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Reps to regulate crypto, POS operations

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The House of Representatives on Monday inaugurated an Ad-hoc Committee to review the regulations and security implications of cryptocurrency adoption and Point-of-Sale operations in Nigeria.

Speaking at a ceremony in Abuja, Speaker Tajudeen Abbas said that the committee became necessary following allegations of fraud, cybercrime, and consumer exploitation in the digital finance space by the operators.

Recall that the House in November 2024 resolved to summon the Central Bank of Nigeria Governor, Olayemi Cardoso, and the Chief Executive Officers of money deposit banks to appear before it to propose solutions to the challenges posed by the lack of documentation of Point of Sale Users across the country.

The decision of the House followed the consideration and adoption of a motion sponsored by the member representing Ehime/Mbano/Uboma/Obowo Federal Constituency, Imo State, who argued that cases of fraudulent activities within the financial system have been established against POS users, adding that there is “A necessity to combat such illicit practices and safeguard the integrity of financial transactions within Nigeria.”

The House said it was aware that undocumented POS transactions create a loophole for fraudulent activities, such as identity theft, money laundering, and unauthorised transactions, noting that “By enforcing the documentation of users’ identity, the incidence of fraud will significantly reduce and the security of financial transactions in Nigeria will be enhanced.”

According to the Speaker, a regulatory framework has become necessary to address the loopholes identified in the works of virtual assets service vendors.

“It is because of the absence of clear rules, coupled with the volatility and complexity of the technology, that the House of Representatives found it imperative to establish regulations and consumer protection measures that will regulate the activities of Virtual Assets Service Providers, including cryptocurrencies and crypto assets.

“This Ad-hoc Committee is therefore necessary. Its main job is to undertake public hearings to collate relevant information from stakeholders that will guide the House in developing legislation for a regulatory framework for the adoption of the currency in our economy.

“Its work will also guide the House in its oversight functions as they concern the use of digital currency in Nigeria,” he said.

In his remarks, the Chairman of the Committee, Olufemi Bamisile (APC-Ekiti), said it is the duty of the Committee to ensure a balance between financial innovation and national security.

“We have been entrusted with a task of national significance: to review the economic, regulatory, and security implications of cryptocurrency adoption and Point-of-Sale operations in Nigeria.

“Across the world, financial systems are being reshaped by technology. In Nigeria, cryptocurrency and POS operations have grown rapidly, creating new opportunities for commerce, financial inclusion, and innovation.

“But alongside these opportunities lie serious risks of cybercrime, fraud, money laundering, terrorism financing, and regulatory uncertainty,” he said.

The lawmaker assured that the committee’s work will dwell on developing a legislative and regulatory framework that encourages innovation while protecting citizens and the integrity of the nation’s financial system.

He added that the committee will collaborate closely with key regulatory and security agencies such as the Central Bank of Nigeria and Securities and Exchange Commission, the Nigeria Deposit Insurance Corporation, Nigerian Financial Intelligence Unit, Economic and Financial Crimes Commission, Independent Corrupt Practices and Other Related Offences Commission, as well as the Nigeria Police Force.

He stated that the committee will adopt a consultative and evidence-based approach, engaging stakeholders such as regulators, banks, fintech operators, civil society, and the security community in public hearings to gather diverse perspectives.

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Dangote Cement begins Ivory Coast operations

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Dangote Cement has officially launched its operations in Attingué, some 30 kilometres from Abidjan, Ivory Coast.

According to a statement by the group on Sunday, the announcement was made on Wednesday by the Managing Director of Dangote Cement, Ivory Coast, Serge Gbotta, at the Novotel Abidjan-Marcory.

Covering an area of 50 hectares, the plant reportedly has a production capacity of 3 million tonnes of cement per year, making it one of the group’s largest facilities outside Nigeria.

“This strategic project, with an estimated investment of 100bn CFA francs, embodies Aliko Dangote’s vision of building a self-sufficient Africa that is less dependent on imports and capable of transforming its resources into world-class finished products.

“With this facility, Ivory Coast becomes the 11th African country to host a Dangote Cement production unit. The group, which has a total capacity of 55 million tonnes per year on the continent, intends to contribute to the development of Ivorian infrastructure and meet the growing demand for construction materials, driven by rapid urbanisation and major construction projects in the country.

“According to forecasts, the Attingué plant could generate more than 1,000 direct and indirect jobs. This represents a significant boost for young people in Ivory Coast, but also for the ecosystem of local SMEs – transporters, building tradespeople, retailers, suppliers and subcontractors,” the statement read partly.

At the launch of the facility, the Chief Executive Officer of Dangote Cement Ivory Coast said, “Our ambition is clear: to offer Ivorians internationally-standard cement, produced locally, at a competitive price. The Attingué plant is not just an industrial unit; it is a symbol of confidence in the future of Ivory Coast and a commitment to sustainable development alongside local communities.”

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Shettima pushes for proactive disaster preparedness over costly relief

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The Federal Government has called for increased investment in disaster preparedness and resilience mechanisms to reduce the impact of disasters in the country.

The government made the call on Monday at the 2025 International Day for Disaster Risk Reduction in Abuja, themed “Fund resilience, not disaster.”

The event also featured the unveiling of the National Emergency Management Agency Strategic Plan (2025–2029) and the National Disaster Risk Reduction Strategy (2025–2030).

The NEMA Strategic Plan and NDRRS are anchored on risk-informed development, innovation in financing, and stronger institutional collaboration, ensuring that disaster risk management becomes an integral part of planning across all sectors.

Over the years, Nigeria has continued to experience recurring floods, erosion, drought, and other climate-related emergencies that have destroyed farmlands, displaced thousands, and strained public resources. This growing vulnerability underscores the need for proactive measures and sustainable financing mechanisms to strengthen preparedness and build national resilience.

Speaking at the event, Vice President Kashim Shettima noted that it is wiser, cheaper, and more humane to prepare for disasters before they strike than to rebuild after they destroy.

Shettima said, “Every naira we spend today on preparedness saves many more tomorrow on response and recovery. Every investment in resilience is, in truth, an investment in the lives and futures of our people.

“We do not have to look far to understand this message. In recent years, we have seen floods wash away farmlands, erosion swallow roads, and fires raze markets that took years to build. These tragedies happen not in distant lands but in our own communities—to people we know, to families just like ours. Each of these disasters reminds us that if we fail to invest in resilience, we will continue to spend our scarce resources cleaning up after crises instead of building lasting prosperity.

“His Excellency, President Bola Tinubu, emphasises this need to treat resilience as a national policy. We are integrating disaster risk reduction into every sector—from agriculture and infrastructure to education and health—while expanding early warning systems to ensure that communities receive timely alerts before floods, droughts, or disease outbreaks occur.”

He stated that the government is strengthening state and local emergency management agencies through training, technology, and coordination support.

“We are developing a National Disaster Risk Financing Framework to guarantee that funding for prevention and preparedness is available when and where it is needed. And we are deepening partnerships with development partners, the private sector, and research institutions to drive innovation and resilience building at all levels.

“Commitment alone is not enough. We must match our words with action and our policies with funding. To fund resilience is to invest in drainage systems, not relief camps; to build stronger schools and hospitals, not temporary shelters; to support farmers with climate-smart tools, not just food aid after floods; and to train and equip our first responders before the sirens start to wail. This is the shift we must make—from reacting to crises to anticipating and preventing them.

“Yet resilience cannot be guaranteed by government alone. It is built by all of us. It is reflected in how we plan our cities, in how businesses protect their workers, and in how communities share information and look out for one another. This is why our private sector must see itself as a partner in prevention, embedding risk reduction into corporate planning and investment decisions,” he stated.

The VP also urged academia and research institutions to provide data-driven research for informed decision-making, and civil society to raise awareness and hold institutions accountable.

In her opening address, the Director-General of the National Emergency Management Agency, Mrs Zubaida Umar, called for a decisive shift from reactive disaster response to proactive resilience funding.

Umar said Nigeria, like many nations, continues to experience increasing frequency and intensity of disasters driven by climate change, conflicts, pandemics, and technological risks.

“These events are testing the limits of traditional emergency response systems and demanding a more proactive, preventive, and well-financed disaster risk management framework.

“This is why today’s dialogue is critical—to collectively rethink how we fund resilience; to move from reactive, ad-hoc funding of disasters to a multi-stakeholder financing architecture that supports prevention, preparedness, and sustainable recovery,” she said.

She highlighted that the focus is beyond emergency management institutions.

“Resilience must be mainstreamed across sectors—from agriculture, water resources, energy, and infrastructure to finance, education, and health.

“In this regard, NEMA is already working with key stakeholders to develop a National Risk Monitoring and Information Platform that will serve as a cross-sectoral system for early warning, vulnerability mapping, and risk-informed investment decisions. Equally important is the dialogue around innovative financing, exploring instruments such as catastrophe bonds, insurance pools, climate funds, and blended finance models that can sustain risk reduction efforts at scale,” she said.

In his remarks, Governor Dauda Lawal of Zamfara State emphasized the need for sustainable funding mechanisms and highlighted the interconnection between peace, preparedness, and resilience.

“For stability in funding during this catastrophic disaster, disaster management is not in a cube or box. Mechanisms for funding must be available, and it is an economic necessity.

“Therefore, preparedness and resilience must be funded deliberately,” Lawal said.

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Reps seek energy reform as Abbas declares petroleum week open

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The House of Representatives has renewed its commitment to full energy reform, urging the Federal Government and relevant stakeholders to overhaul the nation’s downstream petroleum sector to achieve efficiency in the sector.

Speaking on Monday at the First Annual Downstream Petroleum Week, organised by the House of Representatives Committee on Petroleum (Downstream), the Speaker, Tajudeen Abbas, said the energy sector holds the key to unlocking the nation’s economic growth and called for concerted efforts to reposition the entire industry.

The conference, held in partnership with the Federal Ministry of Petroleum Resources and the Nigerian Midstream and Downstream Petroleum Regulatory Authority, brought together professionals, regulatory agencies, and industry leaders, including representatives of the Nigerian National Petroleum Company Limited and the Dangote Group.

Despite spending over $18bn for the turnaround maintenance of state-owned refineries in Port Harcourt, Kaduna, and Warri, Nigeria continues to rely on imported petroleum products, a challenge currently being addressed with the establishment of the Dangote Refinery.

A few months ago, the Group Chief Executive Officer of the NNPCL, Bayo Ojulari, hinted at the possible sale of the refineries, owing to their age and inability to meet the needs of energy consumers in the country.

He, however, revised himself, following criticisms mounted by the House of Representatives Committee on Petroleum Resources (Midstream), chaired by Hon Odianosen Okojie.

Declaring the event open, Abbas described the conference as a significant step in the nation’s quest for energy sufficiency and sustainability, saying, “Nigeria is at a critical point in its drive for industrialisation. This conference could not have come at a better time.

“Our duty as legislators is to provide the policies and oversight that will strengthen the downstream sector for a more secure, efficient, and resilient economy.”

According to the Speaker, the success of the downstream sector is anchored on improved infrastructure, stable policy, and local investment, especially in Liquefied Petroleum Gas and Compressed Natural Gas facilities.

He called for actionable solutions to energy security gaps, pipeline insecurity, pricing fluctuations, and the full implementation of the Petroleum Industry Act, 2021.

“This maiden Annual Downstream Week reflects our commitment to evidence-based policymaking and stakeholder engagement. We expect innovative ideas that can transform our downstream sector and move our economy forward,” Abbas said.

Speaking earlier, the Chairman, House Committee on Petroleum Resources (Downstream), Ikenga Ugochinyere, said the sector has, in the past few years, witnessed innovative changes which he said have rubbed off positively on the Nigerian economy.

He highlighted several ongoing projects across the country, including “The 650,000 barrels per day Dangote Refinery, the Waltersmith Modular Refinery in Imo State, expanding from 5,000 to 50,000 barrels per day; the OPAC Refinery in Delta State and the Indorama Petrochemical expansion, which is already enhancing fertiliser production and gas utilisation.

“The transformation we are witnessing is born of courage, clarity, and innovation. Our downstream sector is now more open, efficient, and ready for investment. Nigeria must refine what it produces and consume what it refines.”

Ugochinyere, who represents Ideato North/Ideato South Federal Constituency, Imo State, commended the Nigerian Upstream Petroleum Regulatory Commission for enforcing the Domestic Crude Oil Supply Obligation policy targeted at ensuring that local refineries have access to crude oil before export allocations are made.

“Progress must be matched with persistence. We must sustain investor confidence, create jobs, and strengthen our energy independence. This is how nations grow—by empowering local industries to produce, compete, and thrive.”

He urged labour unions to cooperate with the legislative and executive arms of government in their bid to revive the sector, adding that strikes have often done more harm than good.

“No reform can succeed without industrial harmony. While labour issues are inevitable, they must never be allowed to undermine productivity or national stability,” he cautioned.

He added that compliance with tax, safety, and environmental standards was not optional but a patriotic duty, even as he singled out the NMDPRA and NUPRC, among others, for praise for keeping the supply of petroleum products stable.

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