The Speaker of the House of Representatives, 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.
Speaking at the inauguration on Monday in Abuja, Tajudeen said the move became necessary amid rising cases of fraud, cybercrime, and consumer exploitation in the digital finance ecosystem.
He noted that while Nigeria’s economy continues to demonstrate resilience, especially in non-oil sectors where digital finance innovations like cryptocurrency could thrive, the associated risks cannot be overlooked.
“The anonymity and weak regulatory oversight of digital currencies make them vulnerable to money laundering and terrorism financing,” the Speaker cautioned.
Tajudeen explained that the absence of clear rules, coupled with the volatility of the technology, prompted the House to initiate steps toward establishing robust regulations and consumer protection frameworks for virtual assets.
The ad hoc committee, he said, will hold public hearings and engage key stakeholders to craft a comprehensive legal and regulatory framework for cryptocurrency and other digital financial assets in Nigeria.
“This committee’s work will enhance the House’s oversight of digital financial operations, ensuring that innovation does not compromise national security or consumer safety,” he added.
Reaffirming the 10th House’s commitment to safeguarding citizens and supporting President Bola Tinubu’s ongoing economic reforms, Tajudeen urged committee members to exhibit integrity and patriotism throughout their assignment.
In his remarks, Committee Chairman Olufemi Bamisile (APC, Ekiti) described the initiative as crucial to balancing financial innovation with security and regulatory oversight.
“Globally, financial systems are being reshaped by technology. In Nigeria, cryptocurrency and POS operations have grown rapidly, creating opportunities for commerce and inclusion—but also serious risks of fraud, cybercrime, and regulatory uncertainty,” Bamisile said.
He assured that the committee will adopt a consultative, evidence-based approach, engaging regulators, banks, fintech firms, civil society organisations, and security agencies.
The panel is expected to collaborate with key institutions, including the Central Bank of Nigeria (CBN), Securities and Exchange Commission (SEC), Nigeria Deposit Insurance Corporation (NDIC), Nigerian Financial Intelligence Unit (NFIU), Economic and Financial Crimes Commission (EFCC), Independent Corrupt Practices Commission (ICPC), and the Nigeria Police Force, to develop effective policy recommendations.
