By Gift Chapi-Odekina, Abuja
ABUJA — Speaker of the House of Representatives, Hon. Tajudeen Abbas, on Monday 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 inauguration in Abuja, Abbas said the initiative was necessary in view of rising concerns over fraud, cybercrime, and consumer exploitation within the digital finance ecosystem.
He noted that Nigeria’s economy had demonstrated remarkable resilience over the years, often rebounding from recessions and achieving growth across non-oil sectors, making it an attractive environment for emerging digital financial technologies.
However, Abbas cautioned that the vulnerabilities inherent in cryptocurrency operations must not be overlooked, particularly regarding their potential misuse for money laundering and terrorism financing.
He said the absence of clear regulations, coupled with the complexity and volatility of digital assets, had created an urgent need for legislative action.
“It is because of this lack of clear rules, coupled with the volatility and complexity of the technology, that the House of Representatives found it imperative to establish consumer protection measures and a regulatory framework for Virtual Assets Service Providers, including cryptocurrencies and crypto assets,” he stated.
Abbas explained that the committee would conduct public hearings and gather input from key stakeholders to guide the House in developing effective legislation and oversight mechanisms for digital currencies in Nigeria.
He assured that the 10th House of Representatives remained committed to safeguarding the nation’s economy and citizens from risks associated with emerging financial technologies, while supporting President Bola Tinubu’s broader economic reform agenda.
In his remarks, the Chairman of the Committee, Hon. Olufemi Bamisile (APC–Ekiti), emphasized the national importance of the assignment, describing it as an effort to balance financial innovation with national security.
“We have been entrusted with a task of national significance — to review the economic, regulatory, and security implications of cryptocurrency adoption and POS operations in Nigeria,” Bamisile said.
He noted that while digital finance had expanded opportunities for innovation and inclusion, it also presented serious risks such as cybercrime, fraud, money laundering, and regulatory uncertainty.
According to him, the committee’s work would focus on developing a robust legislative and regulatory framework that fosters innovation while protecting citizens and the integrity of Nigeria’s financial system.
Bamisile said the committee would collaborate with relevant regulatory and security 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 and Other Related Offences Commission (ICPC), and the Nigeria Police Force.
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