Connect with us

Politics

Reps move to regulate crypto, POS operations

Published

on

The House of Representatives has set up an Ad-hoc Committee to review the regulations and security implications of cryptocurrency adoption and Point-of-Sale, POS, operations in Nigeria.

The Speaker, Tajudeen Abbas, while speaking at the ceremony on Monday stated that the committee became necessary amid allegations of fraud, cybercrime, and consumer exploitation in the digital finance space by the operators.

Ekwutosblog recalls that the House in November 2024 resolved to summon the Central Bank of Nigeria Governor, Olayemi Cardoso, and the Chief Executive Officers of money deposit banks to appear before it to propose solutions to the challenges posed by the lack of documentation of Point of Sale Users across the country.

 

The resolution comes after the consideration and adoption of a motion sponsored by the member representing Ehime/Mbano/Uboma/Obowo Federal Constituency, Imo State, who argued that cases of fraudulent activities within the financial system have been established against POS users.

According to the green chamber, it was aware that undocumented POS transactions create a loophole for fraudulent activities, such as identity theft, money laundering, and unauthorised transactions.

It noted that by enforcing the documentation of users’ identity, the incidence of fraud will significantly reduce and the security of financial transactions in Nigeria will be enhanced.

According to the Speaker, a regulatory framework has become necessary to address the loopholes identified in the works of virtual assets service vendors.

“It is because of the 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,” he said.

Politics

Electoral Reform: Dino alleges senate’s plot to rig 2027 election

Published

on

Former lawmaker, Dino Melaye Esq, has raised concerns over the Senate’s reported rejection of the electronic transmission of election results.

The move, according to Melaye, is a clear endorsement of election rigging and an indication of a sinister plan to rig the 2027 elections.

In a statement on Friday, the former lawmaker criticized the Senate’s decision, stating that it undermines the credibility of the electoral process.

The African Democratic Congress, ADC chieftain, also stated that the move opens the door for electoral manipulation and fraud.

He further warned that the rejection of electronic transmission of results is a step backwards for democracy in Nigeria.

Melaye called on lawmakers and citizens to stand up against “this blatant attempt to undermine the will of the people and ensure that future elections are free, fair, and transparent”.

Continue Reading

Politics

Electoral Act: Nigerians have every reason to be mad at Senate – Ezekwesili

Published

on

Former Minister of Education, Oby Ezekwesili, has said Nigerians have every reason to be mad at the Senate over the ongoing debate on e-transmission of election results.

Ezekwesili made this known on Friday when she featured in an interview on Arise Television’s ‘Morning Show’ monitored by DAILY POST.

DAILY POST reports that the Senate on Wednesday turned down a proposed change to Clause 60, Subsection 3, of the Electoral Amendment Bill that aimed to compel the electronic transmission of election results.

Reacting to the matter, Ezekwesili said, “The fundamental issue with the review of the Electoral Act is that the Senate retained the INEC 2022 Act, Section 60 Sub 5.

“This section became infamous for the loophole it provided INEC, causing Nigerians to lose trust. Since the law established that it wasn’t mandatory for INEC to transmit electoral results in real-time, there wasn’t much anyone could say.

“Citizens embraced the opportunity to reform the INEC Act, aiming to address ambiguity and discretionary opportunities for INEC. Yet, the Senate handled it with a “let sleeping dogs lie” approach. The citizens have every reason to be as outraged as they currently are.”

Continue Reading

Politics

Electoral act: Senate’s action confirms Nigeria ‘fantastically corrupt’, ‘disgraced’ – Peter Obi

Published

on

Former Labour Party presidential candidate, Peter Obi, has condemned the Senate’s refusal to make electronic transmission of election results mandatory, saying the move further exposes Nigeria as a fantastically corrupt and disgraced country.

Obi expressed his views in a statement shared on X on Friday, where he accused lawmakers of deliberately weakening Nigeria’s democratic process ahead of the 2027 general elections.

He explained that his reaction came after a brief pause to mourn victims of a deadly tragedy in Kwara State, where over 150 people reportedly lost their lives.

“Let us first pray for the souls of the innocent Nigerians lost in Kwara. That painful incident is why I delayed responding to the shameful development surrounding our electoral system,” he wrote.

Describing the Senate’s decision as intentional and dangerous, Obi said rejecting mandatory electronic transmission was not a simple oversight but a calculated attempt to block transparency.

“The Senate’s open rejection of electronic transmission of results is an unforgivable act of electoral manipulation ahead of 2027,” he said.

According to him, the action strikes at the heart of democracy and raises serious questions about the true purpose of governance in Nigeria.

“This failure to pass a clear safeguard is a direct attack on our democracy. By refusing these transparency measures, the foundation of credible elections is being destroyed. One must ask whether government exists to ensure justice and order or to deliberately create chaos for the benefit of a few.”

The former Anambra State governor linked the post-election controversies of the 2023 general elections to the failure to fully deploy electronic transmission of results, insisting that Nigerians were misled with claims of technical failures.

The confusion, disputes and manipulation that followed the 2023 elections were largely due to the refusal to fully implement electronic transmission,” he said.

He added that the so-called system glitch never truly existed.

Obi compared Nigeria’s electoral process with those of other African countries that have embraced technology to improve credibility, lamenting that Nigeria continues to fall behind.

“Many African nations now use electronic transmission to strengthen their democracy. Yet Nigeria, which calls itself the giant of Africa, is moving backwards and dragging the continent along.”

He criticised Nigeria’s leadership class, saying the country’s problems persist not because of a lack of ideas but because of deliberate resistance to meaningful reform.

“We keep organising conferences and writing policy papers about Nigeria’s challenges. But the truth is that the leaders and elite are the real problem. Our refusal to change is pushing the nation backwards into a primitive system of governance.”

Warning of the dangers ahead, Obi said rejecting electronic transmission creates room for confusion and disorder that only serves the interests of a small group.

He also recalled past remarks by foreign leaders who described Nigeria as corrupt, arguing that actions like this continue to justify those statements.

“When a former UK Prime Minister described Nigeria as ‘fantastically corrupt,’ we were offended. When former US President Donald Trump called us a ‘disgraced nation,’ we were angry. But our continued resistance to transparency keeps proving them right.”

Obi warned that Nigerians should not accept a repeat of the electoral irregularities witnessed in 2023.

“Let there be no mistake. The criminality seen in 2023 must not be tolerated in 2027.”

He urged citizens to be ready to defend democracy through lawful and decisive means, while also calling on the international community to closely monitor developments in Nigeria’s electoral process.

“The international community must pay attention to the groundwork being laid for future electoral manipulation, which threatens our democracy and development,” Obi stated.

He concluded by expressing hope that change is still possible if Nigerians take collective responsibility.

“A new Nigeria is possible but only if we all rise and fight for it.”

 

Continue Reading

Trending