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Osinbajo faults CBN on cryptocurrency ban, calls for rethink

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Vice-President Yemi Osinbajo on Friday faulted the decision of the Central Bank of Nigeria to prohibit deposit money banks, non-banking institutions and other financial institutions from facilitating trading and dealings in cryptocurrency.

Osinbajo said the monetary authorities should rethink their stand on the issue.

According to a statement by his Senior Special Assistant on Media and Publicity, Laolu Akande, the Vice-President stated this in his keynote address delivered virtually at an economic summit organised by the CBN, the Banker’s Committee, and the Vanguard Newspaper with the theme ‘Bankers’ Initiative for Economic Growth.’

Akande’s statement was titled ‘VP calls for cryptocurrency regulation: We must act with knowledge, not fear – Osinbajo.’

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The CBN had earlier this month ordered banks and other financial institutions to close all cryptocurrency accounts with immediate effect.

The CBN Governor, Godwin Emefiele, had on Tuesday said the ban was in the best interest of Nigerian depositors and the country’s financial system.

Describing the operations of cryptocurrencies as dangerous and opaque, Emefiele told a joint Senate Committee on Banking, Insurance and Other Financial Institutions; ICT and Cybercrime; and Capital Market, that the use of cryptocurrency contravened an existing law.

But Osinbajo, who chairs the nation’s Economic Sustainability Committee, said while he fully appreciated the position of the regulatory bodies about possible abuses of cryptocurrencies, their position should be subjected to further reflection.

He said the CBN, the Securities and Exchange Commission and others should come up with a thoughtful and knowledge-based regulatory regime that addresses the concerns “without killing the goose that might lay the golden eggs.”

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Osinbajo was quoted as saying, “There is a role for regulation here. And it is in the place of both our monetary authorities and SEC to provide a robust regulatory regime that addresses these serious concerns without killing the goose that might lay the golden eggs.

“So, it should be thoughtful and knowledge-based regulation, not prohibition. The point I am making is that some of the exciting developments we see call for prudence and care in adopting them, but we must act with knowledge and not fear.”

Osinbajo called on the monetary authorities to rethink their stand on cryptocurrencies.


He said, “There is no question that blockchain technology generally and cryptocurrencies, in particular, will in the coming years challenge traditional banking, including reserve (central) banking, in ways that we cannot yet imagine. So, we need to be prepared for that seismic shift. And it may come sooner than later.

“Already, remittance systems are being challenged. Blockchain technology will provide far cheaper options to the kind of fees being paid today for cross-border transfers.”

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Osinbajo added, “I am sure you are all aware of the challenge that the traditional SWIFT system is facing from new systems like Ripple, which is based on the blockchain distributed ledger technology with its own crypto tokens.

“There are, of course, a whole range of digital assets spawned daily from blockchain technology. Decentralised finance, using smart contracts to create financial instruments, in place of central financial intermediaries such as banks or brokerages is set to challenge traditional finance.

“The likes of Nexo finance offer instant loans using cryptocurrency as collateral. Some reserve banks are investigating issuing their own digital currencies.”

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Governor Mbah’s Compassionate Gesture Brings Relief to Enugu Fire Victims

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Families displaced by the recent fire outbreak in the Asata area of Enugu have received immediate relief from the Enugu State Government following the intervention of Governor Peter Mbah, who directed that palliative support be provided to ease their suffering.
Chairman of the Enugu State Emergency Management Agency (ESEMA), Chinasa Mbah, disclosed that the agency promptly delivered the relief materials in compliance with the governor’s directive.
“We have given them some palliative as directed by His Excellency. Our report has equally gone in, and we await further instructions,” Mbah said.
She explained that ESEMA has completed its assessment of the incident and submitted its recommendations to the state government, adding that additional assistance for the affected families will depend on the governor’s approval of the agency’s report.
The swift response underscores Governor Mbah’s commitment to standing with citizens in times of distress. The victims, whose homes and belongings were destroyed in the fire that gutted two flats in a two-storey building on Church Road, Asata, are expected to receive further support as the government considers ESEMA’s recommendations.

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Questions Persist As Almajiri Commissions Attempts to Defend Projects Outside Its Mandate

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The National Commission for Almajiri and Out-of-School Children’s Education (NCAOOSCE) has defended the inclusion of projects outside its statutory mandate in the 2026 budget, insisting they are National Assembly constituency projects assigned to the commission for implementation.
However, the explanation has done little to quell public scrutiny, with critics questioning why a commission established to tackle the Almajiri system and out-of-school children—challenges largely concentrated in Northern Nigeria—is overseeing projects reportedly located in parts of the South-West.
The controversy has also been fuelled by concerns over the scale of the allocations, as the value of the disputed constituency projects is said to far exceed the funds earmarked for the commission’s core education programmes.
Responding to the criticism in a statement issued on Monday, the commission’s Special Assistant on Media and Communications, Nura Muhammad, said the projects were included in the 2026 Appropriation Act under the long-standing practice of assigning constituency projects to Ministries, Departments and Agencies (MDAs) for execution.
According to the commission, once such projects are approved in the federal budget and allocated to an agency, they become part of its implementation responsibilities.
“As part of a duly enacted federal budget, every project assigned to the commission forms part of its implementation responsibilities and will be executed in strict compliance with extant laws, financial regulations and due procurement processes,” the statement said.
NCAOOSCE maintained that the inclusion of the projects does not alter its statutory mandate, stressing that it remains focused on addressing the Almajiri system and reducing the number of out-of-school children across Nigeria.
The commission cited its achievements, including the profiling of more than 700,000 out-of-school children, the establishment of 119 learning centres, ward-to-ward advocacy campaigns, and the implementation of the National Policy on Almajiri Education, as evidence of its commitment to its core responsibilities.
This version attributes the concerns to critics and public scrutiny rather than stating them as established facts.

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Police Inspector Dies in Alleged Police Convoy Accident in Enugu

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A Police Inspector, Dr. Obodo Paul Ikechukwu, has reportedly died after he was involved in a fatal road accident allegedly involving a police convoy in Enugu State.

The deceased, who hailed from Nkpologu in Enugu State, was serving in the Operations Department of the Enugu State Police Headquarters at the time of the incident.

Details surrounding the circumstances of the accident remain unclear, but sources said the inspector was fatally injured after being struck by a vehicle in a police convoy.

Dr. Obodo, who was also a PhD holder, was described by colleagues and associates as a dedicated officer whose death has come as a shock to members of the police command and his community.

As of the time of filing this report, the Enugu State Police Command had not issued an official statement on the incident, while further details are being awaited.

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Mbaka Offers Prayers, Endorses Mbah’s Leadership Ahead of Election (See Video)

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The Spiritual Director of the Adoration Ministry Enugu, , has offered prayers for , praying for God’s favour, protection, and victory as the state approaches the coming elections.

Speaking during a church gathering, Mbaka declared that Governor Mbah would succeed, expressing confidence that God, whom he said had begun a great work through the governor, would bring it to completion.

“It shall be well with Peter Mbah; may the favour of God be with him. We back him with our prayers. The Adoration family throws our prayers around him, that he will succeed, in the name of Jesus. May God grant him the power of victory at the end of the whole election,” Mbaka said.

The cleric further expressed hope that Mbah’s leadership would bring joy to the Igbo people, the people of Enugu State, and the Church, adding that the Igbo economy could witness greater advancement under his administration.

According to Mbaka, the progress recorded so far gives hope that greater achievements lie ahead, stressing that God would perfect the work already begun.

His remarks come as political activities continue to gather momentum ahead of the forthcoming elections.

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Governor Mbah Directs ESEMA to Support Families Displaced by Enugu Fire

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ENUGU — Governor Peter Mbah has directed the Enugu State Emergency Management Agency (ESEMA) to provide immediate relief materials and other palliative support to two families displaced by the fire that razed a two-storey building at No. 22 Church Road, Asata, Enugu, on Saturday.
The governor’s directive followed reports by Everydaynewsngr that the inferno destroyed two flats and consumed household property, valuables, and important documents belonging to the affected families, leaving them homeless.
The General Manager of ESEMA is expected to assess the extent of the damage and coordinate the distribution of emergency relief items to ease the hardship faced by the victims while further interventions are considered.
Residents of the area welcomed the governor’s swift response, describing it as a demonstration of compassion and responsible leadership at a difficult time for the affected families.
One of the victims, an employee of a higher institution in Enugu State who is said to be approaching retirement, had lamented that the fire wiped out decades of savings and destroyed all his household belongings, including vital documents and certificates.
No lives were lost in the incident, while the cause of the fire is yet to be determined. Authorities are expected to investigate the circumstances surrounding the outbreak as affected families begin the difficult task of rebuilding their lives.
The state government urged residents to remain safety conscious and report fire emergencies promptly to relevant agencies to minimise damage and loss of property.

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