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Senate invites Emefiele, Yuguda over Cryptocurrency ban

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The Senate has mandated its Committees on Banking, Insurance and Other Financial Institutions; ICT and Cybercrime and; Capital Market to invite the Governor of Central Bank, Godwin Emefiele, and Securities Exchange Commission over the recent ban of Cryptocurrency transactions in Nigeria by the apex bank.

The resolution was reached following the consideration of a motion, and the subsequent adoption of a proposed amendment to its resolution by Senator Hassan Hadejia (APC – Jigawa North East).

Sponsor of the motion, Senator Istifanus Dung Gyang (PDP – Plateau North) drew the attention of the Upper Chamber to the recent directive by the Central Bank of Nigeria, stopping all financial institutions from transacting in Crypto currencies, while recalling earlier directives by the apex bank in January, 2017, and February, 2018, which forbade banks not to use, hold, trade and transact in Crypto currencies.

The lawmaker noted that, “the decision of the CBN is said to have been predicated on the need to safeguard the Nigerian economy from the adverse effects of the Crypto currency regime which are unregulated digital or virtual currencies that are issued by anonymous entities and secured by cryptography.”

Mr Gyang observed that the CBN considers cryptography as financial method that encrypts and hides codes that prevent oversight, accountability and regulation – thereby violating and contravening existing law as only the Central Bank is authorized by law to issue legal tender.

“Concerned that Crypto currency by nature is anchored on anonymity, obscurity and concealment of its patrons and actors making it difficult if not impossible to trace, track and uncover those that may deploy it for ignoble and illegal usage such as money laundering, terrorism financing, drug purchase, cybercrime, etc;

“Aware that the action and directive of the CBN has attracted sharp reactions from Nigerians and has become a topical subject of National discuss; and

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“Realized that Crypto currency is both an opportunity and a threat, hence the Senate has a responsibility to ensure that the nation and citizens do not miss out on the opportunities that Crypto currency offers and in the same vein, mitigate and prevent likely consequential effects on the nation’s economy and security,” Gyang said.

Co-sponsor of the motion, Senator Mukhail Adetokumbo Abiru (APC – Lagos East), advanced side-by-side arguments for and against the accommodation of crypto currency transactions in Nigeria’s financial institutions.

According to him, the economic benefits associated with Crypto currency transactions cannot be eroded by the Central Bank’s ban.

Mr Abiru said, “In Nigeria in particular, it is also important to underscore the fact that in the last five years, we have had people trading in cryptocurrency to the tune of over $500 million dollars, that’s to tell you how it is gradually gaining traction.

“Last year in particular, we had over $140 million dollars invested in cryptocurrency. Just like my colleague rightly said, there are challenges that cryptocurrency has also brought to the fore.

“You have the challenge to the financial system stability on its own, that is why the CBN is concerned; you also have the issues around cyber crime and also terrorism.

“Now, in particular, we must also mention that last year, during the EndSARS protest – the CBN banned the account of the EndSARS young lads – cryptocurrency was what they resorted to.

“Clearly, what it is telling us is that, it is good to ban because of the challenges it has also presented. But, honestly, the reality is that banning it doesn’t take it away.”

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The lawmaker, added, “In the US, as it is planning to come about the stimulus package of about $1.9 trillion dollars, one of the major investors there, Elon Musk, just recently on Monday put in about $1.5billion of his assets into cryptocurrency.

“What that has done is that the value of cryptocurrency has been further enhance. Today, I understand it is within the region of about $50,000 (USD) per Bitcoin.

“Even our Securities and Exchange Commission also agree and recognize cryptocurrency as a financial asset that they need to regulate their framework around.”

The Senate, after considering the motion, “mandated the Committees on Banking, Insurance and Other Financial Institutions; ICT and Cybercrime; and Capital Market to invite the Central Bank of Nigeria (CBN) and Securities and Exchange Commission (SEC) to brief the Committees on the opportunities and threats of the Cryptocurrency on the nation’s economy and security and to report back findings within two weeks.”

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El-Rufai Advocates for North-South-South Alliance to “Save Nigeria” Ahead of 2027 Elections

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Former Kaduna State Governor Nasir El-Rufai has called for a renewed political alliance between the North and the South-South regions, emphasizing the need for cooperation to “save Nigeria.”

El-Rufai made these remarks during a visit to the family of the late elder statesman and Niger Delta advocate, Edwin Clark, who passed away on February 17. He highlighted the historical ties between the two regions, urging a return to their traditional partnership.

“In the 60s, 70s, and 80s, the North’s political allies were primarily from the South-South. We must remember this and work together again. Our country is in dire need of a rescue operation,” El-Rufai stated.

His comments come as political discussions intensify ahead of the 2027 general elections, with opposition leaders reportedly convening for strategic meetings.

During the visit, El-Rufai was joined by former Vice President Atiku Abubakar, whom he commended for his role in implementing economic reforms during the Obasanjo administration from 1999 to 2007.

El-Rufai’s recent engagements with opposition figures have sparked speculation about his political ambitions as the country gears up for the upcoming elections.

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AIT, Channels TV apologise to DSS over reports on Lagos Assembly Incident

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By John Audu

Africa Independent Television and Channels Television have publicly apologised to the Department of State Services over their reports on the agency’s involvement in the Lagos State House of Assembly crisis on February 17.

AIT News, in an official statement during its News Hour program, retracted its initial report clarifying that its reporting was based on eyewitness accounts but acknowledged that the information was incomplete and had unintentionally misrepresented the role of the DSS.

It said, “AIT News wishes to apologise to the Department of State Services for the news item broadcast during our bulletin on Monday 17th February 2025, regarding the presence of DSS at the Lagos State House of Assembly.

“Our intention was not to malign or embarrass the DSS, an institution we hold in the highest regard for its critical role in safeguarding our nation.

“Our reporting was based on eye-witness account obtained from sources available at the Lagos State House of Assembly. However, we recognize that the report may have been incomplete and unintentionally misrepresented the service and its presence at the State House of Assembly. We regret any embarrassment this may have caused.”

Meanwhile, Channels TV, on Friday, also offered an apology during its program, Politics Today, anchored by Seun Okinbaloye, where the former Assistant Director-General of the DSS, Muhammed Ngoshe, was a guest.

Okinbaloye stated that the situation had been misinterpreted with initial videos portraying a picture of lawmakers shocked by the DSS presence, suggesting an invasion by the DSS.

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However, it was later revealed that the clerk of the House had formally requested the DSS’s presence for protection.

Okinbaloye said, “It came to light in some of the letters that we actually now saw that it was the clerk of the Lagos Assembly who actually wrote for DSS protection at the House of Assembly. But if you look at the video, it was made to appear as though the lawmakers were fighting to get inside and they were shocked that DSS was there.

“I think it’s right to apologise to the service to say the use of invasion might not be the right word to use because it was portrayed as though the DSS invaded, they were not invited, but it came to light that there was no decency in how they carried out their work.

“In the real sense of it, it happened that they invited the DSS. I think an apology is right to be placed on the doorstep of the DSS to say the use of ‘invasion’ is probably not the right word to use and not to demean the role and the effort of the DSS, that was not the right word to use.”

Ngoshe also hoped that “the apology will be carried to the DSS officially.”

Recall that the DSS had threatened legal action against both media stations, accusing them of publishing false and malicious reports.

In a letter sent by their lawyer, Adedeji Adedipe (SAN), the DSS refuted claims that it had engaged in any unlawful activities. The agency explained that its role was to support existing security forces, and it did not engage in any unlawful activities.

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The DSS demanded an immediate retraction and public apology to be aired across all platforms for three consecutive days. It further warned that failure to comply within seven days would prompt civil and criminal legal actions under Nigeria’s Cybercrimes Act.

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Nigerian Economy Needs Focus on Manufacturing, Agriculture, and Digital Innovation – NDE Boss

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By Francis Nansak

The Director General of the National Directorate of Employment, Hon. Silas Agara, emphasizes that for the Nigerian economy to progress and compete favorably with other African nations, a concentrated effort must be directed towards manufacturing, agriculture, and the digital economy.

Agara made his remarks during the Kaduna International Trade Fair, organized by the Kaduna Chamber of Commerce, Mines and Agriculture (KADCCIMA), held in Kaduna State.

The theme, “Promoting Efficiency in Manufacturing, Trade, and Agriculture through Digital Transformation,” aims to bolster the government’s initiatives to propel economic advancement through digital innovation.

In a vibrant display of culture, local dancers showcased their traditional skills, accompanied by traditional instruments, as they welcomed Silas Agara and his team.

The performance underscored the idea that Nigeria’s exceptional local talents, when properly harnessed, could attract international investments, contributing significantly to the nation’s economic growth and development.

Agara’s presence at the Kaduna International Trade and Investment Centre on the Kaduna-Zaria Expressway was instrumental in fostering robust partnerships.

The event provided a valuable opportunity for him to explore local manufacturing efforts, and he commended KADCCIMA for its relentless dedication to promoting product businesses.

This includes advocating for the use of local content in contracts and offering incentives to local manufacturers.

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I Won’t Sanction Senator Akpoti-Uduaghan For Her Unruly Behaviour – Akpabio

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By John Audu.

A Senate plenary session on Thursday was disrupted by a dramatic outburst from Senator Natasha Akpoti-Uduaghan (Kogi Central), who publicly confronted Senate President Godswill Akpabio over a change in her assigned seating. Despite calls from some senators for disciplinary action, Akpabio declined to escalate the situation.
Akpoti-Uduaghan, visibly upset, accused Akpabio of disrespect, referencing a past incident where he had told her, “Senator Natasha, we are not in the nightclub.” She argued that the change in her seat, placing her at the rear of the chamber, was done without her consent and was a continuation of this perceived disrespect. “Since the nightclub incident, you have been disrespecting me,” she shouted, adding, “How can you change my seat without my consent. I am not afraid of you.”
The outburst caused a stir in the chamber, with some senators attempting to calm Akpoti-Uduaghan while others called for sanctions. Senator Sunday Karimi (Kogi West) urged Akpabio to initiate disciplinary proceedings against her, but Akpabio refused. Senator Jibrin Isah (Kogi East) also called for an apology from Akpoti-Uduaghan, and when it became clear that Akpabio would not pursue the matter, apologized on her behalf and on behalf of the Kogi caucus.


Akpabio, who tried to maintain his equanimity through Natasha’s rage, urged his colleagues to let the matter rest so that senators can concentrate on the job they were elected to do.

Natasha’s outburst could be traced to how she was addressed during plenary sometime in 2024, when Akpabio, who was presiding, asked her to comport herself, reminding her that the Senate chamber wasn’t a nightclub.

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Although Akpabio had since apologised to the female senator, recalling the incident in Thursday’s encounter showed that she might have given vent to unresolved pent-up emotions.

When the heat subsided, Akpabio explained that it was the recent defection of Senator Ned Nwoko from PDP to APC that caused the minor change in seating arrangement.

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