POLITICS
Reps Demand Review of N500m to N1bn Capital Requirement for Crypto Service Providers
By Ubong Ukpong, Abuja
The House of Representatives Ad-Hoc Committee on the Economic, Regulatory, and Security Implications of Cryptocurrency Adoption and Point-of-Sale (POS) Operations in Nigeria has described the N500 million to N1 billion capital requirement set by the Securities and Exchange Commission (SEC) for Virtual Assets Service Providers (VASPs) as too high and prohibitive.
The Committee, chaired by Hon.
Olufemi Richard Bamisile, made the observation during its technical session with key regulatory and security agencies held at the National Assembly Complex, Abuja, on Monday, 13 OctoberLawmakers noted that while regulation of the cryptocurrency sector is essential, the current capital threshold could stifle innovation, discourage legitimate investors, and exclude emerging entrepreneurs, particularly young Nigerians, who hold the potential to drive economic growth and Nigeria’s digital transformation.
The Committee therefore urged the SEC to review the capital requirement to make it more accessible and inclusive.During the session, the Economic and Financial Crimes Commission (EFCC) informed the Committee that all confiscated virtual and digital assets linked to criminal activities are currently in its custody. The Commission disclosed that it maintains dedicated digital wallets across its zonal offices for the safekeeping of such assets.
In response, the Committee directed the EFCC to provide comprehensive records of all digital asset confiscations to support its ongoing legislative review and policy recommendations.
Hon. Bamisile reaffirmed the Committee’s commitment to developing a regulatory framework that balances innovation with oversight, safeguards the financial system, and promotes transparency, youth inclusion, and national security in Nigeria’s digital economy.
The Committee, however, expressed displeasure over the failure of several key institutions, including the Office of the National Security Adviser, Central Bank of Nigeria, Nigerian Communications Commission, Federal Inland Revenue Service, Ministry of Finance, and Ministry of Communications, Innovation and Digital Economy, to honour its invitation to the meeting. The Chairman urged these agencies to take seriously the economic and security implications of the rapidly evolving digital finance sector.
WAEF Urges Credible, Peaceful Elections in Guinea-Bissau
From Mike Tayese, Yenagoa
The West African Elders Forum (WAEF), led by former Nigerian President Dr. Goodluck Jonathan, has called on the authorities in Guinea-Bissau to take all necessary steps to ensure that the upcoming presidential and parliamentary elections scheduled for November 23 are transparent, inclusive, and credible.
Concluding its three-day pre-election mission to Guinea-Bissau last week, the Forum urged the country’s electoral management body, the Comissão Nacional de Eleições (CNE), the Constitutional Court, and other relevant institutions to maintain strict neutrality and independence in the conduct of the polls.
According to Dr. Jonathan, building public confidence in the electoral process is essential for peace and stability in the region.
“We want a stable West Africa. Many of the crises we face in the region are election-related. Since the formation of the West African Elders Forum, we have undertaken missions to countries before, during, and after elections to help ensure peace and stability,” he said after the members paid a courtesy call on resident Umaro Sissoco Embaló in the State House in Bissau.
In a statement issued and made available to our correspondent via email by the Communications Officer, Goodluck Jonathan Foundation, Wealth Dickson Ominabo said, the WAEF delegation met with a broad spectrum of stakeholders, including President Umaro Sissoco Embaló, Interior Minister Botche Candé, members of the National Electoral Commission, the President and Justices of the Supreme Court, and representatives of civil society.
Dr. Jonathan emphasized that the Forum’s visit was a fact-finding mission aimed at assessing the level of preparedness of institutions responsible for the upcoming elections.
He added that WAEF’s approach focuses on strategic engagement to encourage dispute resolution through dialogue, respect for the rule of law, and support for peaceful democratic transitions across West Africa.
The West African Elders Forum (WAEF) is a non-partisan platform made up of former leaders and statesmen from West Africa. It works to prevent and mitigate electoral-related conflicts and promote peace, democracy, and stability in the region.
POLITICS
Reps Accuse DisCos of Crippling Nations’ Power Supply System
By Ubong Ukpong, Abuja
The House of Representatives on Wednesday, accused the electricity Distribution Companies (DisCos) in the country, of crippling the nation’s electricity supply system.
The House Ad hoc Committee investigating Nigeria’s power sector reforms and expenditure from 2007 to 2024, said that the DisCos wallowed in years of poor investment, inadequate expansion, and failure to meet obligations outlined in their original business plans.
Speaking during an investigative hearing, Chairman of the committee, Arch. Ibrahim Almustapha Aliyu, said most distribution companies had misled the government at the point of acquisition, presenting impressive business plans but failing to deploy the required resources to upgrade substations, transformers, and distribution networks more than a decade after privatization.
He expressed shock that despite claims by the Transmission Company of Nigeria (TCN) that it can wheel up to 8,000 megawatts, the DisCos continue to take only about 4,000 megawatts due to limited infrastructure, a problem he said is self-inflicted.
According to him, the power distribution firms have “refused to invest, refused to expand, and refused franchising options,” thereby creating the conditions for energy theft, meter bypassing, and consumer apathy across the country.
“You have caused this problem because you could not expand from what you inherited,” he said. “For 13 to 14 years now, if you had made the necessary investments, substations, up-to-date transformers, proper network expansion, there would be no issue. You would uptake more energy, the cost would be lower, and Nigerians would be happy.”
He noted that many consumers resort to illegal connections because they are billed monthly for electricity that is either not supplied or grossly inadequate.
“How do you expect someone whose monthly bill equals his salary to keep paying? People will look for alternatives. And your refusal to invest has contributed to this unholy attitude of bypassing and stealing energy,” he said.
The committee chairman reminded the DisCos that Nigerians enjoyed better supply under the defunct NEPA/NITEL-era systems in some areas, and expected significant improvements after private investors took over the assets.
He further challenged the DisCos to reconcile their earlier claims of competence and financial capacity with their current inability to meet tariff obligations, network expansion expectations, and service delivery benchmarks.
Chief Regulatory and Compliance Officer of Kaduna Electric, Dr. Mahmood Abubakar said about 60 percent of electricity supplied nationwide is subsidised, a situation the company said has continued to weaken investor confidence and limit the ability of distribution companies (DisCos) to make the necessary capital investments.
He said during the hearing that only about 40 percent of electricity, largely consumed by Band A customers, is cost-reflective, while the rest depends heavily on government subsidies that are often delayed or unpaid.
According to him, the current subsidy structure distorts billing, revenue collection, and the ability of DisCos to expand infrastructure more than a decade after privatisation.
“If we go strictly by the multi-year tariff order, about 60 percent of the energy consumed in Nigeria is subsidised by the government. Only Band A pays the reflective tariff. Even then, we have Band A feeders recording up to 80 percent energy losses due to theft and bypasses, making full recovery impossible,” he said.
Abubakar explained that because DisCos cannot recover their full revenue requirement, they cannot secure investments or loans needed to upgrade their networks.
He added that the delay in the payment of subsidies affects the entire value chain, particularly affecting generation companies’ ability to pay for gas, thereby affecting power production.
“The subsidy is not forthcoming as and when due. It comes whenever the government decides to pay. That is the reality, and it affects everyone. We cannot pay our market invoices fully, the Gencos cannot fulfil firm contracts with gas suppliers, and the whole chain is weakened,” he said.
POLITICS
Labour Party Ward Congresses Kick Off Across States
By Mike Odiakose, Abuja
The Labour Party has commenced its congresses across the states with the exception of Abia state, with the election held across all the electoral wards in Nigeria.
According to the party’s guidelines, the ward Congress holds today Tuesday December 2, while the Local Government Congress will hold Thursday December 4.
The State Congress is expected to hold on Saturday December 6 at the party headquarters across the states.The LP Spokesman, Obiora Ifoh said in a statement that the Abia state Congress was put on hold after a State High Court in Abia restrained the party from going ahead with the Congress in the state pending the determination of charges filed against the state leadership of the party.
Though the party resolved to comply with the order, even though the court lacks jurisdiction, the party’s legal department has already taken steps to vacate the order. This will enable Abia state to hold its own Congress at a later date.
The supervision teams sent by the national leadership to some of the venues have returned positive reports on the progress of the congresses nationwide.
At its NEC meeting held on Friday, November 28 and attended by officials of the Independent National Electoral Commission, the party resolved to reposition the party by ensuring that leaders of the party across board emerge democratically and in line with the electoral law and the constitution of the Federal Republic of Nigeria.
The Labour Party is calling on Nigerians to embrace the party ahead of the 2027 general election. We are repositioning to improve on our capacity to drive the leadership of this great nation soonest.
“However, we are not unmindful of the activities of the fifth columnists planted in the party to create unnecessary friction and to destabilize the unity in the party. While some of them have repented and are being absorbed back into the party, some have nonetheless chosen to stay and continue to play out the script of their paymasters.
“We want to inform them that disseminating falsehood all in the name of propaganda, is a serious crime. In the Criminal Code Act, Section 59 makes it a crime to publish false statements, rumors or reports that are likely to cause fear and alarm to the public. This attracts a huge consequence for the peddlers of such fake news.
“Publishing a fake news that a court has cancelled the Labour Party Congresses nationwide, while knowing that it was done falsely and for the intent of causing panic amongst Nigerians particularly, Labour Party members is a crime and can attract dire consequences. We therefore warn these merchants of falsehood to desist from such shenanigans or we will have no option but to commit them to prison.
“The Julius Abure leadership of the Labour Party is determined to move the party forward by making it attractive for every Nigerian desirous of leadership to achieve their political ambition. We have therefore taken the painful decision to move on, leaving behind anyone not willing to meet up with the pact.”
POLITICS
Senate Pushes Bill for Toll-free Emergency Number Nationwide
By Eze Okechukwu, Abuja
The senate has kick-started pushing for a bill seeking to establish a uniform, toll-free national emergency number for all across every state in Nigeria.
The legislation titled: ‘A Bill for an Act to Establish the National Emergency Toll Service (NETS) to Provide Uniform, Accessible and Rapid Emergency Response Through a Dedicated Toll-Free Number Nationwide, to Empower the Nigerian Communications Commission as the Regulator and for Related Matters, 2025 (SB 402)’ was brought to the floor of the Senate yesterday by Senator Abdulaziz Yar’adua (Katsina central).
Leading the debate on the general principles of the Bill, he said the proposed law would harmonise Nigeria’s multiple emergency helplines into a single, easy-to-remember three-digit number, such as 112 or an alternative agreed after a public hearing.
Speaking further, Senator Yar Adua revealed that countries like the United Kingdom and the United States have improved emergency outcomes with 999 and 911, while India adopted a unified emergency number in 2014 and wondered why Nigeria should operate several helplines for police, fire service, ambulance response, domestic violence, child protection and disaster management.
He said that Lagos alone has several toll-free numbers linked to different agencies, describing the idea as confusing and counterproductive during emergencies.
“Therefore, a toll-free emergency number would go a long way in ensuring that Nigerians in distress are just a call away from the relevant emergency institutions,” the senator said.
“The number would provide a one-stop shop for receiving distress calls from the public and dispatching the same to appropriate response agencies, who will respond to the needs of callers.”
He said calls or text messages to the national emergency line would automatically route to the nearest response centre, taking advantage of the fact that many Nigerians use mobile phones.
Ali Ndume, senator representing Borno south, supported the bill and described it as “timely, very important, and urgently needed”.
“If we do this, we will be enhancing our security architecture and contributing significantly to solving the criminalities affecting the country,” he said.
“One of the impediments we are facing during this security crisis is lack of communication by various security agencies.”
Tahir Monguno, senate chief whip and senator representing Borno north, also backed the proposal.
He said the country must provide a simple and obstruction-free channel for citizens to report suspicious activities.
“This bill gives muscular expression to the need for the general public to report what they see,” he said.
Barau Jibrin, deputy senate president, who presided over the plenary, described the bill as a “wonderful arrangement to help the people of this country whenever it is implemented”.
The bill was referred to the senate committee on communications to report back in four weeks.
If passed, the bill will empower the Nigerian Communications Commission (NCC) to regulate the system and ensure nationwide accessibility to emergency services.

