NEWS

CBN instructs banks to close accounts related to Crypto

Published

5 years ago

February 5, 2021

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.

NEWS

How “Hardest Truth” Became One Of Nigeria’s Most Searched Emerging Songs and Number 4 Song On Shazam Worldwide Chart.

Published

3 weeks ago

May 20, 2026

Baba Blow

In a music industry constantly chasing noise, controversy and trends, fast-rising Nigerian artist Jubet is building momentum differently, through emotional honesty.

Born Akanbi Oluwa Jubelo Emmanuel and raised in Ilora, Oyo State, Jubet’s journey into music started long before the numbers began rising. During his secondary school days, he developed his passion for music through freestyle sessions and raw self-expression, gradually shaping the emotionally driven sound that listeners are now connecting with across streaming platforms and social media.

A graduate of Obong University, Akwa Ibom State, where he won the Best Performing Artist Award in 2025, Jubet represents a new generation of artists using music to communicate pain, reality, heartbreak, struggle, reflection and survival in a deeply relatable way.

His breakout record, “Hardest Truth,” has quickly become one of the most emotionally resonant emerging songs in Nigeria’s digital music space.

Within just TWO WEEKS of release, the song has generated:

• Over 119,600 Spotify monthly listeners
• More than 504,000 Spotify streams
• Over 1.3 million Audiomack streams
• More than 406,000 Boomplay streams
• More than 411,000 YouTube audio views
• Over 281,805 Shazams
• More than 900,000 TikTok user-generated contents (UGC)
• #1 on Shazam Viral Nigeria
• #1 Shazam in Nigeria, Ghana, Kenya, Uganda and Zambia
• #4 Shazam Worldwide
• #60 Shazam United Kingdom
• #109 Shazam Canada
• #133 Shazam United States
• Spotify Nigeria Top 100 entry
• Apple Music chart entries across multiple African countries
• Placement across dozens of editorial playlists on Audiomack and Boomplay

The rapid growth has been driven largely by organic audience connection, emotional relatability and massive social sharing across platforms, with listeners strongly connecting to the song’s raw honesty and reflective storytelling.

What makes Jubet’s rise stand out is not just the numbers, but the emotional relationship listeners are building with the music. Across social media, fans continue to describe “Hardest Truth” as deeply relatable, emotionally painful, honest and reflective of real-life experiences many young people silently go through.

Rather than positioning himself around luxury, hype or internet theatrics, Jubet’s music speaks directly to people navigating heartbreak, betrayal, pressure, emotional struggles and everyday realities.

As momentum around “Hardest Truth” continues to grow globally, Jubet is steadily emerging as one of the new emotionally driven voices to watch in Nigeria’s evolving music landscape.

Jubet is currently managed under the Louiza Williams -led LOUI-K EMPIRE LTD, as efforts continue toward building his long-term creative and commercial growth.

Listen to “Hardest Truth”: https://linktr.ee/jubetjayyouhttps://linktr.ee/jubetjayyou

ARTICLES

God’s Family Church (Gospelogy Eden) Lagos – Pastor Apha Ministry, Location, Teachings & Community

Published

3 months ago

March 22, 2026

Baba Blow

God’s Family Church, also known as Gospelogy Eden, is a Christian faith-based ministry in Lagos, Nigeria. The church was founded by Pastor Apha with a mission centered on teaching the word of God with clarity, love, and truth. It serves as a spiritual community committed to nurturing believers and spreading the message of Jesus Christ.

GOSPELOGY
A central concept of the ministry is Gospelogy, defined as the practical application of the Word of God to manifest divine realities and reflect God’s nature in everyday life.
Gospelogy represents a lifestyle of intentional faith, where believers are equipped not only with knowledge of scripture but also with the discipline to live out its truths consistently.

OVERVIEW
God’s Family Church is a growing Christian community focused on restoring individuals to God’s original design for humanity. The ministry emphasizes spiritual transformation, faith-building, and a deep understanding of biblical principles. Through its teachings, the church aims to inspire believers to live purposeful and joyful Christian lives.

TEACHINGS AND DOCTRINE
The teachings at Church Eden are rooted in biblical truth and often revolve around key themes such as:
•Returning to God’s original plan and purpose for mankind
•Spiritual growth and maturity in Christ
•Prosperity through faith and righteous living
•Experiencing the joy and fulfillment of the Christian life

The church encourages practical application of scripture, helping members integrate faith into their daily lives.

COMMUNITY AND ACTIVITIES
God’s Family Church fosters a strong sense of community among its members. In addition to physical gatherings, the church actively engages in online fellowship, where believers participate in:
•Daily and weekly prayers
•Faith-based teachings and discussions
•Inspirational messages and spiritual insights

These activities are designed to strengthen faith, build unity, and support members in their spiritual journey.

MISSION AND VISION

VISION
The vision of God’s Family Church is rooted in Gospel of Luke 1:17:
“To make ready a people prepared for the Lord.”

This vision reflects the church’s commitment to raising spiritually prepared individuals who are aligned with God’s purpose and ready to fulfill His calling.

MISSION
The mission of the church is:
“To impact lives with Gospelogy for a disciplined lifestyle.”

Through this mission, the ministry focuses on building believers who are spiritually grounded, morally disciplined, and guided by the principles of God’s Word.

LOCATION
God’s Family Church (Eden) is located at:
No. 31 Nelson Cole Avenue, beside Sterling Bank, Off Iju Road, Agege, Lagos, Nigeria.

CONCLUSION
God’s Family Church (Eden) continues to impact lives through its dedication to biblical teaching, community building, and spiritual development. Under the leadership of Pastor Apha, the church remains committed to spreading the gospel and helping believers grow in faith and purpose.

NEWS

Lass B Luxury Butik: Redefining Luxury Fashion in Nigeria

Published

3 months ago

March 19, 2026

Baba Blow

Lass B Luxury Butik: Redefining Luxury Fashion in Nigeria

In the heart of Nigeria’s vibrant fashion scene, Lass B Celebrity Butik stands out as a premier destination for luxury fashion enthusiasts.

Lass B International Limited, a Nigerian conglomerate, has been making waves in the entertainment and fashion industries since its inception in 1995. Founded with a passion for excellence, the company has expanded its reach to include Lass B Celebrity Butik, Lass B Record Label, and Lass B Luxury Butik, among others.

Over the years, Lass B International Limited has established itself as a household name, synonymous with quality, style, and innovation. The company’s diverse portfolio has enabled it to touch the lives of many, both locally and internationally.

Wake upAs a high-end boutique, The best butik south south 2022 award given by Mr and miss institution Nigeria, Lass B Celebrity Butik offers an exclusive range of footwear, clothing, rings, and other accessories that cater to the most discerning tastes.

Nigeria’s fashion industry is known for its dynamic and eclectic style, blending international brands with local talent.

Luxury Boutique like Lass B Celebrity Butik play a significant role in shaping the Akwa ibom’s fashion landscape, offering a curated selection of high-end products that showcase both global and local designers.

A Fusion of Style and Comfort

Lass B Celebrity Butik’s motto, “Always leading by quilty,” reflects its commitment to providing customers with exceptional quality and style. The boutique’s product range likely features exquisite footwear, elegant clothing, and statement accessories, all designed to make a fashion statement.

Nigeria’s luxury fashion scene is characterized by its diversity, with boutique like Lass B Celebrity Butik offers unique shopping experiences. The establishments prioritize quality, comfort, and style, making it popular among fashion-conscious individuals.

Get your fashion steeze from head to toe by visiting Lass B Celebrity Butik for your latest fashion steeze at an affordable price.

Whether you’re looking for a statement piece or a complete wardrobe overhaul, the boutique’s expert team is on hand to help you find the perfect look.

Nigeria’s fashion industry has experienced significant growth in recent years, driven by a growing middle class and increased demand for high-end products. Luxury boutiques like Lass B Celebrity Butik are at the forefront of this trend, offering customers a chance to experience the best of global and local fashion.

As the Nigerian fashion scene continues to evolve, Lass B Celebrity Butik remains a key player, showcasing the country’s rich cultural heritage and its ability to blend traditional and modern styles.