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.

Awba-Ofemili Development Union (ADU), through its Health Committee, has donated First Aid boxes to seven schools in Awba-Ofemili, Awka North Local Government Area of Anambra State, as part of its 2025 Community Health Awareness Campaign themed “Buruli Ulcer (Elu-Ulee): Know the Signs, Stop the Spread.”

The beneficiary schools are Progressive Primary School, Unity Primary School, Waterside Primary School, Central Primary School, Ege Migrant School, Community Secondary School, and Favour of Grace Academy.

Speaking during the presentation, the Chairman of the ADU Health Committee, Ogbuefi (Sir) Remmy Nweke, said the donation forms part of the Committee’s efforts to strengthen basic health response and promote first-aid education among pupils and teachers.

In addition, Nweke presented copies of his authored books; The Village Priest, Sagacity of a Digital Revolution, and A Decade of ICT Reportage in Nigeria, to all the schools, encouraging them to establish reading tables. The Committee’s Project Liaison, Prince Kenneth Akabueze, also donated sets of 40-leaf exercise books to support the initiative.

“This donation symbolises our community-driven approach to health care, empowering schools to respond swiftly to minor injuries and emergencies, while promoting awareness on hygiene, preventive health, and compassion,” Nweke said.

The distribution was carried out in collaboration with the Office of the President General of ADU, the Nigerian Red Cross Society (Anambra State Branch), and the Anambra State Primary Health Care Development Agency (ASPHCDA).

In his remarks, the President General of ADU, Hon. Chinedu Mebene, commended the Health Committee and partners for their dedication and vision, describing the project as “a model of community collaboration for grassroots health development.” He noted that the initiative not only strengthens school health systems but also instills civic responsibility and humanitarian values among students.

Representatives of the Nigerian Red Cross and ASPHCDA praised the effort, pledging continued partnership in first-aid training, school health promotion, and establishment of Red Cross units in local schools.

The Health Awareness Campaign, held at the Civic Centre, Awba-Ofemili, also featured health talks, free medical checks, and sensitisation on Buruli Ulcer prevention and personal hygiene.

The event drew wide participation from community leaders, teachers, students, and residents, reaffirming Awba-Ofemili’s growing commitment to proactive and inclusive community health development.

President Bola Tinubu has appointed Dr. John Nwabueze as the Tax Ombudsman in line with the provisions of the Joint Revenue Board of Nigeria (Establishment) Act, 2025.

Nwabueze, from Oshimili South Local Government Area of Delta State, has extensive professional and public service experience.

Announcing the appointment, Bayo Onanuga,  presidential spokesman, said Nwabueze had “served as Managing Partner of a reputable tax advisory firm, Technical Adviser to the Joint Senate Committees on the Federal Capital Territory and Finance of the National Assembly, and Technical Adviser to the Chief Economic Adviser to former President Olusegun Obasanjo, among other significant engagements in both the public and private sectors.

“Nwabueze holds a Doctor of Business Administration (Finance) from Walden University, Minneapolis, USA; a Master of Science in Accounting from Strayer University, Washington, D.C.; and dual Bachelor of Science degrees in Accounting and Mathematics from the University of Jos, Nigeria.”

Tinubu congratulated Nwabueze on this appointment and expressed confidence in his capacity to discharge the responsibilities of his office with integrity, diligence, and utmost professionalism.

Onanuga recalled that the Office of the Tax Ombudsman was established to strengthen transparency and accountability within the tax system, enhance confidence in tax administration, and provide a structured mechanism for the fair and impartial resolution of disputes between taxpayers and revenue authorities.

“The office shall be responsible for receiving, reviewing, and resolving complaints relating to taxes, levies, regulatory fees, customs duties, excise matters, and other related issues, in accordance with extant laws and regulations.

“The Tax Ombudsman is further mandated to ensure that disputes are managed in an efficient, impartial, and non-adversarial manner, thereby safeguarding the rights of taxpayers against the arbitrary or abusive exercise of authority by tax officials,” the presidential aide added.

From January 1, 2026, the Federal Government will begin implementing the new tax laws recently signed by President Tinubu on June 26.

The laws are the Nigeria Tax Act, 2025 (NTA), the Nigeria Tax Administration Act, 2025 (NTAA), the Nigeria Revenue Service (establishment) Act, 2025 (NRSEA), and the Joint Revenue Board (establishment) Act, 2025 (JRBEA).