NEWS
CBN instructs banks to close accounts related to Crypto
The Central Bank of Nigeria has notified Deposit Money Banks, Non-Financial Institutions, other financial institutions against doing business in Crypto and other digital assets.
In a circular dated 5th February 2021 and distributed to regulated financial firms, the apex bank of Africa’s largest economy warned and reminded local financial institutions against having any transactions in crypto or facilitating payments for crypto exchanges.
In addition, the apex bank instructed the financial institutions to immediately close the accounts of such persons or entities transacting in or operating cryptocurrency exchanges.
The Apex bank further warned the Nigerian Financial Stakeholders that any breach of this directive will attract serious regulatory sanctions.
See excerpt
“The Central of Bank of Nigeria’s (CBN) circular of January 12, 2017 ref FPR1DIR/GEN/C1R106/010 which cautioned Deposit Money Banks (DMBs), Non-Bank Financial Institutions (NBFIs), Other Financial Institutions (OFIs) and members of the pubic on the risk associated with transactions in cryptocurrency refers.”
“Further to earlier regulatory directives on the subject, the Bank hereby wishes to remind regulated institutions that dealing in cryptocurrencies or facilitating payments for cryptocurrency exchanges is prohibited.”
“Accordingly, all DMBs, NBFIs and OFIs are directed to identify persons and/or entities transacting in or operating cryptocurrency exchanges within their systems and ensure that such accounts are closed immediately.”
“Please note that breaches of this directive will attract severe regulatory sanctions. This letter is with immediate effect.”
Not the first time
In 2018, Nairametrics reported that the Central Bank of Nigeria had issued a statement reiterating that cryptocurrencies are not a legal tender and as such are illegal.
In a circular dated February 28th, 2018, and published on its website, the apex bank reiterated that “cryptocurrencies such as Bitcoin, Ripples, Monero, Litecoin, Dogecoin, Onecoin, etc and Exchanges such as NairaEx are not licensed or regulated by the CBN.”
This was the strongest against cryptocurrencies made by the CBN at the time. It also coincided with a bullish run for cryptocurrencies especially when bitcoins rallied to an all-time high of $17,000 at the time.
That same year, the Securities and Exchange Commission (SEC), as well as the Nigerian Stock Exchange (NSE) were all directed by the Senate to enlighten Nigerians on the risks involved in trading with Bitcoins, but this report shows the enlightenment campaign has done little or nothing to dissuade Nigerians.
Can the CBN actually stop trading?
The central bank has control over the banking sector and by a large extent can use its powers to determine how banks allow customers to use their bank accounts for transactions.
- While cryptocurrencies are a digital form of currency it still relies heavily on the regular currencies for everything from pricing its value to how its ownership is being determined.
- Thus, Nigerians looking to trade in cryptocurrency will now have to seek other means outside of the banking sector, assuming Nigerian banks strictly implement the new directives.
There is also the suspicion that this could be tied to the CBN’s foreign currency controls.
How Banks will stop it
- Banks can use the KYC information of their customers to determine which of them are used for cryptocurrency-related transactions. Once this is determined, they can block the accounts or restrict anyone from depositing money into the accounts.
- In fact, they can place a no-debit on the account, meaning that when you transfer money to a cryptocurrency trading platform, the money could be stuck as they won’t be able to access it.
- Ironically this is the very reason why cryptocurrencies exist in the first place, to stop any regulator, third party from getting in between transfers from one person to another.
What this means
The recent directive of the CBN will have clear negative consequences for the international crypto community, taking into consideration Nigeria (Africa’s largest economy and home to over 200 million people, mostly young), has the highest interest in Bitcoin globally.
- According to a recent report released by Google, Nigeria emerged the first amongst other countries around the world in Bitcoin searches on Google.
- If this policy is strictly implemented it will snuff out millions in demand from crypto hungry young Nigerians, taking out a major source of investments for many.
Entertainment
Shola Omoemi’s Birthday Turns into a Mega Celebration as She Gifts Over ₦2 Million to Fans
The gospel music world is still buzzing with excitement after the sensational gospel minister Shola Omoemi marked her birthday in a truly unforgettable way. Known for her soul-lifting songs and deep passion for touching lives, Shola once again proved that her ministry extends far beyond music, it’s about love, generosity, and impacting lives.
On her special day, instead of simply receiving gifts and well-wishes, Shola decided to flip the script and pour out blessings on her fans. In a grand show of gratitude, she gave out over ₦2,000,000 to her loyal supporters across various platforms. From random cash giveaways to bank transfers and surprise alerts, fans couldn’t stop sharing their joy online as testimonies rolled in.
The celebration went viral on social media, with positive comments flooding every corner of the internet. Fans hailed her as a woman with a heart of gold, praising her for using her birthday as a platform to uplift others in a time when many are facing financial challenges.
The day wasn’t just about money; it was filled with music, prayers, and heartfelt moments. Shola Omoemi took time to appreciate God publicly for His grace upon her life, her growing ministry, and the countless testimonies her songs have inspired especially following the success of her latest album, IPE (Calling).
Pictures and videos from the celebration showed a joyful Shola surrounded by family, friends, and fans both online and offline. Her warm smile, coupled with her generous acts, made this year’s birthday one of the most talked-about events in the Nigerian gospel scene.
Industry colleagues, gospel artists, and church leaders also joined the conversation, applauding her for embodying the true meaning of giving and service in ministry. Many described her act as a reminder that success is not just about what you receive, but about how much you can give back to those who love and support you.
In her own words, Shola Omoemi said:
“My life is a testimony of God’s grace. This birthday is not just mine, it’s for everyone who has supported me, prayed for me, and believed in my calling. I am blessed to be a blessing.”
NEWS
EeZee Tee Refutes Apostle Anselm Madubuko’s Claims, Reaffirms Transparency and Catalogue Ownership
The label emphasized that the artists are entitled only to royalties from the catalogue, which have been transparently accounted for.
“No funds were diverted by EeZee Conceptz. This entire campaign against the EeZee Tee is an orchestrated attempt to forcefully claim ownership of the music catalogue we fully funded and produced. This is a clear violation of the contract terms that both parties agreed to,” the statement added.
“Contrary to the Apostle’s claims, I personally called him several times, sent messages, and even visited his house twice in an effort to reschedule the meeting for appointing new auditors. He assured me he would revert, but to date, I have received no response,” said EeZee Tee, CEO of EeZee Conceptz.
The label further revealed that it endured undue hardship during the dispute, including the nine-day detention of its CEO in Ilorin, during which all personal and corporate accounts were frozen.
However, after extensive investigations into its books, no evidence of financial misconduct was found.
“Despite the ordeal I faced, including losing access to my family and business operations during my detention, our records were thoroughly investigated, and no wrongdoing was discovered. This is a testament to the transparency and integrity with which EeZee Conceptz operates,” the EeZee Tee stated.
EeZee Conceptz expressed disappointment in what it described as Apostle Madubuko’s biased handling of the mediation process.
“When men of God are entrusted with resolving conflicts, they must approach the matter with fairness, impartiality, and a commitment to truth.
The label cited examples from the first mediation meeting, where it raised issues of one of the artists boycotting scheduled events and diverting funds to personal accounts in breach of her contract. According to EeZee Conceptz, the Apostle failed to address these breaches, further questioning the neutrality of the process.
Despite the ongoing challenges, EeZee Conceptz reiterated its commitment to fairness, integrity, and adherence to contractual agreements.
Background
The dispute between EeZee Conceptz and Mercy Chinwo has gained significant public attention, centered around claims of unpaid royalties, fund diversion, and disagreements over the ownership of master rights.
The dispute has seen several failed mediation attempts, including multiple sessions where the focus shifted to the demand for master rights. EeZee Conceptz has maintained that it owns the catalogue in perpetuity and is only obligated to pay royalties to the artist under the terms of their agreement.
NEWS
Prophet Jeremiah Fufeyin’s Generous Act: Donates Over 30 Million Naira to Help Alleviate Soaring Food Prices in Nigeria (Watch Video)
Billionaire prophet and General Overseer of Christ Mercyland Deliverance Ministry in Warri, Delta State, Prophet Jeremiah Fufeyin, has given out over N30 million in charity to reduce the current economic crisis faced by the masses.
In a viral video on social media, Fufeyin, known for his philanthropic gestures, was seen giving out wads of cash to church members to ameliorate the rising price of food items in the country.
The humanitarian effort has caught the attention of netizens, capturing the hearts of many amid the current challenging times.
Fufeyin has emerged as a beacon of hope by extending a remarkable gesture of kindness towards struggling church members even as he stressed the need for well-meaning Nigerians to help assuage the challenges of the masses.
This spontaneous and substantial donation not only alleviated immediate concerns but also underscored Fufeyin’s deep empathy for those affected by economic hardship.
The response to Fufeyin’s act of benevolence has been overwhelmingly positive, with Nigerians taking to social media platforms to commend his compassion and selflessness. Amidst a climate of economic uncertainty and rising living costs, Fufeyin’s initiative has resonated deeply, sparking discussions about the importance of generosity and communal support during trying times.
Fufeyin expressed his motivation for the donation, citing a desire to alleviate the suffering of his church members and fellow Nigerians in tangible ways.
He emphasised the necessity of collective action in addressing societal challenges and urged others, particularly those in positions of influence, to contribute towards uplifting the less fortunate.
The impact of Fufeyin’s philanthropy extends beyond financial assistance, serving as a powerful reminder of the potential for positive change when individuals leverage their resources for the greater good of all.
MUSIC2 days agoEMBOSSWRLD – On God
- MUSIC6 days ago
Flashiz – No Wayo
- MUSIC5 days ago
Shola Omoemi – Ko Lojo Lórí (Ageless)
- MUSIC4 days ago
Full Album: Prince Bankz – Sound From Heaven (Album)
- BIOGRAPHY2 days ago
Dhany Brown Biography: Age, Real Name, Songs & Afrobeat Journey
- MUSIC2 days ago
Cicboy – Can’t Get Enough
- MUSIC2 days ago
MUSIC: Spydaman – Lamentation
You must be logged in to post a comment Login