🚨Crypto Kids Not Fraudsters, Says Nigerian Reps! 💸

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Key Highlights

  • House of Reps urges security agencies not to label young Nigerians in crypto as fraudsters.
  • Lawmakers call for collaboration between regulators and the inclusion of women in digital policy.
  • The committee plans to create Nigeria’s first full legal and regulatory framework for cryptocurrency.

The Nigerian House of Representatives has urged security agencies to stop labeling young Nigerians involved in cryptocurrency and blockchain activities as internet fraudsters. Because nothing says “innovation” like treating your citizens like they’re all scamming the government. 🚨

The call came on Monday during a public hearing held by the Ad-Hoc Committee on the Economic, Regulatory and Security Implications of Cryptocurrency Adoption and Point-of-Sale (PoS) Operations at the National Assembly Complex in Abuja. Because nothing says “progress” like a committee that’s finally realizing crypto isn’t just a fad. 🤷‍♂️

The session, chaired by Olufemi Bamisile, brought together lawmakers, regulators, fintech operators, blockchain associations, and crypto exchange leaders to discuss how to regulate digital finance without stifling innovation, according to local reports. Because nothing says “collaboration” like a group of people who’ve never touched a blockchain trying to figure out how it works. 🧠

Bamisile said the committee’s aim was not to clamp down on technology but to guide the government in creating effective laws. “Our goal is to create a framework that supports innovation without compromising security or financial integrity,” he stated. Because nothing says “visionary” like a government that’s finally admitting it’s clueless. 🤯

He warned against “misplaced aggression” by some agencies, particularly the Economic and Financial Crimes Commission (EFCC) and the Nigeria Financial Intelligence Unit (NFIU), saying that not every young person with a laptop and crypto wallet is a fraudster. He urged security agencies to build technical knowledge of blockchain operations to avoid harassing innocent innovators. Because nothing says “professionalism” like agencies that think “crypto” is a code word for “illegitimate.” 🤡

Lawmakers call for collaboration and inclusion

Other lawmakers, including Kama Nkemkama and Akinosi Gboyega, agreed with Bamisile’s statement. They said the meeting was a chance to bring law enforcement and technology experts together to plan how the country can move forward in the digital economy. Because nothing says “forward-thinking” like a government that’s only now realizing the internet exists. 🌐

Many called the hearing a historic moment because it was the first time the National Assembly had held such a broad discussion with verified crypto operators. Because nothing says “historic” like a group of politicians finally learning what a “blockchain” is. 🤓

Furthermore, Mawahin Adams, co-founder of Nigeria Women Bitcoiners, called on the government to include women’s voices in digital policy. She proposed a National Digital Asset Literacy and Inclusion Programme and suggested allocating a small percentage of crypto regulatory fees to fund education and awareness projects. Because nothing says “equality” like a government that’s only now noticing women exist. 👩‍💼

Balancing regulation, taxes, and technology

Lawmakers also discussed balancing regulation with taxation and proposed that there must be collaboration between the Central Bank of Nigeria (CBN) and other regulatory bodies, such as the Securities Exchange Commission and the National Information Technology Development Agency. Because nothing says “cooperation” like a government that’s still figuring out how to spell “collaborate.” 🤔

Blockchain expert Oye Benson proposed that Nigeria build its own local regulatory tools to monitor transactions and encourage transparency. Because nothing says “transparency” like a country that’s never been good at it. 🕵️‍♂️

The committee is expected to present its final report soon to help create Nigeria’s first complete legal and regulatory framework for cryptocurrency and digital finance. Because nothing says “revolution” like a government that’s finally catching up to the 21st century. 🕰️

Nigeria’s on-and-off history with crypto

Nigeria’s relationship with cryptocurrency has been long and dramatic, filled with curiosity, excitement, and regulatory issues. It all began in 2016, when the MMM Ponzi scheme made many Nigerians first hear about Bitcoin, the largest cryptocurrency. Although many people lost their money to the scheme, it opened their eyes to the idea of digital currency, and many, especially young Nigerians, see it as a way to make money to escape the country’s inflation. Because nothing says “financial freedom” like a government that’s devaluing its own currency. 💸

Over the years, the naira has kept losing value, and the price of things has gone up; as a result, more youths have turned to crypto as a safe haven. Today, millions trade or invest in crypto, making the country one of the biggest crypto markets in the world. Because nothing says “economic resilience” like a population that’s learned to trust digital coins more than their own government. 🏦

The use of Bitcoin gained more popularity during the EndSARS protest in 2020. During the protest, the protesters who got their accounts blocked by the government were able to raise funds through Bitcoin. This event made the government more concerned as they explored the idea of regulating the space. Because nothing says “paranoia” like a regime that’s terrified of a decentralized currency. 🛡️

Government pushback and the Binance clash

In 2021, the Central Bank of Nigeria banned banks from facilitating crypto transactions due to their use in fraudulent activities such as money laundering and terrorism. But that didn’t stop the people. Because nothing says “determination” like a population that’s too smart for their own good. 🧠

Many users switched to peer-to-peer (P2P) trading, where they could buy and sell directly without using banks. According to statistics from Breet, over $1.5 billion worth of trades were recorded in some quarter as of 2021. By 2022, at least 35% of Nigerian youth, with more than half under the age of 30, were now crypto investors. Because nothing says “financial literacy” like a generation that’s learned to trust algorithms over banks. 📈

Tensions continued into 2024 when the government went after major exchanges like Binance and OKX, accusing them of perpetrating criminal activities without proper oversight. At the time, Binance was accused of tax evasion in Nigeria on four accounts that include failure to pay value-added tax and company income tax, failure to file returns for taxes due, and complicity in customers’ evasion of taxes through the platform. Two Binance executives were even detained over the matter. Because nothing says “justice” like a government that’s more interested in chasing profits than enforcing laws. 🕵️‍♀️

Despite the crackdown, crypto has remained deeply rooted in Nigeria’s economy. With inflation high and the value of the naira still falling, many still see digital currency as a lifeline. For young Nigerians, it represents both opportunity and risk. Because nothing says “opportunity” like a country where the only thing more volatile than the currency is the government. 📉

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2025-11-11 21:10