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By Owotunse Adebayo

The Nigerian government’s recent engagement with the crypto industry has left many stakeholders in the broader crypto community uncertain about its stance and intentions. Nathaniel Luz, co-founder and chief marketing officer of Flincap, a local crypto over-the-counter (OTC) exchange, has highlighted the need for clarity amidst mixed signals emanating from recent government actions.

Nigeria’s crypto regulatory stance raises concerns

Reports emerged recently from local crypto users experiencing difficulties accessing the websites of various crypto exchanges like Binance and OctaFX through traditional telecommunication providers. This development, which occurred on the evening of Feb. 21, has sparked speculation of a potential government ban on crypto platforms, adding to the ambiguity surrounding the regulatory environment.

Luz suggests that the Nigerian government’s position on the crypto industry lacks transparency and may indicate a reluctance to foster a positive relationship with participants in the crypto space. The attempt to attribute the current exchange rate of 1,800 naira to $1 to OTC traders trading USDT for naira on the P2P market has drawn criticism from Luz.

He argues that blaming OTC traders for the decline in the naira’s value is misguided, as broader economic challenges are likely responsible for the currency’s depreciation. Examining the factors contributing to the depreciation of the naira, Luz points to issues such as excess naira in circulation, a shortage of dollars, heavy reliance on imports, currency exchange by emigrants, and uncertainty surrounding Eurobond payments.

Challenges facing the crypto industry

He emphasizes that these factors are unrelated to local crypto trading and are significant drivers of the naira’s decline. Despite previous efforts, such as lifting the 2021 crypto ban imposed by the Securities and Exchange Commission (SEC) and the Central Bank of Nigeria (CBN), many crypto startups still struggle to meet the criteria for obtaining licenses to operate in Nigeria’s crypto market.

The licensing requirements include a substantial paid-up capital of $340,343 (500 million naira) and an application fee of $20,420 (30 million naira). Luz suggests that the government’s focus should be on addressing these licensing challenges rather than attributing forex-related issues to the local crypto ecosystem.

Nigeria has emerged as the largest peer-to-peer (P2P) market for crypto trading globally, following the Central Bank of Nigeria’s ban on institutions from buying and selling crypto in 2021. This ban prompted a shift towards P2P trading, contributing to Nigeria’s prominence in the global crypto market. The Nigerian government’s recent actions and statements regarding the crypto industry have led to uncertainty and confusion within the crypto community.

While efforts to regulate the industry are understandable, there is a need for greater clarity and dialogue between the government and stakeholders in the crypto space. Addressing licensing challenges for local exchanges and refraining from unfairly attributing economic challenges to the crypto industry would be constructive steps toward fostering a more conducive environment for crypto innovation and investment in Nigeria.

 

By Owotunse Adebayo

The Nigerian government’s recent engagement with the crypto industry has left many stakeholders in the broader crypto community uncertain about its stance and intentions. Nathaniel Luz, co-founder and chief marketing officer of Flincap, a local crypto over-the-counter (OTC) exchange, has highlighted the need for clarity amidst mixed signals emanating from recent government actions.

Nigeria’s crypto regulatory stance raises concerns

Reports emerged recently from local crypto users experiencing difficulties accessing the websites of various crypto exchanges like Binance and OctaFX through traditional telecommunication providers. This development, which occurred on the evening of Feb. 21, has sparked speculation of a potential government ban on crypto platforms, adding to the ambiguity surrounding the regulatory environment.

Luz suggests that the Nigerian government’s position on the crypto industry lacks transparency and may indicate a reluctance to foster a positive relationship with participants in the crypto space. The attempt to attribute the current exchange rate of 1,800 naira to $1 to OTC traders trading USDT for naira on the P2P market has drawn criticism from Luz.

He argues that blaming OTC traders for the decline in the naira’s value is misguided, as broader economic challenges are likely responsible for the currency’s depreciation. Examining the factors contributing to the depreciation of the naira, Luz points to issues such as excess naira in circulation, a shortage of dollars, heavy reliance on imports, currency exchange by emigrants, and uncertainty surrounding Eurobond payments.

Challenges facing the crypto industry

He emphasizes that these factors are unrelated to local crypto trading and are significant drivers of the naira’s decline. Despite previous efforts, such as lifting the 2021 crypto ban imposed by the Securities and Exchange Commission (SEC) and the Central Bank of Nigeria (CBN), many crypto startups still struggle to meet the criteria for obtaining licenses to operate in Nigeria’s crypto market.

The licensing requirements include a substantial paid-up capital of $340,343 (500 million naira) and an application fee of $20,420 (30 million naira). Luz suggests that the government’s focus should be on addressing these licensing challenges rather than attributing forex-related issues to the local crypto ecosystem.

Nigeria has emerged as the largest peer-to-peer (P2P) market for crypto trading globally, following the Central Bank of Nigeria’s ban on institutions from buying and selling crypto in 2021. This ban prompted a shift towards P2P trading, contributing to Nigeria’s prominence in the global crypto market. The Nigerian government’s recent actions and statements regarding the crypto industry have led to uncertainty and confusion within the crypto community.

While efforts to regulate the industry are understandable, there is a need for greater clarity and dialogue between the government and stakeholders in the crypto space. Addressing licensing challenges for local exchanges and refraining from unfairly attributing economic challenges to the crypto industry would be constructive steps toward fostering a more conducive environment for crypto innovation and investment in Nigeria.

As per the timetable released by the National Working Committee of the People’s Democratic Party (PDP), in a few weeks, the gubernatorial primary of the People’s Democratic Party (PDP) for Ondo State will be conducted. A variety of aspirants have trumped up and have been crisscrossing the length and breadth of Ondo State, consulting leaders and Party faithfuls, seeking their support for the topmost job in the State. While we will have to wait till March 7th, when the sale of forms kicks off, to know the pretenders and the serious ones, this piece will aim to give a clear and concise debrief on each of the available aspirants.

Without prejudice to other senatorial districts, it is no longer news that almost the entirety of the party faithfuls in Ondo State have conceded the ticket to the Southern Senatorial District, in consonance with the dictates of the famed Ondo zoning formula. Until recently, the Southern Senatorial District prided itself as the political base and foundation of PDP in Ondo State, so one would expect quality aspirants from all parts of the district throwing their hats into the ring as far as the race is concerned. Sincerely, there has never been a better time for PDP to take over the State with the imminent implosion of the ruling party and the untoward hardship being witnessed across the land as a result of the poor leadership and maladministration that APC have brought to bare on governance in the state.

One of the major reasons for the degrading status of the PDP as a party, in Ondo State, is the refusal to reward loyalty and the encouragement of anti-party activities. It’s trite to note that it is possible to decamp into PDP within a month and yet become the candidate of the Party in an election as long as you oil the pockets of some persons within the Party. This singular act has effectively engineered disunity and mistrust in the Party by those who genuinely care about it. The Party has been turned into a dumping ground. 

Young, bold and brilliant Deolu Akinwunmi presents the Party with an opportunity to have an energetic man on the ticket that can be adopted by the youths of Ondo State. Of all the aspirants, he was the first to go all out and start consulting, touring and building a structure within the Party but he’s largely unknown to the Party’s stakeholders. His Aluta brand of politics will disaffect Party leaders who don’t seem open to it. He is not financially ready for the task ahead. He’s also being faulted for taking sides with those who said zoning was antithetical to the politics of Ondo State by campaigning against the Southern agitation for the guber ticket during the last election. 

John Ola Mafo, on the other hand is an experienced politician, lawyer and a grassrooted aspirant in the State. A two term commissioner under Governor Olusegun Agagu and Special Adviser/ Executive Chairman ODSFA, under Governor Olusegun Mimiko  he was the deputy Governorship Candidate of the Party in 2016. He has been in the Party since forever, despite numerous entreaties from the ruling Party. Mafo would have been the perfect picture but for his lack of a deep pocket which appears to be a source of concern to the leaders and stakeholders of the party. But of all the aspirants, only he seem to have no enemy within and outside the Party. He could be a rallying point in the Party.

Chief Sola Ebiseni, a former Commissioner under the Labour Party government in Ondo State will cause more harm than good to the Party if he clinches the ticket. He is the other well experienced of the lot contesting. Ebiseni was the South West coordinator for the Obi/Datti campaign. His regular articles on the pages of newspapers, against our candidate and the Party, whittled down our chances in the last general election. As someone fond of decamping at will and abandoning the party when needed most or when he cannot get his wish, it is noteworthy to state that his emergence as candidate will polarise and could signal the final burial ceremony of the Party in the State.

Hon. Sheba Abayomi is an Irele born former federal lawmaker and former Chairman of Federal Character Commission. Like Ebiseni, he has shown to be one other aspirant whose candidature poses more harm than good. The aspiration of HAS, as he’s fondly called, stems from a caucus within the Party that are fighting for their political survival. It is generally believed within the Party that he is being sponsored to come and take the ticket for the sole aim of hijacking the Party’s structure. He is also accused of being a sore loser who worked against the Party’s candidate in Ikale Federal Constituency after he lost the primary. A candidate with so many enemies within the Party will only mean we are going to the election as a joke. But obviously, he will make a good Chief of Staff to any other candidate. It is also on record that he just returned to the party in 2023 in order to contest the House of Representatives election, an ambition that was dead on arrival, as he could not even win the primary. 

None of the aspirants can match the popularity of Hon. Agboola Ajayi, former Deputy Governor and recently the senatorial candidate of the Party in Ondo State. Aside losing Ondo South to APC under his watch, Agboola Ajayi seem to be contesting for vendetta. His candidacy will further plunge the Party into crisis as he’s effectively amassed more enemies than friends within and outside the Party. His proclivity for jumping ship whenever things aren’t working for him has given him out as someone who is not a Party person. If he’s empowered, no one can guarantee he will stay in the Party 3 months after his election.

Otunba Bamidele Akingboye is a popular figure in Ondo State politics and has beenin the party for a long while, but is not really an active member of the party, mostly more visible when in need of something within the system. He contests virtually all elections, lose and yet support the candidates of the Party afterwards. The Okitipupa born businessman, however, doesn’t have the charisma and political wit to strongly challenge the ruling Party if given the ticket. Someone said he contests every election as his way of empowering his people. Any serious aspirant should liaise with his deep pocket in exchange for a good position in government.

Conclusively, there is need for the People’s Democratic Party to pick a candidate that will not only resonate with the masses but finds a common ground with the various tendencies within the Party. The people are earnestly yearning for the Party to get it right. Ondo is for PDP to win or lose.

Signed 

Bright Mercy

Coordinator, PDP Youths Advocates

Ondo State Governor, Hon. Lucky Orimisan Aiyedatiwa, has approved the payment of three months of the outstanding salary arrears for workers of the Rufus Giwa Polytechnic, Owo

The three months arrears were paid to the workers on Tuesday and Wednesday this week.

The Rector of the Polytechnic, Mr. Adegun Simon Olorunwa, confirmed the payment on Thursday, thanking the Governor for fulfilling his promise to resolve the lindering salary challenge of the institution. 

The Governor had recently promissed that his administration would work on resolving some of the major challenges facing the institution.

The Governor gave the assurance while addressing thousands of the students who met him at the gate of the school in Owo on his way to Ikare Akoko two weeks ago. 

The students had given the Governor and his entourage a rousing reception, shantung solidarity songs and urging the Governor to address them.

The Governor, who thanked the students for the warm reception, said he was aware of some of the challenges facing the institution, especially the issues of arrears of salaries and entitlement of teaching and non-teaching staff.

On the directive of the Governor, the Head of Service of the State, Pastor Kayode Ogundele, had engaged the management of the institution towards finding lasting solutions to the issues that have threatened to cripple the academic calendar of the institution in recent years.

Senator Monday Okpebholo (Edo Central) has been declared winner of Edo All Progressives Congress (APC) Governorship direct primary election.

Cross River Governor Bassey Otu, who was the Chairman of Edo APC shadow poll, made the declaration after collating the results from the 18 local government areas.

The collation and declaration were at Lushville Hotel and Suites, Gapiona Avenue, Government Reservation Area (GRA), Benin.

Okpebholo polled 12,433 votes to defeat the representative of Ovia constituency in the House of Representatives, Dennis Idahosa, who scored 6,541 votes.

Details shortly…

 

Former Governor of Ondo State, Oluwarotimi Akeredolu will be buried today, Friday, February 23.

President Bola Tinubu, Southwest Governors and other Governors in the country are expected to attend the funeral service.

Sunshine Reporters, however, gathered that President Tinubu may be represented by his Vice, Kashim Shettima.

Akeredolu will be buried in a piece of land close to his Maranatha residence at the Government Reserved Area (GRA) in Owo – his hometown.

The place was last week consecrated by religious leaders led by Bishops from St Andrews Cathedral Church, Imola, Owo.

Akeredolu, until his death was the Chancellor of the Church – an Anglican Diocese.

Before his interment, funeral service will be held for the repose of his soul at the Anglican Church.

• Testimonies About Our Late Patriarch Consoling – Family

An evening of Service of Songs and Christian -Wake was held in honour of the late Governor of Ondo State, Arakunrin Oluwarotimi Akeredolu, SAN, CON, as part of the funeral arrangements for the late Governor. 

The service was held at St. Andrew’s Cathedral Church, Imola Street, Owo on Thursday. Dignitaries from across the country attended the event.

The Bishop of Owo Anglican Diocese, Rt. Rev Stephen Fagbemi paid a heartfelt tribute to the late Governor during the service. 

He described the late Akeredolu not only as a governor but also as a visionary leader who was passionate about the things of God. 

The Bishop emphasised that Akeredolu has left a void that will be difficult to fill in the Diocese, the state, and the nation at large. He prayed to God to grant the family the strength to bear the loss.

In his brief Exhortation, Most Reverend Simeon Borokini, the Anglican Bishop of Akure Diocese and Archbishop of Ondo Ecclesiastical Province said Akeredolu served the people of the state well. 

He urged everyone to always do good in whatever position they occupy.

The late Governor’s younger brother, Prof. Wole Akeredolu expressed gratitude on behalf of the family. 

He thanked everyone for their support and love for the late Akeredolu. 

Prof. Akeredolu mentioned that the various testimonies and tributes about Akeredolu have consoled their hearts and reaffirmed that their Patriarch lived a life of significance and made a positive impact on society. 

The Service of Songs was attended by Governor Lucky Aiyedatiwa, Deputy Governor, Mr. Adelami Olayide; Deputy Governor of Kogi State; Salifu Joel Oyibo, Minister of State for Youth Development Olawande Ayodele; Justice of the Supreme Court, Justice Hellen Ogunwumiju; other justices of the Court of Appeal, Chairman of the APC in the state Engr. Ade Adetimehin; Speaker of Ondo State House of Assembly Rt. Hon. Olamide Oladiji; Chief Judge Justice Olusegun Odusola; Senator Adeniyi Adegbonmire; other senators, former PDP governorship candidate in the state Mr. Eyitayo Jegede SAN, among others.

Also present were the wife of the former Governor of Ekiti State, Erelu Bisi Fayemi, former Minister, Prince Ademola Adegoroye; members of the House of Representatives; APC governorship hopeful, Wale Akinterinwa; the leadership and members of the Christian Association of Nigeria, and others.

 Rt. Hon. Omoregie Ogbeide-Ihama, has announced his withdrawal from the Edo 2024 Governorship Election process, citing alleged irregularities.

Ogbeide-Ihama, a prominent aspirant for the governorship position, conveyed his decision in a letter addressed to Sen. Sam Anyanwu, the National Secretary of the Peoples Democratic Party (PDP) obtained by Truth Live News International .

Ogbeide-Ihama’s decision comes after a thorough consultation process with various stakeholders in Edo State.

He expressed dismay over what he described as widespread irregularities during the party’s ward congress, which he believes unfairly favored a particular aspirant.

According to him, despite formal complaints and evidence presented to the party’s National Working Committee regarding the flawed process, he and eight other aspirants reportedly received no satisfactory response. This lack of action led him to question the integrity and credibility of the election process.

In light of these concerns and after consulting with his family, key stakeholders, and supporters, Ogbeide-Ihama said he made the difficult choice to withdraw from the election process.