digital sovereignty, has announced the appointment of Dr. Krishnan Ranganath as its Chief Executive Officer.
Dr. Krish, a seasoned industry leader known for building and scaling digital infrastructure while maintaining rigorous operational excellence, steps into the role as UniCloud Africa accelerates its mission to redefine the continent’s digital landscape.
The appointment coincides with the groundbreaking launch and immediate availability of UniCloud Africa’s enterprise-grade Sovereign Cloud and Artificial Intelligence (AI) infrastructure across six key markets: Nigeria, Ghana, South Africa, Zambia, Senegal, and Mozambique, even as it plans to launch in Kenya, Tanzania, DRC, Uganda, Ethiopia and Côte d’Ivoire as part of further continental expansion.
Operating under the mission of “One Cloud, One Africa,” UniCloud Africa provides governments and enterprises with a world-class, fully compliant sovereign cloud alternative to high-latency offshore providers,ensuring a robust, scalable foundation tailored to Africa’s unique environmental and economic needs.
“UniCloud sits at the epicentre of Africa’s cloud evolution. We are committed to deploying 100% sovereign infrastructure across the continent. My focus is on driving high-growth partnerships and scaling the next generation of resilient, sustainable cloud infrastructure to accelerate the evolution of the African digital ecosystem,” said Dr. Krish, CEO of UniCloud Africa Limited.
He disclosed that his focus at UniCloud Africa is on driving high-growth partnerships and scaling the next generation of resilient, sustainable cloud infrastructure, and will deploy GPUs in certain economies based on market potential and need.
While admitting that the challenges from AI integration to the green energy transition are immense, Dr Krish believes that the opportunities are greater. “I am eager to collaborate with our partners and customers to redefine the digital frontier and accelerate the evolution of the African digital ecosystem,” he added.
Ladi Okuneye, Co-founder and outgoing CEO (who remains as a director on the board) remarked: “As we enter this new chapter of growth, I am confident that Dr Krish’s extensive experience in the African digital landscape will add immense value. His technical depth and regional insight make him the ideal leader to drive UniCloud Africa forward.”
Before he was appointed CEO of UniCloud Africa, Dr. Krish was, until last month, the Regional Executive – West Africa at the Africa Data Centres (ADC).
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