Nigeria’s EFCC chairman, Ola Olukoyede, has raised alarms about corrupt politicians using cryptocurrency to hide stolen funds, citing its pseudo-anonymity and weak regulatory oversight. Experts confirm the trend, though exact figures remain speculative. Nigeria, one of Africa’s largest peer-to-peer crypto markets, recorded over $56 billion in crypto transactions between 2022 and 2023, alongside a 45% rise in financial fraud. Over 30 crypto-linked Ponzi schemes have been identified. Anti-corruption advocates call for stricter regulations, cross-border cooperation, and mandatory crypto asset disclosures for politicians to curb illicit financial flows.
about Nigeria's EFCC Warns of Crypto Use by Corrupt PoliticiansCentral Bank of Nigeria
0 in Finance and 0 in Crypto last weekNigeria files lawsuit against Binance for 81.5 billion dollars in losses
Nigeria has filed a lawsuit against Binance, seeking $79.5 billion for economic losses attributed to the cryptocurrency exchange’s operations and an additional $2 billion in back taxes. The government claims Binance’s activities have contributed to the country’s currency issues and is pursuing tax liabilities for 2022 and 2023, alongside penalties and interest. Binance, which is not registered in Nigeria, is contesting the charges and has halted naira transactions amid ongoing legal challenges, including accusations of tax evasion and money laundering.
about Nigeria files lawsuit against Binance for 81.5 billion dollars in lossesKelsier Ventures Plans Nigerian Expansion Amid LIBRA Scandal Fallout
Kelsier Ventures is pursuing a Nigerian expansion despite the fallout from the LIBRA meme coin scandal, which resulted in a $4 billion loss for 40,000 investors. While discussions with Nigerian officials are ongoing, the firm faces challenges due to the country’s strict regulatory environment and history of crypto-related fraud. The Central Bank of Nigeria has previously restricted crypto transactions, and recent crackdowns on traders have intensified amid economic difficulties.
about Kelsier Ventures Plans Nigerian Expansion Amid LIBRA Scandal FalloutNigeria SEC Warns Crypto License Applicants to Meet Regulatory Requirements
Nigeria’s SEC has warned that some applicants for virtual asset service provider licenses do not meet regulatory requirements and will face rejection. Director-General Emotimi Agama emphasized the importance of monitoring and education in the registration process, while also welcoming stakeholder feedback for potential rule amendments. With recent leadership changes, the SEC aims to enhance regulation in Nigeria’s significant crypto market.
about Nigeria SEC Warns Crypto License Applicants to Meet Regulatory Requirements