…Vows to support digital assets players contributing to economic growth

By Matthew Denis, Abuja

In a strategic move to curb  the Vows to support digital  assets players contributing  to economic growthe manipulation of the Naira in the Fx market and strengthen the currency, the Securities and Exchange Commission (SEC) has revealed plans to delist the Naira from peer to peer (P2P) platforms.

This was stated by Acting Director General of the SEC, Dr. Emomotimi Agama during a virtual meeting with the Blockchain Industry Coordinating Committee of Nigeria (BICCoN), the umbrella body of all major blockchain and cryptocurrency Associations in Nigeria, Monday.

Agama stated that one of the things that needs to be done is delisting the naira from P2P space in order to avoid the level of manipulation that is currently happening enjoining participants in the crypto space to be patriotic enough to name and shame those that are involved in disrupting the markets negatively.

“I want to seek your cooperation in dealing with this as we roll out in the coming days the regulations that would take control of these areas. We want to assure that this management will ensure that people or institutions that require registration with the SEC are quickly licenced. We assure you that we will give guidance when necessary and do well to streamline the processes to make it less difficult.

“We ask that those involved in sharp practices that undermine national interest should cease and desist. It is in our interest as a people to protect what belongs to us. We encourage you to reach out to us by naming and shaming the bad actors. Together, I am confident that we can weed out bad actors and harness the immense potential of this progressive technology for the benefit of all Nigerians in tandem with this government’s renewed hope agenda,” he added.

Agama stated that the SEC Nigeria will not hesitate to utilise all the powers within its mandate to handle issues that are negative and pose a threat to national interest saying that the Commission has come as a partner to seek collaboration in making sure that the capital market community is one that is respected globally for decency and fair play.

The SEC boss said the recent concerns regarding crypto P2P traders and their perceived impact on the exchange rate of the Naira has underscored the need for collective action and dialogue within the financial market ecosystem.

He said, “There are basic practices as enshrined in the Investments and Securities Act 2007 and we expect that everyone will abide by those rules. Some may say there are no rules to play by, but do not forget that we have the Investments and Securities Act 2007 that some actions by participants today may be violating, hence the law is the law irrespective of the technology used.

“However, for the specific Digital Asset regulatory regime that many have been calling for, we want to assure you that we are working tirelessly to establish an accommodating regulatory guideline for digital assets. The SEC as your regulator is desirous to work with you by providing a level of assurance that is needed by all that are operating within the rules of the market.”

The DG stated that the proposed regulatory guidelines which is currently being fine-tuned with suggestions by various stakeholders, will encompass various activities within the cryptocurrency ecosystem ranging from Wallet providers, digital asset custodians and fund managers, Cryptocurrency Crowdfunding, Initial Coin Offerings (ICOs), Security Token Offerings (STOs), Initial Exchange Offerings (IEOs), Cryptocurrency Exchange platform providers, Virtual Asset brokerage services etc., ensuring that every Nigerian playing within the industry with the potential to contribute to economic progress is included, supported and properly regulated.

“I am poised for an innovative digital asset regulatory regime that will sustain Nigeria as Africa’s Digital Asset Powerhouse with diverse solutions like Real World Asset Tokenisation (RWA) that will drive wealth and catalyse our capital market. We must explore innovative solutions to this problem and strike the right balance between encouraging innovation and safeguarding our national economic interests. This we will do in a friendly and firm manner, to enable us to achieve the desired result.

“We have a great market ahead of us and we have the talents and the people to make the market great.  Mr. President is concerned about the teeming youths involved in this space and would encourage them to do the right thing and develop an ecosystem that we all will be proud of. It becomes necessary that we do what is right. Manipulations and all forms of activities that undermines our national interest would not be acceptable. It is therefore very important that we know that the SEC by virtue of the Section 13 of the ISA speaks to the regulation of all capital market activities.”

Agama expressed his gratitude to the leadership of the Blockchain Industry Coordinating Committee of Nigeria (Biccon) the umbrella body of all major blockchain and cryptocurrency Associations in Nigeria, and assured them of the commission’s readiness to work closely with all stakeholders in the cryptocurrency ecosystem to create a better country for all.

“With our deep understanding of this industry and the cryptocurrency sub sector, we recognise the importance of collaboration and cooperation in addressing the challenges we face; hence your insights and suggestions are invaluable as we seek to navigate these complexities together. We need your support as much as you need ours.

 ”On that note, I want to emphasise that we are working on different fronts to sustain decent practices within our market, however, we are here to meet ourselves to know those playing within the sector decently and are open to hearing your suggestions on how we can effectively manage all obscure cryptocurrency trading activities within our jurisdiction p2p inclusive irrespective of the challenge we all know that p2p trading posses.

“We must explore innovative solutions to this problem and strike the right balance between encouraging innovation and safeguarding our national economic interests. This we will do in a friendly and firm manner, to enable us to achieve the desired result.”

Responding, the Chairman of the Fintech Association of Nigeria Dr. Babatunde Oghenobruche Obrimah commended the Director General for his bold steps and the relationship with the ecosystem and pledged their commitment to work with the DG and grant him all the support that will help him succeed in sanitising the virtual ecosystem.

On their part, BICCoN requested the setting up of a working group to tackle the various challenges facing the crypto space and in a bid to move the market forward.

The Minister of Information and National Orientation, Alhaji Mohammed Idris has clarified that the Federal Government has no plans to approve the establishment of foreign military bases in the country.

Idris made this known in a statement on Monday following widespread rumours of a proposed military outpost of foreign countries in Nigeria.

Reacting in a statement, the Minister said, “The Federal Government is aware of false alarms being raised in some quarters alleging discussions between the Federal Government of Nigeria and some foreign countries on the siting of foreign military bases in the country.

“We urge the general public to totally disregard this falsehood.

“The Federal Government is not in any such discussion with any foreign country. We have neither received nor are we considering any proposals from any country on the establishment of any foreign military bases in Nigeria.

“The Nigerian government already enjoys foreign cooperation in tackling ongoing security challenges, and the President remains committed to deepening these partnerships, with the goal of achieving the national security objectives of the Renewed Hope Agenda.”

…As IBDEC, Ikeja Electric announce reduction in tariff

The Nigerian Electricity Regulatory Commission (NERC) has approved a downward review of electricity tariff for Band ‘A’ customers from N225/kWh to N206.80/kwh.

Under the approved review, Band ‘A’ customers who were previously charged N225/Kwh are now to pay N206.80/kwh.

The band’s customers are those who enjoy a daily supply of a minimum of 20 hours.

The review of the tariff was announced in Abuja on Monday by a notice issued by the management of Abuja Electricity Distribution Company (AEDC).

The notice read, “We are pleased to share with you the revised tariff for our Band ‘A’ feeders,  which will decrease from N225/kwh  to N206.80 effective May 6.

“We assure customers on our Band ‘A’ feeders of continued availability of electricity supply for 20-24 hours daily.

“Please note that the tariffs for Band B, C D and E remain unaffected.”

Meanwhile, the Ibadan Electricity Distribution Company (IBEDC) has begun the implementation of a downward review of tariff from N225/Kwh to N206.80/Kwh for band A customers in its coverage territory.

This review followed the directive by the Nigerian Electricity Regulatory Commission (NERC) to review downward tariffs for band A customers only.

Lead, Media Relations, IBEDC, Mrs Busolami Tunwase, told newsmen that the new tariff was with effect from  May 4.

“Customers using prepaid meters will be the first to experience the revised tariff – N206.80/Kwh whenever they vend this month of May.

“While for Post-paid customers, the revised tariff will reflect in the electricity bills to be receive at the end of May 2024,” she said.

Tunwase said that the tariffs for band B,C,D and E remains unchanged.

She assured the customers that IBEDC remain unequivocally committed to ensuring quality and improved service across our franchise.

Also, Ikeja Electric Distribution Company has announced reduction of electricity tariff for customers on Band A from N225/kwh to N206.80/kwh.

This is contained in a circular issued by the management of the company on Monday in Lagos.

According to the company, customers on band A will now pay N206.80/kwh, as against the stipulated N225/kwh ordered by Nigeria Electricity Regulatory Commission (NERC).

It expressed its commitment to providing 20 to 24 hours of electricity to users under the band, while stating, however, that the tariff for customers in other categories remained the same.