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
Gold Coast (Coast Omonofewho) Releases Promo Photos, Named Lascurt Hotels International Enterprise Ambassador


Rising artist Gold Coast (born Coast Omonofewho) has released a fresh set of promo photos as he continues to build momentum following the official drop of his single Thank You Lord. The new visuals arrive as the singer is also announced as the official Ambassador for Lascurt Hotels International Enterprise.
The promo photos showcase Gold Coast in a polished and confident light, capturing the energy and gratitude that define this chapter of his career. The images are expected to accompany ongoing promotions for Thank You Lord, which is now available on all major streaming platforms along with its official music video.

In a significant career development, Gold Coast has been named Ambassador for Lascurt Hotels International Enterprise. The partnership links the artist with a respected hospitality brand known for excellence and premium service. As ambassador, he will represent the group across key platforms and engagements.
“This season is full of blessings,” Gold Coast shared. “Releasing new promo photos, seeing Thank You Lord out in the world with its video, and stepping into the role of Lascurt Hotels International Enterprise Ambassador all feel like perfect timing. I’m grateful and ready for what’s next.”

The combination of new promo visuals, a freshly released single, and a high-profile ambassadorship positions Gold Coast (Coast Omonofewho) as a rising force to watch. Fans are encouraged to stream Thank You Lord, watch the official video, and follow his journey with Lascurt Hotels International Enterprise.
Stay connected to Gold Coast’s official channels for more updates and exclusive content.
Contact & Socials:
WhatsApp: 08140260839
X / Instagram / Facebook: @GOLDCOASTONTHIS
NEWS
FROM ENTRIES TO SPOTLIGHT: THE SOUNDOUT LIVE EDITION 2 JOURNEY


What began as an open call for emerging musical talent in Delta State has evolved into a competition that is now entering one of its most decisive stages. SOUNDOUT LIVE Edition 2 has moved from its initial launch, through the release of its official competition beat and the submission of entries, to the current voting phase, bringing participating artists closer to opportunities for recognition, exposure and career development.
Organised through a collaboration between SOUNDOUTTV and COBYL CITY LTD, the second edition was created to provide emerging artists with a platform to put their creativity and performance ability before a wider audience. With a prize package valued at over ₦900,000, the competition was positioned from the outset as more than a search for a winning performance; it was an opportunity for participating artists to gain exposure and access to professional development opportunities.
The journey took its first major creative turn on 1 August 2026 with the release of the official SOUNDOUT LIVE Edition 2 competition beat. Produced by Berry IV for COBYL CITY LTD, the beat became the common musical foundation for contestants, giving each participating artist the same starting point while leaving room for individual interpretation, delivery and creativity.
With the beat released, the competition moved from anticipation to participation. Artists were required to build their entries around the official instrumental, recording either a freestyle or an original song and presenting their performances according to the competition’s submission guidelines.

Entries were shared on social media while tagging SOUNDOUTTV and were also submitted through the designated official channel, giving contestants their first opportunity to place their work before the competition’s audience.
The initial submission deadline was set for 14 August 2026, but the submission window was subsequently extended to 18 August, allowing the competition to accommodate the continued flow of entries before moving into its next phase.
With the extended submission period concluded, SOUNDOUT LIVE Edition 2 has now progressed into its current voting stage, shifting the focus from entry submissions to audience participation.
Voting is being conducted through the official SOUNDOUT LIVE voting platform. Each individual voter may cast a maximum of 33 votes for a single contestant, while contestants may receive an unlimited total number of votes provided they come from different supporters and comply with the competition rule.
The current stage gives the audience an active role in the competition. Beyond watching the performances, supporters now have the opportunity to stand behind their preferred contestants and contribute to the momentum of their journey as the competition progresses. For the contestants, it is another opportunity to turn the work they have already put forward into meaningful audience engagement.
The entries are in, the performances have been heard, and the competition has reached the stage where the audience gets to have its say.
Whose performance caught your attention? Which contestant left an impression? Now is the time to stand behind the artist you believe deserves your support. Visit the official SOUNDOUT LIVE voting platform, cast your votes and make your voice count. The talent has taken the stage; now, let the fans decide.
NEWS
Focox AT Officially Signs with Lucky Lisiano Records in Landmark Deal That Redefines Artist Empowerment


In a move that is already sending shockwaves through the Afrobeats and global music communities, rising force Focox AT has officially signed with Lucky Lisiano Records (LLR). The contract is being widely described as one of the most artist-favorable deals ever put on paper — a rare, heavily enriched agreement that prioritizes the artist’s long-term ownership, creative control, and financial upside in ways rarely seen in modern label partnerships.
Based in Warri, Nigeria, Focox AT brings a distinctive sound and unfiltered energy that has been building momentum across the continent. Lucky Lisiano Records, headquartered in the United States, recognized the unique opportunity and moved decisively. The resulting partnership is being called “promising and unique” by both camps — a genuine bridge between Warri’s raw creative fire and LLR’s international infrastructure.

Under the new agreement, Focox AT will begin the partnership with two singles, followed by a full EP scheduled for release in the new year. Both artist and label have expressed strong excitement about the road ahead, describing the union as a true meeting of vision rather than a standard transactional signing.
There has also been growing talk of Lucky Lisiano Records establishing a physical headquarters in Nigeria, though no official timeline has been confirmed. Industry observers note that such a move would mark a significant expansion for the U.S.-based label and further solidify its commitment to African talent. With the first single expected August 14th 2026 and the EP locked in for mid 2027, both sides are already looking ahead. The consensus is clear: this partnership is built for impact. 2027 is shaping up to be a year of serious momentum.

About Focox AT
Focox AT is an emerging Nigerian artist from Warri whose music blends street authenticity with forward-leaning Afrobeats energy. His signing to Lucky Lisiano Records marks a major new chapter.
About Lucky Lisiano Records
Lucky Lisiano Records is a U.S.-based independent label focused on developing distinctive global talent with strong emphasis on artist-first partnerships.
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