Politics
Reps move to regulate crypto, POS operations
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.
FCT Minister and former governor of Rivers state, Nyesom Wike, has said that any senator, House of Representatives Member, Minister, or governor who supports betrayers will suffer betrayal in their lives and that such person will join their creator when they experience their own betrayal.
Wike who is currently in a running battle with his godson and incumbent governor of Rivers state, Sim Fubara, said this while speaking at a public function in the state today February 6.
Speaking to the crowd at the public function, Wike said
‘’Wether you are a Senator, House of Reps member, a Minister or Governor, and you support betrayers, people will continue to betray you in life. You see people who betray and support them, betrayal is your portion! Betrayal is your portion! and that day you will not have mouth to say anything and there you will collapse and there you will go and they will announce such person has died because that is the seed you have planted because whatever you plant, you reap and so since you are sowing betrayal, betrayal will always follow you.
Watch! Every governor who is doing his second term and has ambition to put a successor and is supporting betrayals, you will never survive it. Betrayal will follow you. From the day your successor comes in. My own took so many months, your own will start immediately the person has been inaugurated. That is what the gods of the land have told me to tell all of you’’
https://www.instagram.com/reel/DUdaCp1jD01/?igsh=MWVnZXoyaGNmOGJ5dA==
Chairman, Policy Manifesto Committee of the African Democratic Congress, ADC, John Odigie-Oyegun, says former president Muhammadu Buhari gave him the shock of his life, six months into his administration as Nigeria’s leader.
Oyegun made this disclosure on Friday when he featured in an interview on Arise Television’s ‘Prime Time’.
He revealed that as National Chairman of the All Progressives Congress, APC, he went to tell Buhari that he was not delivering his election promises to Nigerians but that the late president told him he would not rule with strictness, but rather wanted to show Nigerians that he is a true civilian president.
The former APC National Chairman lamented that it became business as usual, from there.
“I was national chairman of the APC. Six months or less into our assuming office, fairly alarmed, I went to the late President Buhari for a one-on-one talk. I said Mr President, this is not what the people were expecting. They wanted a bit of the old president Buhari.
“And he explained to me, Mr Chairman, I have learned my lesson. I was shocked. And don’t forget at that time, a lot of prominent Nigerians took their holidays abroad, just to be sure and see what this new sheriff in town will be.
“Buhari told me he wants to now show the people that he’s a true civilian president in Agbada. And by the time we finished the conversation, I said Oh God, we are finished. Because, if he’s not ready to be strict, what’s the point?
“Weeks later, months later, years later, I was proven correct. And of course, it became business as usual, only that they are a new set of tenants in Aso Rock. That was a shocker,” he said.
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”.
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