The Issue surrounding the ban of cryptocurrency activities by CBN in Nigeria

PROCEEDINGS OF THE NIGERIAN SENATE OF THURSDAY, 11TH FEBRUARY, 2021

Welcome to a new Legislative Day in the Senate of the Federal Republic of Nigeria! 

Senate President, Dr. Ahmad Lawan, CON, Ph.D, led the Principal Officers into the Chambers, took the official prayers and began the day's proceedings at 10:43am.

VOTES AND PROCEEDINGS

Senator Isah Jibrin moved for the adoption of Votes and Proceedings for Wednesday, 10th February, 2021. 

The motion was seconded by Senator Nora Dadu'ut

POINT OF ORDER

Senator Sirajudeen Ajibola cited Order 43 to inform the Senate on the demise of former Senator Adebayo Salami who represented Osun Central Senatorial District. 

Senate resolved to:

Observe one minute silence in honour of the late Senator. 

PRESENTATION OF BILLS FOR FIRST READING

1. Compulsory Free Universal Education Act CAP C52 LFN 2004 (Amendment) Bill, 2021 (SB. 44) by Senator Aliyu Wamakko

Compulsory Free Universal Education Act CAP C52 LFN 2004 (Amendment) Bill, 2021 (SB. 44) was read the First Time.

2. Legal Aid Council Act (Amendment) Bill, 2021 (SB. 560) by Senator Emmanuel Orker-Jev

Legal Aid Council Act (Amendment) Bill, 2021 (SB. 560) was read the First Time.

3. Critical Infrastructure Protection Bill, 2021 (SB. 610) by Senator Sani Musa

Critical Infrastructure Protection Bill, 2021 (SB. 610) was read the First Time.

4. University Teaching Hospitals (Reconstitution of Boards, etc) Act CAP U15 LFN 2004 (Amendment) Bill, 2021 (SB. 617) by Senator Tanko Al-Makura

University Teaching Hospitals (Reconstitution of Boards, etc) Act CAP U15 LFN 2004 (Amendment) Bill, 2021 (SB. 617) was read the First Time.

5. Institute of Information and Communication Technology, Ogoja (Establishment) Bill, 2021 (SB. 621) by Senator Stephen Odey

Institute of Information and Communication Technology, Ogoja (Establishment) Bill, 2021 (SB. 621) was read the First Time.

PRESENTATION OF REPORTS

1. Report of the Committee on Ethics, Privileges and Public Petitions by Senator Ayo Akinyelure

Senator Ayo Akinyelure moved that the Senate do receive the reports of the Committee on Ethics, Privileges and Public Petitions in respect of:

a. Petition from Mr. Kingsly Torru on behalf of Riverman Technologies Limited against the Department of Petroleum Resources (DPR) for non-payment of the sum of N9,375,616,700 for contract Executed; and

b. Petition from Mr. Olaniyan Shehu Muhib and other affected Staff of Digital Bridge Institute (DBI) against the institute for non-implementation of the Directive of the Secretary to the Government of the Federation (SGF) as regards the staff of the institute whose appointment were terminated in March, 2019.

Senator Cleopas Moses seconded.

Reports were laid.

EXECUTIVE COMMUNICATIONS

1. Confirmation of the Nomination of Engr. Wakil Bukar for Appointment as Commissioner for Federal Civil Service Commission by Senator Yahaya Abdullahi (Senate Leader)

Senate Leader moved that the Senate do consider the request of Mr. President C-in-C on the Confirmation of the Nomination of Engr. Wakil Bukar for Appointment as Commissioner for Federal Civil Service Commission in accordance with the provision of Section 154(1) of the 1999 Constitution of the Federal Republic of Nigeria as amended.

Minority Leader seconded.

The request of Mr. President C-in-C was referred to the Committee on Establishment and Public Service to report back within two weeks.

2. Confirmation of the Nomination of Mr. Aghughu Arhotomhenia Adolphus for Appointment as Auditor -General for the Federation by Senator Yahaya Abdullahi (Senate Leader)

Senate Leader moved that the Senate do consider the request of Mr. President C-in-C on the confirmation of the Nomination of Mr. Aghughu Arhotomhenia Adolphus for Appointment as Auditor -General for the Federation in accordance to section 86(1) of the 1999 Constitution of the Federal Republic of Nigeria as amended.

Minority Leader seconded.

The request of Mr. President C-in-C was referred to the Committee on Public Accounts to report back in two weeks.

CONSIDERATION OF REPORTS

1. Reports of the Committee on Ethics, Privileges and Public Petitions by Senator Ayo Akinyelure

Senator Ayo Akinyelure moved that the Senate do consider the reports of the Committee on Ethics, Privileges and Public Petitions in respect of:

a. Petition from DSC Ibrahim Maigari against the Nigeria Security and Civil Defence Corps (NSCDC) for alleged threat to his life, conspiracy to eliminate him, assault, intimidation, torture and unwarranted long detention;

Senate stood down the recommendations of the Committee pending further legislative action.

b. Petition from Bambo Adesanya, SAN on behalf of Rite Foods Limited against Seven-Up Bottling Company Plc and Ziad Maalouf for allegedly threatening the internal security of the nation and existence of Rite Foods Limited, Ososa, Ogun State;

Senate approved the recommendations of the Committee.

c. Petition by Senators from Akwa-Ibom State against the nomination of Mr. Lamido Yuguda as Director-General of Securities and Exchange Commission (SEC) instead of nominating Mary Uduk who was already serving as Ag. Director-General at the Commission;

Senate approved the recommendation of the Committee as amended.

d. Petition from Osotoye Segun Kayode against the Nigeria Correctional Service for erroneously including his name on the retirement list of Senior Officers of the Service; and

Senate approved the recommendations of the committee. 

e. Petition from Finian Tobias Okoro on behalf of 26 other lecturers of the Nigerian Maritime University, Okerenkoko whose Appointments were allegedly terminated by the University without justifiable cause.

Senate stood down the recommendations of the Committee pending further legislative action.

MOTIONS

1. The need to regulate the manufacturing, importation and use of Syringes and Needles to protect the lives and Safety of Nigerians as well as the Economy of the country by Senator Ibrahim Oloriegbe and Senator Sadiq Umar 

Senator Sadiq Umar seconded, said “We should take this motion very seriously and do what we have to do to ensure that we grow our economy.”

“I commend my colleague on such thoughtful motion and also condemn he importation of used and reused syringes and needles. I believe they pose great danger to the lives of our people.”  – Senator Chimaroke Nnamani

Senate resolved to:

a. Direct the Committee on Health (Secondary and Tertiary), Trade and Investment and Customs to conduct Investigation on the state of manufacturing, importation and policy guideline for syringe and needles in Nigeria by inviting the Federal Ministry of Health, National Agency for Food and Drug Administration Control (NAFDAC), Federal Ministry of Trade and Investment, Nigeria Custom Services, Manufacturers of Syringe and needles and any other relevant persons or body; and

b. Directs its Committee on Health (Secondary and Tertiary) to invite the Federal Ministry of Health to provide explanation on the policy for the procurement and utilization of syringes and needles by federal, state and privately owned hospitals and agencies of the Ministry.

2. CBN’s decision to stop Financial Institutions from transacting in Crypto currencies and matters arising therefrom by Senator ID Gyang and Senator Tokunbo Abiru

Senator Tokunbo Abiru seconded, said “The last five years, we have had people changing cryptocurrencies to over 500 million dollars. It is good to ban because of the challenges it has presented; in reality, banning it doesn’t take it away. Even our Security Exchange Commission (SEC) also recognized cryptocurrency as a financial asset they need to regulate. What we should do is to invite the major stakeholders to a public hearing.” 

“I am strongly against the outright ban of this medium of exchange by the Central Bank of Nigeria (CBN). What the CBN should be telling Nigerians are the regulations put in place to regulate the activities of the operators. All over the world, these cryptocurrencies are regulated. The operators of this so called currency are everywhere. I would indulge this Senate to allow the regulators also to be invited so that they can also tell the Committees their own position concerning the operation of cryptocurrency in Nigeria.” – Senator Solomon Adeola

“Cryptocurrency has become a worldwide transaction of which you cannot even identify who owns what. The technology is so strong that I don’t see the kind of regulation that we can do. Bitcoin has made our currency almost useless or valueless. If we have an economy that is very weak and we cannot regulate cryptocurrency in Nigeria, then I don’t know how our economy would be in the next seven years.” – Senator Sani Musa

“We didn’t create Cryptocurrency and so we cannot kill it and cannot also refuse to ensure it works for us. These children are doing great business with it and they are getting result and Nigeria cannot immune itself from this sort of business. What we can do is ensure bad people must not use it. This motion is most important to us. The time has come for us to harmonize all the issues concerning cryptocurrency.” – Senator Biodun Olujimi

Senate resolved to:

Mandate the Committees on Banking, Insurance and other Financial Institutions, ICT and Cybercrimes, and Capital Market to invite the CBN Governor for briefing on the opportunities and threats of the Crypto currency on the nation’s economy and security and to report back findings within two weeks. 

ADJOURNMENT

Senate Leader moved that Senate do adjourn plenary till another legislative day. Minority Leader seconded.

Plenary was adjourned till Tuesday, 16th February 2021.

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Signed 

New Media Unit

Office of the President of the Senate

Federal Republic of Nigeria