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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.

POLITICS

APC’s Kojo Sam Vows to Secure Bayelsa East for Tinubu in 2027

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From Mike Tayese, Yenagoa

All Progressives Congress (APC) chieftain in Bayelsa State, Dr Kojo Sam, has vowed to deliver 100 percent of the votes for the re-election of President Bola Tinubu in the 2027 presidential election.

Dr Kojo Sam stated this during a consultative visit by the Chairman of Bayelsa APC, Hon Warman Weri Ogoriba, and members of the State Working Committee at his country home in Okpoama, Brass Local Government Area of Bayelsa State.

Kojo Sam, a businessman and philanthropist, declared that he is unwavering in his unalloyed support for President Tinubu and the All Progressives Congress and would ensure Bayelsa East is delivered to the President.

He explained that his support for the APC, which dates back to its formation in 2013, is predicated on the ideals and ideological direction of the party, which is geared towards improving the lives of Nigerians.

Dr Kojo commended President Tinubu for his bold economic reforms, which, according to him, are already yielding fruits, with stability in the macroeconomic indices in the country.

He dismissed efforts of opposition parties to make inroads in Bayelsa East, stressing that the people of Bayelsa East, especially in Nembe and Brass, are in full support of President Tinubu’s re-election.

Dr Kojo also applauded Governor Douye Diri for his leadership and peaceful disposition, which has strengthened the APC at the grassroots.

He seized the opportunity to commend Hon Ogoriba for conducting the affairs of the party in a transparent manner, which has given all members a sense of belonging.

‘’Today I have the privilege of hosting the APC Bayelsa State Executive Committee at my country home in Okpoama, Brass. We had a very productive and frank discussion on the future of the party in Bayelsa, strengthening our structures and promoting unity. I commend the leadership of Governor Douye Diri and the party chairman for the inclusive leadership which has strengthened the party. I want to assure the party that in 2027 President Bola Tinubu will coast to victory in Bayelsa East.   

Hon Ogoriba, in his remarks, described Dr Kojo Sam as a critical stakeholder whose support for the APC has been instrumental in the several victories recorded by the party.

According to him, the consultative visit was to appreciate Dr Kojo Sam for his steadfast contributions, commitment and sacrifices towards the advancement of the party and its electoral fortunes.

Hon Ogoriba noted that the APC leadership in the state has total confidence in the ability of Dr Kojo Sam to galvanise the people of Bayelsa East towards the re-election of President Bola Tinubu.

He noted that the visit allowed the party leadership to deliberate with Dr Kojo Sam on strengthening the party at the grassroots, fostering greater unity among party stakeholders.

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POLITICS

2027: Ebonyi APC Chairman Tasks Candidates to Intensify Grassroots Mobilization

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From Godwin Okah, Abakaliki

The Chairman of the All Progressives Congress (APC) in Ebonyi State, Chief Stanley Emegha, has warned party stakeholders in Onicha Local Government Area against fractionalization, urging them to unite and work for the party’s victory in all elective positions in the 2027 general elections.

Emegha said the APC could only consolidate its political strength in the council if its leaders and members put aside personal interests, embrace peace and strengthen the party’s structures ahead of the elections.

The APC chairman spoke while addressing stakeholders and leaders of the party from Onicha LGA and the Southern Senatorial District at the party’s state secretariat on Waterworks Road, Abakaliki.

The meeting, attended by serving and former political office holders as well as community and opinion leaders from various autonomous communities in Onicha, reviewed the challenges confronting the party and prospects for the 2027 elections.

Emegha appealed to stakeholders to jettison personal political ambitions capable of causing division, stressing that the APC remained one united and indivisible family.

He said: “There is a need for peace and unity among all our stakeholders. We must put the overall interest of the party above personal political pursuits. There should be no further factionalization because APC is one united family.”

The party chairman also commended APC candidates from Onicha LGA for their efforts in reaching out to the electorate but charged them to intensify their grassroots engagements ahead of the commencement of campaigns.

He said stronger interaction with voters at the grassroots would make mobilisation easier and further strengthen the party’s chances at the polls.

The Chairman of Onicha LGA, Ikechukwu Ogbofia, applauded the state leadership for convening the meeting, disclosing that he had earlier met with stakeholders in the council, where they agreed to work together in peace and unity.

Ogbofia assured the state chairman that similar meetings would be taken to all electoral wards in the council before the commencement of campaigns to consolidate unity among members.

Former Deputy Governor of Ebonyi State, Chigozie Ogbu, who spoke on behalf of Onicha stakeholders, promised that all outstanding issues among party leaders would be resolved amicably.

Ogbu also assured the APC leadership that the people of Onicha would vote massively for all the party’s candidates in the 2027 elections.

Former Onicha council chairman, Chidiebere Agwu Uzor, equally declared that the APC had no serious challenger in the local government.

He expressed confidence that the party would secure victory in all positions during the elections.

The meeting subsequently resolved that APC candidates from Onicha should immediately intensify grassroots engagement.

DAILY ASSETS reports that the party leadership explores further measures to strengthen its structures and resolve outstanding concerns ahead of the 2027 polls.

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POLITICS

2027: Abba Moro Launches Campaign for Re-election Bid

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From Attah Ede, Makurdi

The Senate Minority Leader and Senator representing Benue South senatorial district, Abba Moro, on Saturday launched a campaign for his reelection for the 2027 general elections, just as the Benue South All Progressives Congress (APC) endorsed his re-election bid.

Moro, who is the candidate of the People’s Democratic Party (PDP), received endorsement from the members of the ruling All Progressives Congress APC as their sole candidate for the 2027 senatorial election in the zone.

Speaking during the launching which was held at Otukpo, Otupko Local Government Area (LGA), Senator Moro dared, governor Hyacinth Alia to show any projects his administration has sited in senatorial zone

He explained that despite Alia collecting huge amounts from the Federation Account, he has failed in his responsibility to cater for the needs of the people of Zone C, adding that as the representative of the people he would not shy away from pointing out to the governor his shortcomings.

The lawmaker observed that due to the neglect the people of the senatorial district were now looking up to him, as their representative at the NASS, to provide their needs, which ordinarily should be provided by the Alia administration.

According to Moro, APC and PDP in Zone C, were in a strategic alliance to ensure his return and secure a second term for President Bola Tinubu.

In his speech, the immediate past Governor of Benue State and leader of the Peoples Democratic Party (PDP) in the state and the North-Central region, Chief Dr. Samuel Ortom, assured the people of Benue South Senatorial District (Zone C) of the party’s capacity to provide purposeful and effective leadership for the zone and Benue State.

The former governor said the PDP had consistently delivered the dividends of democracy to the people of Zone C through the efforts of Senator Abba Moro, whom he described as a committed party man who has remained steadfast since the party’s inception.

He recalled that his administration executed and commissioned several projects across the state, stressing that some projects, including the Ochi Idoma Road, Commercial Road, and Armstrong Avenue were constructed and commissioned within his first term in office.

Chief Ortom further stated that his administration, during its eight-year tenure, completed and commissioned several landmark projects in Zone C, including the Ochi Idoma Palace.

He challenged the present administration in the state to showcase projects it had commissioned in Zone C, stating that the current government had relied heavily on “deceit and propaganda” despite receiving substantial allocations from the Federation Account.

Chief Ortom thanked the people of Zone C for identifying with the PDP and assured them that the party would not disappoint them.

He urged voters to support all PDP candidates, particularly the party’s governorship candidate, Chief Michael Kaase Aondoakaa, SAN, whom he described as a genuine and experienced administrator capable of providing effective leadership and tackling insecurity in the state.

According to him, the possibility of producing a governor from Zone C remains achievable if stakeholders, traditional rulers, and party leaders work together and make the necessary political arrangements.

The former governor also received a chieftain of the All Progressives Congress (APC) in Zone C, Barrister John Attach Ochoga and his supporters into the PDP, describing their decision as a significant boost to the party’s strength in the area.

In his remarks, Chief Michael Kaase Aondoakaa, governorship candidate of the PDP, who described the neglect of the people of the zone, exclaimed the Zone C has suffered underdevelopment under the Alia administration.

He assured the people of Zone C that their needs would be addressed when he becomes governor, in 2027.

The immediate past governor of the state, Chief Ortom, assured the people of Benue South, of the capacity of the PDP to provide purposeful and effective leadership for the zone and Benue State.

He pointed out that the party had consistently delivered the dividends of democracy to the people of Zone C through the efforts of Senator Abba Moro, whom he described as a committed party man who has remained steadfast since the party’s inception.

Ortom further stated that his administration had completed and commissioned several landmark projects in Zone C, including the Ochi’Idoma palace.

Ezekiel Adaji, Benue State chairman of the PDP, sounded a note of warning to “mushroom parties that we are taking over”, the state.

He also presented Senator Moro, all candidates of the party for the House of Representatives (HoR), and the eleven candidates for the Benue State House of Assembly (BNHA) elections for the 2027 elections in the zone with the party’s flags.

He also said confidently, “With you (Abba Moro) as a candidate I know all other candidates will fly; go and conquer for PDP.

Receiving Barr John Ochoga, and other decampees of the All Progressives Congress (APC), the PDP chairman, observed that there were no latecomers in PDP, and that they were all entitled to all privileges that every other PDP member is entitled to.

Speaking, Ochoga, noted that in the last three years, the Idoma people had not had it good, “why have the Idoma nation become the heavers of wood and fetchers of water.”

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