The Speaker of the House of Representatives, Abbas
Tajudeen, has inaugurated an ad hoc committee to review the
economic, regulatory, and security implications of cryptocurrency adoption
and Point-of-Sale (PoS) operations in Nigeria.
Speaking at the committee’s inauguration on Monday
in Abuja, Tajudeen said the move followed growing public concern over fraud,
cybercrime, and consumer exploitation in Nigeria’s expanding digital
finance space.
“The Nigerian economy has shown remarkable resilience
over the years, bouncing back from recessions and recording impressive growth
in non-oil sectors. It is safe to conclude that the cryptocurrency trade will
thrive in such a robust economic environment,” the Speaker said.
Balancing Innovation with Security
While acknowledging the opportunities in digital
currencies, Tajudeen cautioned against ignoring their potential risks.
“There are real concerns about cryptocurrency’s
susceptibility to terrorism financing and money laundering, given its opaque
nature, dubious regulatory framework, unclear governance structure, and lack of
accountability,” he warned.
He explained that the committee’s main task is to gather
input from stakeholders through public hearings to help develop a legislative
framework that supports innovation while protecting consumers and the
financial system.
“This committee will help guide the House in creating
appropriate laws for regulating virtual assets and in exercising oversight on
digital currency activities in Nigeria,” Tajudeen added.
He reaffirmed the 10th House’s commitment to
supporting President Bola Tinubu’s economic reforms while safeguarding
national security and financial stability.
Committee’s Mandate
The committee, chaired by Rep. Olufemi Bamisile
(APC–Ekiti), is expected to collaborate with relevant agencies, including
the Central Bank of Nigeria (CBN), Securities and Exchange Commission
(SEC), Nigeria Deposit Insurance Corporation (NDIC), Nigerian
Financial Intelligence Unit (NFIU), Economic and Financial Crimes
Commission (EFCC), Independent Corrupt Practices Commission (ICPC),
and the Nigeria Police Force.
Bamisile described the assignment as a matter of
“national importance,” noting that the goal is to balance financial
innovation with robust regulatory safeguards.
“Our focus will be on developing a legislative and
regulatory framework that encourages innovation while protecting citizens and
the integrity of the nation’s financial system,” he said.
He assured that the committee will adopt a consultative,
evidence-based approach, engaging stakeholders from the banking,
fintech, civil society, and security sectors to ensure inclusiveness.
Background
The move comes just three days after CBN Governor
Olayemi Cardoso called for a collaborative and pragmatic approach to
cryptocurrency regulation in Nigeria.
Speaking at the inaugural CBN Governor’s Lecture
Series held at the Lagos Business School, Cardoso noted that digital
currencies are evolving rapidly and urged regulators to close existing gaps
that allow unregulated crypto trading to flourish.
He said the CBN, in partnership with the SEC
and other agencies, is developing a sustainable framework to manage the
risks and opportunities presented by virtual assets in the financial system.
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