Connect with us

OPINION

Virtual Currency Operations, Nigeria and Global Best Practices

Published

on

Share

By Zakari Mijinyawa

In its Updated Guidance for a Risk-Based Approach for Virtual Assets (VAs) and Virtual Asset Service Providers (VASPs), released in 2021, the Financial Action Task Force (FATF) advised that in identifying, assessing, and taking effective action to mitigate their money laundering and terrorism financing risks, countries should apply preventive measures such as a better understanding on how they hurt the economy.

 

FATF is a New York-based independent inter-governmental body that develops and promotes policies to protect the global financial system against money laundering, terrorism financing, and the financing of proliferation of weapons of mass destruction.

Its recommendations are recognised as the global anti-money laundering (AML) and countering the financing of terrorism (CFT) standards. One of the most eye-catching recommendations in the updated document is for domestic cooperation and information exchange between the supervisors of the banking, securities, commodities, and derivatives sectors and the VASP sector. FATF recommended cooperation among law enforcement, intelligence, financial intelligence unit and VASP regulators to effectively monitor the VAs and VASPs playing in the sector.

It also stated that regulators of VAs and VASPs should also consider liaising with other relevant domestic regulatory and supervisory authorities to secure a coherent interpretation of VAs and VASPs’ legal obligations and to promote a level playing field, including between VASPs and between VASPs and other obliged entities such as financial institutions and Designated Non-Financial Business and Profession.

It emphasised that such coordination is particularly important where more than one regulator is responsible for supervision (e.g., where the prudential supervisor and the AML/CFT supervisors are in different agencies or separate divisions of the same agency).

According to the guidance, it also is particularly relevant in the context of VASPs that provide various products or services or engage in different financial activities that may fall under the purview of different regulatory or supervisory authorities within a particular jurisdiction. Crucially, it noted that multiple sources of guidance should not create opportunities for regulatory arbitrage, loopholes, or unnecessary confusion among VASPs. “When possible, relevant regulatory and supervisory authorities in a jurisdiction should consider preparing joint guidance,” it said.

Interestingly, this was exactly what the Nigerian government did when it decided to make further concerted efforts to safeguard Nigeria’s foreign exchange market and combat speculative activities. Central to those efforts is a multi-pronged and multi-agency approach, which saw the Office of the National Security Adviser (ONSA) and the Central Bank of Nigeria (CBN) joining forces to address challenges impacting the nation’s economic stability.

The collaborative approach to tackle these infractions involves a coordinated effort with key regulatory and law enforcement agencies, including the Securities and Exchange Commission (SEC), the Nigeria Police Force (NPF), the Economic and Financial Crimes Commission (EFCC), the Nigeria Customs Service and the Nigeria Financial Intelligence Unit (NFIU).

FATF suggested that financial regulators should communicate their expectations of VAs and VASPs’ compliance with their legal and regulatory obligations and may consider engaging in a consultative process, where appropriate, with relevant stakeholders. Such guidance may be high-level requirements based on desired outcomes, risk-based obligations, and information about how regulators interpret relevant legislation or regulation or more detailed guidance about how VAs and VASPs might best apply particular anti-money laundering and counter-terrorism financing controls.

A strong argument can be made that, when the CBN initiated a comprehensive strategy to enhance liquidity in the forex market, including unifying FX market segments, clearing outstanding FX obligations, introducing new operational mechanisms for Bureau De Change operators, enforcing the Net Open Position limit for commercial banks, and adjusting the remunerable Standing Deposit Facility Cap, it was in actual sense implementing the provisions of the FATF guidance.  FATF also emphasised the need for public authorities to share risk information, where possible, to better help inform the risk assessments of VASPs. “The type of information relating to risks in the VA space that the public and private sectors could share include typologies and methodologies of how money launderers or terrorist financiers misuse VAs and VASPs, a particular VA mechanism over another (e.g., VA transfer or exchange activities versus VA issuance activities in the context of money laundering or terrorist financing) or VAs more generally.”

The guidance also suggested that regulators and other competent authorities consider the guidance and input of virtual asset technical experts to develop a deeper understanding of the relevant business models and operations of VAs and VASPs, their potential exposure to money laundering and terrorism financing risks, as well as the risks associated with particular VA types or specific covered VA activities and to make an informed judgment about the mitigation measures in place or needed.

Having engaged the world’s biggest crypto trading platform, Binance, the Nigerian government continued its engagement with other platforms by enteringinto a three-year exclusive IPR (intellectual property right) agreement with Developing Africa Group to launch a national wallet for Nigeria. The engagement led to the selection of Koibanx and Algorand Blockchain as the payment platform and protocol on which the project will be built.

Without a doubt, ONSA has been at the forefront of FATF’s recommendation that countries should consider how they might share information with the private sector to help the private sector better understand the nature of law enforcement information requests or other government requests for information or to help shape the nature of the requests as regards VAs and VASPs.

As events of recent weeks have shown, Nigeria is in the good company of countries that have taken the regulation of VAs and VASPs seriously, including the US, Italy, Japan, Sweden and Finland.

In Italy for instance, service providers related to VAs are required to be listed in a special section of the register held by “OrganismodegliAgenti e deiMediatori” (OAM). The registration is a precondition for service providers related to VAs to carry out their activity in Italy. Work is currently ongoing to implement the register.

The United States has a comprehensive and technology-neutral regulatory and supervisory framework in place for regulating and supervising “digital assets” for anti-money laundering and countering financing of terrorism that subjects covered providers and activities in this space to substantially the same regulation that providers of non-digital assets are subject to within the existing AML/CFT regulatory framework for financial institutions.

In Nigeria, the SEC is updating its guidelines for crypto service providers to block criminals from engaging with capital markets. The commission said, “The SEC has also developed a new AML/CFT/CPF onboarding manual for licensing/registration and ongoing screening of Digital and VASP Beneficial Owners to ensure that criminals are not registered as operators in the capital market.” It also indicated its readiness to interface with genuine VASPs based on these clear rules and regulations and consult on its proposed measures before its final approvals.

Mijinyawa writes in from Abuja

OPINION

A silent Emergency: Soaring Costs of Diabetes Care Spark Alarm

Published

on

Share

By Folasade Akpan

For Mrs Schola Effiong, a 58-year-old confidential secretary in Calabar, managing diabetes in today’s economy feels like “climbing a hill that only gets steeper”.

Diagnosed in 2009, she said her monthly expenditure on insulin, tablets, laboratory tests and monitoring supplies now exceeds ₦150,000.

“You cannot stop taking the drugs, yet the cost keeps going up.

“Sometimes I do not have the money to buy some of them at the same time,” she said.

Her struggle mirrors the experiences of thousands of Nigerians at a time when experts warn that diabetes is becoming a major public health concern.

According to a 2018 national meta-analysis by Uloko et al.

, titled “Prevalence and Risk Factors for Diabetes Mellitus in Nigeria: A Systematic Review and Meta-Analysis”, Nigeria’s diabetes prevalence stands at 5.7 per cent, representing 11.2 million adults.

The authors defined diabetes mellitus as a metabolic disorder of chronic hyperglycaemia caused by absolute or relative insulin deficiency and associated with disturbances in carbohydrate, protein and fat metabolism.

The study, which pooled data from numerous research works across the country, revealed wide regional disparities.

The prevalence rate was 3.0 per cent in the North-West, 5.9 per cent in the North-East, and 3.8 per cent in the North-Central, respectively.

The rates were higher in the southern part of the country: 5.5 per cent in the South-West, 4.6 per cent in the South-East, and 9.8 per cent in the South-South.

Experts say these patterns reflect changing lifestyles, rapid urbanisation and limited access to routine screening.

However, for many patients, statistics tell only a fraction of the real story.

Mr Offum Akung, a 57-year-old teacher in Cross River, said he had to ration his drugs because prices kept rising faster than his salary.

“I spend over ₦40,000 a month and still cannot buy everything on my prescription.

“I rely mostly on Glucophage now; when money allows, I add Neurovite Forte; diabetes management has become more difficult than the disease itself,” he said.

He appealed for government intervention, saying many patients were already “giving up”.

The Second Vice-President of the Diabetes Association of Nigeria, Mr Bernard Enyia, said the economic situation had pushed many Nigerians with diabetes into dangerous coping methods.

He said that he once managed his condition with about ₦70,000 monthly, but currently spends more than ₦180,000.

“Insulin has become something you pray for, while some people are sharing doses or skipping injections.

“Once you break treatment, the complications come quickly.”

Enyia, who lost his job as a health worker in 2017 due to frequent hospital visits, described the emotional toll as immense.

“It affects your finances, your social life, your marriage — everything. Many Nigerians with diabetes are quietly drowning,” he said.

Globally, concerns are also rising.

The World Health Organisation (WHO) estimates that more than 24 million adults in Africa are living with diabetes, a figure projected to rise to 60 million by 2050.

Marking World Diabetes Day 2025, WHO Regional Director for Africa, Prof. Mohamed Janabi, warned that rising obesity, lifestyle changes and weak health systems were fueling an “unprecedented wave of diabetes” across the continent.

He urged governments to prioritise access to affordable insulin, diagnostics and long-term care.

More so, pharmacists say they are witnessing the crisis firsthand.

The Senior Vice-President, Advantage Health Africa, Mr Adewale Oladigbolu, said many patients were no longer able to maintain regular medication schedules.

“People buy drugs today and skip them tomorrow because they do not have money.

“With non-adherence, they never reach therapeutic goals.”

Oladigbolu, a Fellow of the Pharmaceutical Society of Nigeria, said that locally manufactured metformin remained in high demand due to affordability, but insulin-dependent patients faced the harshest burden.

He stressed that diabetes care extended far beyond drugs.

“You need glucometers, strips, blood pressure monitors and regular tests.

“In countries where insurance work, patients do not think about the cost; in Nigeria, they pay for everything out of pocket,” he said.

He called for diabetes care to be covered under health insurance to reduce the financial burden on patients.

President of the Diabetes Association of Nigeria, Prof. Ejiofor Ugwu, described the rising cost of treatment as “a national crisis hiding in plain sight.

He said insulin, which sold for about ₦3,500 four years ago, presently costs ₦18,000 to ₦22,000 per vial.

“Test strips that were ₦2,000 now sell for ₦14,000, while glucometers have risen from ₦5,000 to over ₦25,000.

“On average, a patient now needs between ₦100,000 and ₦120,000 every month. Imagine earning ₦50,000 and being asked to spend twice that on one illness.”

He warned that between half and two-thirds of Nigerians with diabetes remain undiagnosed.

“We are seeing more kidney failure, more limb amputations, more blindness.

“These are late presentations caused by delayed or inconsistent treatment.”

Ugwu urged the Federal Government to urgently subsidise essential anti-diabetic medications and remove taxes on their importation.

“Most of these drugs are produced outside the country.

“Once you add import duties and other charges, prices become unbearable; subsidies and tax waivers could drop costs by at least 30 per cent,” he said.

He also called for expansion of the National Health Insurance Authority (NHIA) to cover a wider range of anti-diabetic medicines, glucose meters and strips — none of which are currently covered.

For many Nigerians, however, the struggle continues daily.

Across households, clinics and pharmacies, the message is the same: as Nigeria’s diabetes prevalence rises and treatment costs soar, more patients are slipping through the cracks — some silently, others painfully — while waiting for meaningful intervention.

In all, stakeholders say diabetes is a national emergency; people are dying quietly because they cannot afford medicine; hence the urgent need for relevant authorities to make anti-diabetic medications accessible and affordable.(NAN)

ReplyReply allForwardAdd reaction
Continue Reading

OPINION

Is Community Parenting Still Relevant?

Published

on

Share

By Dorcas Jonah

In the Nigerian culture, extended families and communities play a crucial role in care-giving, instilling values, and supporting the development of children.

This cultural heritage of community parenting emphasises shared responsibility in raising children.

But in contemporary Nigeria, this age-long practice is facing enormous challenges due to modernisation.

In scrutinising this trend, some parents are of the view that community parenting helps in instilling morals and curbing social vices among children and youths, while others believe it is outdated.

Some parents are of the belief that their children are their responsibility; so they do not tolerate others correcting their children.

By contrast, others say that community parenting, when done with good intentions, can help raise a better society.

Mr Peterson Bangyi, a community leader in Dutse Makaranta, said that community parenting was the bedrock of raising a child.

He said the adage: “it takes a village to raise a child”, remained a powerful principle in contemporary society.

According to him, by Nigeria’s cultural norms and values, a child is owned by everyone; therefore, the grandparents, aunts, uncles, and neighbours actively contribute to raising children.

“This approach fosters a sense of belonging and ensures children grow up with diverse role models.”

Bangyi said that the extended families practiced by more communities were the backbone of parenting.

“But modernisation has taken away this practice as most families do not want people to come close to their children,’’ he said.

Mrs Monica Umeh, a mother of two, emphasising on the importance of community parenting, said that it played significant role in shaping her upbringing as a child and young adult.

Umeh advised that when correcting other people’s children, it is essential to do so with love and good intentions, without any form of bitterness.

“I am a strong advocate of community parenting as long as it is done with love and good intentions.

“I believe no parent can single-handedly raise a child without the support of others,’’ he said.

Mr Temitope Awoyemi, a lecturer, said that community parenting was crucial and could not be over-emphasised.

He said that community parenting helped society in inculcating strong moral values in children and youths, adding that modern life could be isolating for parents.

Awoyemi said that strong community support networks had been shown to lower parental stress levels and promote a more optimistic approach to raising children.

“It also ensures that a child receives guidance and correction from various adults, providing a broader, more consistent moral and social baseline that might be missed by parents who are busy with work.

“Community parenting encourages collaborative, interdisciplinary support from various community members and agencies in addressing a child’s developmental needs comprehensively.

“It focuses on prevention of long-term problems and celebrating individual strengths,’’ he said.

Awoyemi said that as the society continued to evolve, community parenting could adapt to ensure children benefitted from both cultural roots and contemporary innovations.

Mr Fortune Ubong, a cultural enthusiast, attributed the increasing crime rate in Nigeria to lack of community parenting that had extended to schools, and government institutions.

According to him, community parenting remains the foundation of every child’s moral upbringing.

“Most parents are now focused on earning a living and improving their lifestyle, in the process abandoning their primary duty of molding and guiding their children; this is where community parenting plays a greater role,” he said.

However, Mrs Joy Okezia, a businesswoman, said that given the recent developments in the country, correcting a child should be the sole responsibility of their parents.

Okezia said that she preferred to correct her children herself as she knew them better than anyone else.

She also noted that with the rising insecurity in the country, intervening to correct a child could pose a significant risk to the person.

Mrs Ijeoma Osita, a civil servant, also shared Okezia’s view, saying that a child’s behaviour was shaped by their family upbringing.

She said that if a child was not taught to love and respect others at home, an outsider would have little impact in correcting such a child.

Osita emphasised that parents should in still in their children the values of love and respect regardless of their status or background.

According to her, a child brought up with good values is less likely to misbehave well.

She cited the Holy Bible, saying, that says: “Train up a child in the way they should go, and when they are old, they will not depart from it’’.

Osita said that community parenting remained a vital aspect of Nigerian culture, promoting shared responsibility and resilience among families.

He opined that while modernisation posed challenges, blending traditional practices with modern strategies offered a promising path forward.

Observers say robust community connections are linked to better social-emotional development, academic achievement, and overall well-being for children.

They say that in modern society, amidst the digital world, economic instability, and busy work schedules, parents face pressures, making community support systems fundamental.

All in all, stakeholders are of the view that combining traditional community parenting with modern childcare – integrating technology, play-based learning, and skill acquisition – will produce well-rounded children.(NAN)

Continue Reading

FEATURES

Victor Okoli: The Young Nigerian Tech Founder Building Digital Bridge Between Africa and America

Published

on

Share

Victor Chukwunonso Okoli, founder of Vnox Technology Inc. (USA) and Vnox Limited (Nigeria), is steadily emerging as one of the most promising new voices in global travel-tech. His mission is clear: bridge the technological gap between Africa and the United States, redefine global travel systems, and empower a new generation of skilled youths through innovation-driven opportunities.

In a statement issued in Onitsha, Anambra State, by Vnox Limited (Nigeria), the company emphasized Okoli’s growing influence as a Nigerian international graduate student contributing meaningfully to U.

S. innovation. His rising travel-technology platform, FlyVnox, currently valued at an estimated $1.
7 million, is positioning itself as a competitive player in the global travel ecosystem.

Okoli explained that Vnox Technology was founded to “train, empower more youths, create global employment opportunities, and drive business growth through our coming B2B portal inside the FlyVnox app.” The platform’s new B2B system aims to support travel agencies, entrepreneurs, and businesses across Africa and the diaspora—giving them access to modern tools, previously inaccessible technologies, and global opportunities.

Several young men and women are already employed under the expanding Vnox group, with more expected to join as the brand grows internationally.

Born and raised in Eastern Nigeria, Okoli’s early life exposed him to the realities and frustrations faced by international travelers and diaspora communities. After moving to the United States for graduate studies, he transformed those experiences into a bold technological vision—building systems that connect continents and create seamless mobility for users worldwide.

At the center of that vision is the FlyVnox app, a modern airline-ticketing platform built with global users in mind. Combining American engineering precision with African mobility realities, FlyVnox offers international flight search, multi-currency support, secure payments, transparent pricing, and a clean, intuitive interface.

Beyond FlyVnox, Okoli has built a growing tech ecosystem under Vnox Technology Inc., which oversees several innovative ventures, including: Vnox TravelTech Solutions LLC (FlyVnox App), VnoxPay (fintech), VnoxShop / Zyrlia (e-commerce)

VnoxID / Nexora (digital identity and smart business card solutions)

Vnox Limited (Nigeria) anchors African operations, media services, and talent development—ensuring the brand remains rooted in its home continent even as it grows globally.

Okoli’s work has broad significance for both Africa and the United States. He represents the powerful impact of immigrant entrepreneurship on global competitiveness—creating new jobs, driving innovation, strengthening U.S.–Africa commercial ties, and contributing to the development of practical, scalable technologies.

The statement concludes that Vnox Technology is a brand to watch. As FlyVnox gains international traction and the Vnox group expands its footprint, Victor Okoli stands as a symbol of a rising generation: African-born, globally minded, and building technologies that connect and serve the world.

Continue Reading

Advertisement

Read Our ePaper

Top Stories

NEWS9 hours ago

Wike Vows to Build More Houses for Judges

ShareBy Laide Akinboade, Abuja The Federal Capital Territory (FCT) Minister, Nyesom Wike on Monday reiterated that President Bola Tinubu, will...

NEWS10 hours ago

FG Hands over 100 Rescued Catholic School Pupils to Bago

ShareFrom Dan Amasingha, Minna The Federal government has handed over 100 rescued Pupils of Catholic school children from Papiri and...

NEWS10 hours ago

FG Unveils N50bn Equity-free Capital for Tertiary Students

ShareBy Tony Obiechina, Abuja The Federal Government yesterday launched the Student Venture Capital Grant (SVCG), a new N50 million equity-free...

Uncategorized11 hours ago

TAJBank, NAHCON Sign MoU on Hajj Savings Scheme

ShareBy Tony Obiechina, Abuja TAJBank Limited, Nigeria’s biggest non-interest bank by assets base and innovative products and services delivery has...

NEWS11 hours ago

SEC Moves to Deepen Nigeria’s Capital Market Digital Transformation

ShareBy Tony Obiechina, Abuja The Securities and Exchange Commission (SEC) has announced a series of wide-ranging reforms aimed at strengthening...

NEWS13 hours ago

Senate Challenges NDLEA, NHRC to Synergize for Review of Anti-drug War Regime

ShareBy Eze Okechukwu, Abuja The Senate has challenged the National Drug Law Enforcement Agency (NDLEA) and National Human Rights Commission...

POLITICS14 hours ago

APC Reminds Adeleke, PDP of Ongoing LG Tenure Court Case

ShareThe Osun State chapter of the All Progressives Congress (APC) has reminded Governor Ademola Adeleke and the Peoples Democratic Party...

POLITICS15 hours ago

Tinubu’s Second Term: The Hope of Democracy in Nigeria

ShareBy Simon Tuleh In the annals of Nigerian history, few milestones carry the weight of democratic endurance. As President Bola...

NEWS15 hours ago

Sule to Launch Nasarawa Branded Rice Dec 17

ShareNasarawa State Governor, Abdullahi Sule said the state, in collaboration with Silvex International, a leading rice processing company, will launch...

NEWS16 hours ago

Plateau Ranks 7th in Ease of Doing Business – Official

ShareThe Presidential Enabling Business Environment Council (PEBEC) has ranked Plateau 7th in the country in Ease of Doing Business. The...