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Reps Demand Review of N500m to N1bn Capital Requirement for Crypto Service Providers

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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 October

Lawmakers 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

Labour Party Fixes National Convention April 28

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The Labour Party has fixed its national convention for April 28 in Umuahia, Abia.

The party also officially released the list of chairmen and members of its electoral sub-committees for the forthcoming congresses in all the states of the federation.

Senior Special Adviser (Media) to the Interim National Chairman, Ken Asogwa, made these known in a statement issued on Tuesday in Abuja.

The party had earlier announced the timetable for its congresses, with ward congresses scheduled for April 23, local government congresses, April 24 and state congresses April 26.

According to Asogwa, the sub-committees, made up of experienced and respected party members, have been constituted to oversee the conduct of the congresses in their respective states.

He listed the chairmen to include: Iheanacho Obioma (Abia); Francis Kim (Adamawa); Ekong Solomon (Akwa Ibom); Chief Tony Asuoha (Anambra); Malam Mustapha Adamu (Bauchi); Beredugo Ebimonyo (Bayelsa) and Chief John Ochoga (Benue).

Others are: Urom Iyang (Cross River); Chuks Onitsha (Delta); Chief Mitchell Nwabueze (Ebonyi); Dr Saliu Edogiawerie (Edo); Usman Mohammed (Niger); Owolabi Ezekiel (Ogun); Charles Afolabi (Ondo); Balogun Ibrahim (Osun); Babatunde Yusuf (Oyo); Fakorede Matthew (Ekiti) and Dr David Ogba (Enugu).

Also included are: Adoga Knaabayi (Gombe); Chinagorom Nwankpa (Imo); Mustapha Garba (Jigawa); Dr Emmanuel Barau (Kaduna); Kabiru Said (Kano); Pastor Ishaku Izang (Plateau); Amaobi Ogah (Rivers); Prof. Muhamuda Muhammad (Sokoto); Jesse Williams (Taraba); Mukhtar Hassan (Yobe) and Haila Baja (Zamfara).

Also, Ismail Bello (Katsina); Muh’d (Birnin Kebbi); Samuel Ajare (Kogi); Bodunde Adebayo (Kwara); Chukwuemeka Ogbanna (Lagos); Dr Muttaqa Yushau (Nasarawa) and Rose Uba-Anarah (FCT).

Asogwa quoted the National Chairman of the party, Sen. Nenadi Usman, as urging the chairmen and members to carry out their responsibilities with utmost fairness, transparency and integrity.

Usman reminded them of the party’s core values of equal opportunity and social justice, urging them to reflect these principles in the discharge of their duties.

She stressed the need for diligence and commitment, noting that the credibility of the party must be upheld throughout the congress process.

The statement assured that all necessary arrangements had been put in place to ensure a smooth, successful, and hitch-free convention.

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POLITICS

2027: Ahmadiyya Leader Sees Hope in Adewole Adebayo if Youths Organise

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By Mike Odiakose, Abuja

The Amir and National Head of the Ahmadiyya Muslim Jama’at of Nigeria, Alatoye Abdulazeez, has urged Nigerian youths to unite politically and strategically, identifying Adewole Adebayo as a potential leader capable of driving national transformation if given collective support.

Speaking during an interview, Abdulazeez emphasized that Nigeria’s progress hinges largely on the ability of young people to organize themselves beyond tribal, religious, and financial inducements, and to rally behind credible leadership.

According to him, while several young candidates have emerged in past elections, their failure to build strong alliances allowed older political forces to maintain dominance.

He noted that the case of Adebayo, a lawyer and businessman who contested under the Social Democratic Party (SDP), presents an opportunity for a different political direction if youths can act in unity.

“If the younger generation is sure that Adewole Adebayo can deliver, they should team up with him, get things right, and encourage other youths across tribes to see themselves as one,” Abdulazeez said.

He stressed that Nigeria is currently in what he described as a “storming stage” of nationhood, where divisions along ethnic and regional lines continue to hinder development.

He warned that unless a “national norm” is established—where citizens prioritize unity over sectional interests—the country may struggle to reach its full potential.

The cleric further advised youths to avoid electoral inducement and reject divisive politics, urging them instead to focus on long-term nation-building.

“We must move from where we are to the next stage. Otherwise, we will keep moving in the same direction,” he added.

Beyond politics, Abdulazeez reiterated the Ahmadiyya motto, “Love for All, Hatred for None,” as a guiding principle for national cohesion, stressing that religion should be a force for peace rather than division.

He condemned terrorism and violence carried out in the name of religion, insisting that such acts contradict Islamic teachings.

On governance, he acknowledged efforts by President Bola Ahmed Tinubu, noting that while progress has been made in some areas, more attention is needed in critical sectors such as power and economic management.

Abdulazeez concluded with a call for collective responsibility among citizens, particularly the youth, to reshape Nigeria’s future through unity, moral discipline, and active participation in governance.

“Leadership is not just about those in office,” he said. “It is also about those who choose them.”
End

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ENSIEC Fixes 2026 Council Election Timetable Sept 26

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 From Sylvia Udegbunam, Enugu

The Enugu State Independent Electoral Commission (ENSIEC) have released a revised timetable for the 2026 local government elections.

ENSIEC Chairman, Prof. Christian Ngwu, presented the updated schedule to journalists in Enugu.

Ngwu said the framework outlines activities leading to elections on Sept.

 26 and re-run polls on Oct.
10.

He explained the adjustments followed the repeal of the Electoral Act 2022 and enactment of the Electoral Act 2026.

 “The revised timetable aligns with the new law and other relevant statutes guiding elections in the state,” he said.

He recalled ENSIEC earlier issued a notice on Aug. 20, 2025 alongside an initial timetable.

According to him, party primaries will be held from Jan. 23 to May 26.

“Campaigns will begin on April 29 and end on Sept. 25, 24 hours before polling,” Ngwu added.

He said submission of nomination forms closes on May 29, while candidates’ particulars will be published on June 19.

“The final list of candidates will be released on July 27,” he stated.

Ngwu added that submission of polling agents ends on Aug. 31, while the official notice of poll comes on Sept. 11.

He confirmed elections will be held on Sept. 26, with voting from 8:00 a.m. to 3:00 p.m. using the open secret ballot system.

 “In case of inconclusive results, re-run elections will be conducted on Oct. 10,” he said.

Ngwu stressed the timetable was issued under the commission’s constitutional mandate and in compliance with the Electoral Act 2026.

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