By Aaron Ossai
The House of Representatives Ad-Hoc Committee on the Economic, Regulatory, and Security Implications of Cryptocurrency Adoption and Point-of-Sale (PoS) Operations yesterday held an extensive and deeply engaging session with cryptocurrency operators and digital asset innovators in Abuja.
Led by Hon. Olufemi Bamisile the high-level meeting brought together a wide range of industry stakeholders from licensed exchanges and blockchain associations to financial technology experts and regulatory representatives to deliberate on the challenges, opportunities, and future of Nigeria’s fast-evolving digital finance ecosystem.
In his opening remarks, the Chairman, Hon. Bamisile reaffirmed the House’s commitment to providing the clear regulatory direction and legal certainty the cryptocurrency sector urgently needs, saying “Our goal is to create a framework that supports innovation without compromising security or financial integrity.”
“Nigeria cannot afford to lag behind in the digital economy, but our progress must be anchored on transparency, coordination, and accountability”, he said.
He further urged security agencies particularly the Nigeria Financial Intelligence Unit, NFIU and Economic and Financial Crimes Commission (EFCC) to build technical expertise in blockchain and cryptocurrency operations, noting that “not every young Nigerian with a laptop and a crypto wallet is a fraudster.” Instead, he emphasized the need for informed enforcement and training to distinguish between innovation and financial crime.
Committee members including Hon. Kama Nkemkama and Hon. Akinosi echoed the Chairman’s position, pledging to ensure that the final legislative outcome will be fair, inclusive, and aligned with global best practices.
The hearing featured robust and candid discussions with some of Nigeria’s most influential digital asset leaders including Buchi Okoro (Quidax), Moyo Shodipo (Busha), Olaniyi Atose (KoinKoin), Oluwasegun Kosemani a bitcoin strategist (Botmecash.com), Ayotunde Alabi (Luno Nigeria), Igwe Goodnews (Downtown) and Emeka Ezike for Bitbarter.
Representatives from key associations such as Obinna Iwuno President of SiBAN, Janet Oloyede from Autin Peters & Partners also representing SIBAN, Chioma Oyekwelu representing A&D Forensics, Convexity was represented by Uyoyo CEO of CNGN, Senator ihenyen Preisdent of VASPA, Faith Okaformbah Titus Blockchain Expert Association of Nigeria (BEAN), HX Africa, Three Ace Group, Trojan Mining, Superteam represented by Harri Obi, Cryptonian, Blockchaindotcom were also present, all commending the Committee for fostering one of the most inclusive and open dialogues ever held between regulators and operators.
Participants unanimously praised the engagement as “historic,” noting how, for the first time, the National Assembly had successfully gathered verifiable industry players under one roof to listen, debate, and contribute intelligently toward a unified national policy on digital assets.
Mawahin Adams the Co founder of the Nigeria Women Bitcoiners, a gender focused blockchain education community that ensure women have a seat at the table when conversations about financial innovation are taking place believe that any national policy on digital assets must include women’s perspectives not as an afterthought, but as a critical part of building an inclusive and sustainable digital economy.
In her remarks as delivered by one of the female representatives of the NWB she highlighted the urgent need for a “National Digital-Asset Literacy and Inclusion Programme” one that moves beyond adoption statistics to focus on understanding, safety, and inclusion, also proposed introducing digital-asset education modules into NYSC orientation programmes and secondary-school curricula, and suggested that 1–2% of annual crypto regulatory fees be allocated to fund inclusion initiatives.
Spotlight on Quidax and Regulatory Oversight
A defining moment in the hearing came when the Committee questioned Buchi Okoro, co-founder of Quidax, on the legitimacy and operational boundaries of Quidax’s activities under the SEC’s regulatory sandbox, particularly regarding its product integrations with the gaming platform Bet9ja and its API offerings to smaller fintech startups.
