The House of Representatives has directed the Economic and Financial Crimes Commission, EFCC to provide comprehensive records of all confiscated digital assets to support its ongoing legislative review and policy recommendations.
The Chairman House Ad-Hoc Committee on the Economic, Regulatory, and Security Implications of Cryptocurrency Adoption and Point-of-Sale (POS) Operations in Nigeria, Mr. Olufemi Bamisile, gave the directive during the Committee’s technical session with key regulatory and security agencies.
Mr. Bamisile reaffirmed the Committee’s commitment to developing a regulatory framework that balances innovation with oversight, safeguards the financial system, and promotes transparency, youth inclusion, and national security in Nigeria’s digital economy.
The Committee also described as too high and prohibitive the ₦500 million to ₦1 billion capital requirement set by the Securities and Exchange Commission (SEC) for Virtual Assets Service Providers (VASPs).
Mr. Bamisile, who noted that regulation of the cryptocurrency sector is essential, described the current capital threshold as high and could stifle innovation, discourage legitimate investors, and exclude emerging entrepreneurs, particularly young Nigerians, who hold the potential to drive economic growth and Nigeria’s digital transformation.
The representative of the EFCC informed the Committee that all confiscated virtual and digital assets linked to criminal activities are currently in the Commission’s custody.
The EFCC stressed that it maintains dedicated digital wallets across its zonal offices for the safekeeping of such assets.
Meanwhile, the Committee has expressed displeasure over the failure of several key institutions, including the Office of the National Security Adviser, Central Bank of Nigeria, Nigerian Communications Commission, Federal Inland Revenue Service, Ministry of Finance, and Ministry of Communications, Innovation and Digital Economy, to honour its invitation to the meeting.
Tanimu Salihu
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