See What Fashola Said About Buhari

The Minister of Power, Works and Housing, Mr Babatunde Fashola, said on Saturday that President Muhammadu Buhari was laying the foundation for economic growth of Nigeria through infrastructure renewal.

Fashola said this during an inspection of the Apapa-Wharf Road Reconstruction project and flag-off of the reconstruction of the Apapa-Oshodi-Oworonshoki-Ojota Expressway in Lagos.

The Apapa-Wharf Road Reconstruction Project was done by AG Dangote Construction Company Ltd and financed by the Dangote Group, Nigerian Ports Authority and Flour Mills of Nigeria.

The Apapa-Oshodi-Oworonshoki-Ojota Expressway project, on the other hand, was awarded to the Dangote Group.

Fashola described port access roads as “blood vessels” that serviced all activities in the ports

He said they had, however, been abandoned alongside various federal highways by previous governments.

The minister said that the Apapa-Oshodi-Oworonshoki-Ojota Expressway was constructed between 1975 and 1978 and had not been expanded since then.

He said that the major highways had been abandoned by previous administrations until President Buhari picked up the initiative to turn things around.

“President Buhari is laying the foundation for economic growth that would release economic prosperity, create jobs. It is this road that releases the opportunity,” Fashola said.

He thanked Dangote for investing in the development of Nigeria, pointing out that, four of Dangote’s firms paid about N22 billion as annual taxes to the Federal Government.

The minister said that the two major ports in the nation had been overstretched, as they were designed to take 30 million metric tons but now took over 80 million metric tonnes of cargo.

He said that the federal government was planning the construction of the Lekki and Badagry Sea Ports to complement the two major ones, to ease port congestion.

Fashola appealed for patience of the road users as construction work commenced.

Gov Akinwunmi Ambode of Lagos while delivering his speech said that the project was the real Lagos solution to the problem of gridlock in the state.

He said that interconnectivity of rail, road and water transportation was important.

Ambode commended the Federal Government for its efforts in reviving the railway in conjunction with road projects to address gridlock, saying it would bring relief to residents of the state.

“We are happy that this project has finally commenced,” he said.

He promised to increase deployment of traffic and law enforcement agencies to the route to ensure smooth execution of the project.

Sen. Kabiru Gaya, Chairman Senate Committee on Works, said that concrete should be adopted for road construction in the nation as it lasted more, to tackle the huge deficit in roads infrastructure.

Also, Sen. Oluremi Tinubu said that the construction would solve the problem on flooding of the highway.

“The project will reduce stress of commuting for us all,” she said.

President of Dangote Group, Alhaji Aliko Dangote, while delivering a vote of thanks, commended the Federal Government for adoption of the Road Trust Fund, which gave the private sector opportunity to participate in infrastructure renewal.

Dangote said that the nation was losing huge revenue due to bad roads and assured that his firm would pay “special attention” to the reconstruction of the highway by doing good quality job.

He also thanked government for the proposed Lekki ports project and thanked other stakeholders and ministry officials for efforts in completing the Apapa Wharf Road Reconstruction project.

Dangote promised to deliver the Apapa-Oshodi-Oworonshoki-Ojota Expressway project ahead of schedule.

“We will not disappoint you (Fashola) and Nigerians; we will make sure we do the best job.

“We are advocating rigid pavement not because we sell cement but because we want to give Nigerians the best,” Dangote said.

Representatives of Apapa and Ajegunle Residents Association, Truck Drivers and owners unions and various stakeholders took turns to commend the project and the economic development it will bring to Lagos and Nigeria.

The 32 km Apapa-Oshodi-Oworonshoki-Ojota Expressway project will include reconstruction of Creek Road, Liverpool Road, Beach land Estate Interchange, Cele Bus Stop through Anthony Village to the old Toll gate.

It has a completion date of two years.

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NNPC Fires Over 80 Senior Staff Who Failed Promotion Exams

The Nigerian National Petroleum Corporation, NNPC, has sacked over 80 manager-level employees, Daily Trust learnt.

The corporation started issuing letters to the affected workers on Friday.

 

At the Kaduna Refining & Petrochemical Company (KRPC), over 20 workers were affected.

 

Spokesman for the corporation Mr. Ndu Ughamadu told Daily Trust that the affected personnel were asked to quit because they failed promotion exams conducted for them recently.

 

 

“There was a promotion exercise and those who didn’t do well, I don’t have the figure now, were asked to exit,” Ughamadu said.

 

On why the staff were sacked rather denied promotion, Ughamadu said, “Corporate policy is corporate policy and management decision is management decision. It was a comprehensive exercise that was carried out and those who didn’t absolutely do well (were asked to quit). Management met on it and decided that number should go.”

 

He said all entitlements due to the affected workers will be paid to them.

 

Another source with knowledge of the matter said it would not be good for the affected staff to remain in the system because they would hinder the progress of others.

 

“Those who failed can’t be promoted because if they are, other low and middle level employees would not rise. We want progression and not stagnation,” the source said.

 

But another experienced official in the corporation said the rationale behind the exercise may be financial rather than administrative.

 

 

Between 2015 and 2017, the corporation recorded N267 billion losses with personnel salaries, pension and gratuity of staff including those in its subsidiaries taking the largest chunk of its expenses.

 

“But it has gone down (N82 billion as at July) because of what we are doing to reduce the cost of running this place,” the source said adding that there has been deliberate policy to cut the cost of running the corporation.

 

“Most people are retiring and we are not replacing them. Before the end of this year a lot of people will be retired. Next year will be worse. A lot of people will clear out of this place,” the source said.

 

 

Meanwhile, NNPC Group Managing Director, Dr. Maikanti Baru has said that corporation would deploy cutting-edge technology to enhance its operations and maximize value across its businesses value-chain.

 

Baru disclosed this while speaking at a Global Business Leaders Panel Session on the sidelines of the 21st Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC), held in Abu Dhabi, United Arab Emirates, yesterday.

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Read What Ambode Said About Nigeria’s Economic Growth

Governor Akinwunmi Ambode of Lagos State on Wednesday said that if Nigeria must develop and have sizable improvement in its Gross Domestic Product (GDP), people of good conscience and high integrity must be at the helm of affairs of all areas of the economy.

Ambode made the assertion at Alausa, Ikeja, when he received the national leadership of the Full Gospel Business Men’s Fellowship International in Nigeria.

He said the country had a lot to benefit when good business practice was combined with excellent religious conscience.

According to him, this would obviously result in growth and development.

“The economy of Lagos cannot be that productive to improve the GDP if there are no people with good conscience and this is what this fellowship stands for.

“It is not enough for you to have resources, it is not enough for you to have people that can improve productivity but again there are people who have to be drivers to arrive at the GDP or the kind of nation that we want,” he said.

Ambode said since his assumption of office in the last three and half years, concerted efforts had been made to ensure religious harmony and also create greater enabling environment for businesses to thrive.

“All we do as a government is just to ensure that we create an enabling environment for people to practice religion without interference and at the same time greater enabling environment for them to do their businesses.

“So, when we combine good businesses and good religious conscience, obviously the nation will grow and then the nation will develop,” Ambode said.

Ambode described members of the fellowship as distinguished personalities in various fields, and equally commended them for holding their annual convention in Lagos.

He said it was instructive that such was taking place at a time the nation needed prayers.

Earlier, the National President of the fellowship, Mr Ifeanyi Odedo, said the team was on the visit to inform the governor of the ongoing 87th National Convention of the Fellowship.

Idris said it was also to explore partnership in key areas to grow the country’s GDP such as housing, agro industry, and information communication technology, among others.

He also commended the governor for his giant strides in the last three and half years, saying it was commendable that he had given priority to people-oriented policies and programmes.

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Ado Bayero’s Son, Others, Take Over 9mobile, Appoints Board Of Directors

Nasiru Ado Bayero-led Teleology Holdings Limited has finally taken over 9mobile, 11 months after the company made it to the top five companies making a bid to take over the telecommunications company.

 

Teleology has announced the constitution of a new Board of Directors for Nigeria’s telecommunication company, 9mobile, following the successful completion of the tenure of the former Board appointed by the Central Bank of Nigeria (CBN) and in fulfillment of the consequential transfer of final ownership to the new investors, Teleology Nigeria Limited.

 

 

“We thank all out-going members of the Board for helping to shepherd 9mobile through the critical transition phase it has passed through since July 2017 and wish them the very best in their future assignments.

 

“For us, the composition of the new Board of Directors is another significant milestone, and this follows the issuance of final approval of no objection by the Board of the Nigerian Communications Commission (NCC) to the effect that the technical and financial bids Teleology submitted for 9mobile met and satisfied all the regulatory requirements.

 

“This is indeed the dawn of a new era in the evolution of the 9mobile brand in the Nigerian market.”

 

The new Board of Directors are:

1. Nasiru Ado Bayero (Chairman)

2. Asega Aliga (Non Executive Director)

3. Adrian Wood (Non Executive Director)

4. Mohammed Edewor (Non Executive Director)

5. Winston Ndubueze Udeh (Non Executive Director)

6. Abdulrahman Ado (Executive Director)

7. Stephane Beuvelet (Acting Managing Director)

 

 

The new Chairman of the Board, Alhaji Nasiru Ado Bayero welcomes the appointment stating, “as we begin this new epochal phase, we wish to thank all the employees who built this viable business.

 

“Our debt of gratitude also goes to our subscribers even as we assure them to get ready for real best-in-class additional value for their relationship with the 9mobile brand. Without you, there could not have been a 9mobile business for us to invest in today.

 

“We will justify your confidence in our brand by making significant investments that will improve the value you get for using 9mobile.”

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SUICIDE ATTEMPT: Man Climbs Mast To Protest ‘Land Encroachment’ By Atiku’s University

The act of climbing a mast seems to be the new way to protest in Nigeria.

Musa Wakatu, a resident of Abuja, has climbed a telecommunication mast over an alleged land encroachment by the American University of Nigeria (AUN).

The elderly man climbed the mast at Nicon Junction in Maitama area of the federal capital territory (FCT) on Monday morning.

The university is owned by Atiku Abubakar, presidential candidate of the Peoples Democratic Party (PDP).

Wakatu, who threw leaflets from the mast to the crowd who had thronged the area, alleged that Abubakar, through his university, had encroached and fenced his landed property at Bajabure in Girei local government area in Yola, Adamawa state, and built structures inside.

He said he had protested on the same matter on March 14, 2012 when he climbed a mast at federal high court in Abuja but nothing was done.

“I wrote a complaint letter to the former IG Mr. Hafiz Ringim and delivered to force headquarters on 5th December 2011 with visitor tag No.054 without any positive result,” the leaflet read.

He said he was lured to collect money as compensation from AUN which he rejected but was later locked up in the cell.

Wakatu said a policeman identified as Ibrahim Iro detained him in Yola.

He said he sold a house he inherited from his father to pursue the case in the court without any result.

He added that he was ready to pursue the case to the world court in order to get justice.

The leaflet also contained his bank account name and number seeking financial assistance from Nigerians to enable him get lawyer for the case.

A detachment of policemen, who arrived the scene, appealed to Wakatu via phone to descend from the mast but he vowed not to.

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Yahoo Boys in trouble, Buhari is coming for you! President calls for strong punishment for fraud

That President Buhari is strong on anti-corruption is no news, now the former Army General is now looking to move against perpetrators of financial crime.

President Muhammadu Buhari on Sunday in Paris, France, called for stringent actions against perpetrators of illicit financial flows, including crackdown on safe heavens.

Mr Femi Adesina, the President’s Special Adviser on Media and Publicity, in a statement in Abuja, said Buhari made the call at the first edition of the Paris Peace Forum, held on the sidelines of the Centenary of Armistice Day.

Buhari warned that continuous impunity would encourage more pilfering of countries’ resources to the detriment of poor and vulnerable populace.

The President said Nigeria had strengthened its laws and institutions to fight corruption, fast-track recovery of stolen assets and punish offenders, urging more commitment from governments and international institutions.

He delivered his statement on “Illicit Financial Flows (Iffs) and Corruption: The Challenge of Global Governance’’ during the event, attended by about 70 world leaders and governments.

He said: “We must crack down on safe havens for corrupt assets. I also advocate sanctions by professional bodies against transactional middlemen (lawyers, bankers, brokers, public officials, etc.) who facilitate Illicit Financial Flows.

“I would like to reiterate that the Government of Nigeria remains open and is ever willing to continue to identify and share experiences and strategies to give life to the ideas that will lead to winning the fight against corruption.’’

The Nigerian leader noted that illicit financial flows posed a risk to the realisation of the Sustainable Development Goals (SDGs).

According to him, this is so as many countries grapple with the challenge of gathering resources to improve their Human Development Index, while a few privileged individuals continue to explore the weaknesses in financial systems.

“Our experience in Nigeria is that financial crimes, such as corruption and fraudulent activities, generate enormous unlawful profits which often prove so lucrative that the threat of a jail term is not sufficient to deter perpetrators.

“A more powerful deterrent is to ensure that profits and assets generated from illicit financial flows and corruption are recovered and returned to countries of origin.

“This is not to under-estimate the value of strong institutions. It only indicates that asset recovery represents significant deterrence compared to the traditional focus on obtaining conviction by the law enforcement agencies of the countries of origin,’’ he said.

The President urged world leaders and global institutions to remain resolute on the Global Declaration Against Corruption made in London in 2016.

He observed that the declaration had encapsulated the collective commitment to the principles of Open Government Partnership, especially the National Action Plans to actualize beneficial ownership transparency and enhance the capacity of Financial Intelligence Units (FIUs).

Buhari said the Independent Reporting Mechanisms and support for the activities of the Global Forum on Transparency and Exchange of Information for Tax Purposes should be reinforced.

“As we take stock of the strengths and weaknesses of domestic, regional and international mechanisms against Illicit Financial Flows, I seize this opportunity to recall the Global Declaration Against Corruption made in London in 2016 and our commitment thereto,’’ he added.

He said said tremendous progress had been achieved through the enactment of global instruments, noting that some fundamental technical issues remain unresolved.

“These revolve around the formulation of policy and regulatory frameworks that cut across different jurisdictions. We must not lose sight of the role played by secret companies, banks and law firms, all too often based in developed economies and their related offshore centres.

“Recent studies reveal that flaws in the global financial system enable corrupt individuals to hide details of their financial dealings under the noses of governments and law enforcement agencies.

“This underscores the need to urgently address the issue of Mutual Legal Assistance, as well as continental legal frameworks, in the context of safe havens for illicit transfers,’’ he said.

The president disclosed that the Whistle-Blowing policy had facilitated recovery of billions of naira from corrupt persons, which had been redirected to the development of critical infrastructure and programmes that would benefit all Nigerians and realisation of the SDGs.

At the continental level, the President said the African Union had bestowed on him the honour to champion the fight against corruption across the continent.

He, therefore, assured that this task would be focused on strengthening international cooperation on asset tracing, recovery and repatriation, and enhancing cooperation between the African Union and the United Nations’ anti-corruption monitoring mechanisms.

Should the Federal Government make new laws against Financial Crime or should they look at ways they could better implement existing ones?

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NFF Seek New Collaboration On Football Development

The Nigeria Football Federation (NFF) has said it is keen to make football contribute more to the economy of the country than being just a past time.

To this end, officials of the Federation met with GTI Capital Group at the weekend as they affirmed their commitments to work together for the development and activation of the Nigerian football economy for increased contribution to the nation’s output level.

NFF President, Amaju Pinnick ends the match with a smile

President, Nigeria Football Federation (NFF), Mr. Amaju Pinnick led other board members of the football governing body on a courtesy visit to GTI Capital Group at its head office in Marina, Lagos.

Other board members at the visit included Vice President, Nigeria Football Federation, Mr. Seyi Akinwunmi and Mr Akin Majekodunmi, a board member.

NFF President, Amaju Pinnick and Ahmed Fresh Yusuf

Group Managing Director, GTI Capital Limited, Mr. Abubakar Lawal said the investment banking group is committed to the development of a “football economy” in Nigeria by investing in key infrastructure and resources that will help to engender sustainable development of the Nigerian football industry.

Pinnick commended ongoing initiatives at GTI Capital noting that a strategic partner like the investment banking group would complement the efforts aimed at transforming football in Nigeria.

He said the NFF under him is determined to make a difference in football governance in Nigeria and as such, will need the support of committed private sector partners like GTI Capital.

According to him, with his re-election as the NFF President, he is more determined to pursue serious initiatives that will take Nigeria’s football to the next level in order to leave behind a strong legacy.

He said his interactions with the GTI Capital have shown that the company is on the right track to help transform the Nigerian football landscape and build a virile “football economy”, which will undoubtedly energize fresh opportunities for all stakeholders.

In his remarks, Managing Director, GTI Asset Management & Trust Limited, Mr Amos Aledare, noted that in today’s world, football has been evolving as a distinct economic sector and major revenue earner in countries where its capacity to deliver this contribution has been properly recognized and harnessed.

He lamented that football has unfortunately remained an untapped tool for economic development in Nigeria, expressing optimism that the collaboration between NFF and GTI Capital would lead to a rebirth of the Nigerian football sector.

He added that the GTI Capital-NFF partnership represents a new dawn for the Nigerian football industry.

Nigerian Senate Worried About Apapa Trailer Park Project

Apapa road is known for terrible traffic gridlock, and the problem seems unending.

The Senate Committee on Works on Sunday expressed displeasure over the slow pace of work on the ongoing shoreline protection of the Apapa trailer park project in Lagos.

The committee, led by its chairman, Sen. Kabiru Gaya, representing Kano South Federal Constituency, raised the concern during an inspection tour of projects in Lagos as part of its oversight function.

Gaya directed the contractor to construct more toilets, restaurants, clinic, and other facilities needed in the park.

“Borini Promo promised us that by December that trailer park should be completed and we are not taking it lightly, we are not happy with the progress, the project has been there for many years.

“We have told the contractor that the trailer park is very important, that the facilities at the trailer park are not enough, we need to add more and there is space where other facilities can be constructed.

“And the Ministry of Works should take note of those facilities whether they come under contingencies, they should make sure it is done before the end of the year.

“And we intend to come back around the 16th or 17th of December to make sure that project is completed,” Gaya said.

While fielding questions from journalists, he said that funding had been provided for the project and the funds had been released by the Federal Ministry of Finance.

“Now that funds have been released, the contractor should have no excuse in delaying the project,” he said.

Earlier, the contractor on the project and ministry officials had explained to the committee that the original project before addition of the shoreline protection aspect was 97 per cent completed.

Mr Gainrranco Albertazzi, Joint Managing Director, Borini Prono, the contractors handling the project, assured the committee that the trailer park without the shoreline aspect of the project would be completed in December.

“We have reached about 97 per cent, what remains is asphalt.

“For the shoreline we are going to import some materials. This is the shoreline to be protected, we would import a machine, there would be geotextile materials,” Albertazzi said.

He promised to increase the workforce to meet the December deadline.

NAN observed that the shoreline, which had become an open defecation field, was being freshly graded.

Speaking on the Apapa-Wharf Road Reconstruction project, the committee chairman commended the efforts of AG Dangote Construction Company Ltd and the other stakeholders who funded the project to completion.

On the Apapa/Ijora bridge rehabilitation by Leventis, the representative of Julius Berger said that the portion of the bridge deck and beam badly damaged by fire would be completed in three months.

The engineer said that some of the materials for the bridge deck were being sourced from abroad.

While inspecting repair of expansion joints and abutment of the Third Mainland Bridge, Gaya expressed satisfaction with efforts by Borini Promo towards salvaging the bridge.

Speaking on the delay on the various repair works on the bridge since 2013, the chairman said that the issues of funding have been resolved.

“There were some delays but now that the project has been funded, in 26 months it will be completed,” Gaya said.

Gaya said that the President Muhammadu Buhari administration has spent much and was increasing its infrastructure spending on all roads in the nation.

“The amount of money put up in road infrastructure in the last three years is quite a lot,” he said.

He said that the committee as part of its oversight was also checking the quality of work being done on various projects layer by layer to ensure they last.

Other projects inspected include the Ikorodu/Sagamu Road, Access Road to NNPC Depot in Mosimi in Ogun and the Lagos-Ibadan Expressway.

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Jubilation Everywhere As Buhari’s FIRS Scores Major Revenue Success, Ahead Of The 2019 Elections

President Muhammadu Buhari’s revenue generating agency, the Federal Inland Revenue Service (FIRS) on Friday said it generated N4.3 trillion as tax revenue between January and October this year.

FIRS Executive Chairman, Babatunde Fowler, disclosed this during the “Federal Inland Revenue Service Special Day” at the ongoing Lagos International Trade Fair held at Tafawa Balewa Square.

 

 

Represented by Mrs Angel Fadahunsi, FIRS South West Head, Federal Engagement and Enlightenment Tax Team, Fowler expressed optimism that the service would meet up with its 2018 revenue target before the end of the year.

“I am pleased to inform you today that the FIRS has recorded remarkable performance in terms of revenue collection this year.

“For instance, as at October 31st, our collection was N4.3 trillion and we believe we have the potential to meet our assigned target at the end of the year.

“We realised that this performance would not have been possible but for the present administration’s policy of expanding the nation’s tax base and blocking revenue leakages,” he said.

 

 

Fowler said that the agency focused its attention on businesses with over a billion naira in annual turnover without any record of commensurate payment of tax obligations to boost its revenue performance.

He noted that about 6000 of such companies had been identified and contacted by the service leveraging on various data sources.

” We will continue to focus on recovering all such revenues due to the Federal Government and the people of Nigeria.

” We encourage the business community and all well-meaning citizens to continue to partner with us to ensure that defaulters are traced and face the consequences while compliant businesses receive all the support they require,” he said.

Fowler said the agency was working assiduously in ensuring that it aligned with all efforts to grow national revenue from taxation while easing the inherent administrative burdens.

 

 

“We place emphasis on human resources as one of several tools to achieve our aim of expanding the tax net.

” This is why we recently recruited young Nigerians to support our bid to effectively provide adequate services to all the nooks and crannies of the country,” Fowler said.

The FIRS boss said the service had undertaken some actions to further reduce the burden of taxation, including the review and approval of National Tax Policy by the Federal Executive Council.

“This provides strategic direction on tax administration and national focus.

“Another thing is working under the auspices of the Joint Tax Board, we continue to advocate for the simplification, harmonization and streamlining of processes, levies and taxes at the state and local government levels,” he said.

Earlier, Babatunde Ruwase, President, Lagos Chamber of Commerce and Industry (LCCI), urged FIRS to expedite action to address issues of multiple taxes toward easing the business environment.

CBN Bans Banks from Dealing in Virtual Currencies and Bitcoins

The Central Bank of Nigeria, CBN has banned banks from any transactions in virtual currencies.
The ban was issued on Tuesday by the Director, Financial Policy and Regulation department, CBN, Mr. Kelvin Amugo, said it was necessitated by money laundering and terrorism financing risks inherent in operations of virtual currencies.
In a circular to banks and other financial institutions on virtual currency operations in Nigeria, Amogu stated:  “The emergence of Virtual Currencies (VCs) has attracted investments in payments infrastructure that provides new methods of transmitting value over the internet.
Exchange  platforms
Virtual currencies
“Transactions in VCs are largely untraceable and anonymous making them susceptible to abuse by criminals, especially in money laundering and financing of terrorism. VCs are traded in exchange platforms that are unregulated, all over the world. Consumers may, therefore, lose their money without any legal redress in the event these exchanges collapse or close business.
“The development of VCs Payment Products and Services (VCPPS) and their interactions with other New Payment Products and Services (NPPS), give rise to the need for guidance to protect the integrity of the Nigerian financial system. There is, therefore, the need to address the Money Laundering/Terrorism Financing risks associated with VC exchanges and any other type of institutions that act as nodes, where convertible VC activities intersect with the regulated fiat currency financial system.
The attention of banks and other reporting financial institutions is hereby drawn to the above risks and you are required to take the following actions pending substantive regulation or decision by the CBN;
“Ensure that you do not use, hold, and /or transact in any way in virtual currencies;
“Ensure that existing customers, that are virtual currency exchangers, have effective AML/CFT controls that enable them to comply with customer identification, verification and transaction monitoring requirements;
“Where banks or other financial institutions are not satisfied with the controls put in place by the virtual currency exchangers/customers, the relationship should be discontinued immediately; and any suspicious transactions by these customers should immediately be reported to the Nigerian Financial Intelligence Unit (NFIU).”
The apex bank reiterated that VCs such as Bitcoin, Ripples, Monero, Litecoin, Dogecion, Onecoin, etc. and similar products are not legal tenders in Nigeria, thus any bank or institution that transacts in such business does so at its own risk.
The CBN ban is coming a week after the Securities and Exchange Commission (SEC) issued a warning against virtual currencies.
The Commission had said in a statement last week, “the public is hereby advised to exercise extreme caution with regard to digital (crypto currencies) as a vehicle of investments. Given that these instruments and the persons, companies or entities that promote them have neither been authorized, nor any guidelines/regulations developed for them by any of the regulatory authorities in Nigeria, there is no protection available to users or investors in these virtual currencies from financial losses if the virtual currencies fail or the companies promoting them go out of business.”