The Speaker of the House of Representatives, Dr. Abbas Tajudeen has inaugurated an Ad hoc Committee to review the economic, regulatory, and security implications of cryptocurrency adoption and Point-of-Sale (POS) operations in Nigeria.
Inaugurating the Adhoc Committee in Abuja, Dr. Tajudeen said the committee became necessary amid growing concerns of fraud, cybercrime, and consumer exploitation in the digital finance space.
Dr. Abass Tajudeen said that over the years, the Nigerian economy proved to be resilient, often bouncing back from recessions and showing impressive growth in its non-oil sectors.
According to thehim, the vulnerability inherent in cryptocurrency operations cannot be underestimated.
The speaker said that there were real concerns about its susceptibility to terrorism financing and money laundering, considering its opaque nature, dubious regulatory framework, unclear governance structure and lack of accountability.
Dr. Tajudeen said that the 10th House remained at the vanguard of protecting the country and its citizens from any negative development that will impact on the transformation recorded by the administration of President Bola Tinubu to reform the Nation’s economy.
In his remarks, the Chairman of the committee, Mr. Olufemi Bamisile said the assignment is of national significance aimed at striking a balance between financial innovation and national security.
Mr. Bamisile said that the committee’s work will focus on developing a legislative and regulatory framework that encourages innovation while protecting citizens and the integrity of the nation’s financial system.
The chairman said that the committee will collaborate closely with key regulatory and security agencies such the Central Bank of Nigeria (CBN) and Securities and Exchange Commission (SEC),
He said that they will work with the 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.
He assured that the committee will adopt a consultative and evidence-based approach, engaging stakeholders such as regulators, banks, fintech operators, civil society, and the security community in public hearings to gather diverse perspectives.
Reps set up Ad-hoc Committee to review operations of POS and Cryptocurrency*
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