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Nigeria – DIGIT INFO

Nigeria

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Nigeria’s EFCC Pushes $9.2M Crypto Fraud Case Against Alleged Scammer After Bitcoin Transfer

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Nigeria’s Economic and Financial Crimes Commission (EFCC) has charged Usie Otukpa Osang with eight counts of fraud for his alleged role in a multimillion-dollar cryptocurrency scam. EFCC Charges Suspect Over Crypto Fraud Nigeria’s anti-corruption agency has charged a man accused of orchestrating a multimillion-dollar crypto investment scam that defrauded an Australian investor, officials announced. The … Read more

Nigeria, Rwanda Join Forces on Crypto Regulation to Counter Fraud

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Rwanda and Nigeria have signed a cooperation agreement between their respective financial regulatory bodies to deepen collaboration across capital markets and digital assets. Strengthening Regional Oversight Rwanda and Nigeria have signed a cooperation agreement to deepen collaboration across capital markets and digital assets, marking a significant step toward more coordinated cryptocurrency regulation across Africa as … Read more

IMF Warns Nigeria’s Stablecoin Boom Could Weaken Local Currency Demand

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The IMF reports that Nigeria captured 60% of all stablecoin traffic in sub-Saharan Africa as users seek alternatives to traditional banking. IMF: Stablecoins Transform From Niche Market to Major Payment Route Nigerians are increasingly turning to U.S. dollar-pegged stablecoins to move money across borders as small businesses and households search for cheaper and faster alternatives … Read more

Nigeria Senate Pushes Crypto Bill to Committee, Setting Up 4-Week Review Phase

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The Nigerian Senate has advanced a major cryptocurrency regulation bill through a second reading, moving the country closer to its first comprehensive legal framework for digital assets. Legislative Progress and Next Steps Nigeria’s Senate on June 9 passed a cryptocurrency regulation bill through a second reading, moving Africa’s largest economy closer to establishing its first … Read more

Nigerian Fintech Paga Expands Into Tokenized Bonds and Real Estate Through Sui Partnership

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Nigerian fintech pioneer Paga has partnered with the Sui blockchain to integrate cryptocurrency infrastructure into its platform. A Roadmap for Digital Finance Nigerian fintech pioneer Paga has entered a partnership with Sui blockchain, marking the company’s most significant push into crypto infrastructure to date. The collaboration was unveiled on May 7 at Sui Live in … Read more

Nigeria’s Greenafrica Claims $100k Top Prize as Hedera Hackathon Draws 45,000 Participants

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The Hashgraph Association and Exponential Science have concluded a hackathon that attracted over 45,000 participants and generated more than 1,300 project submissions. Key Takeaways: On April 29, THA and Exponential Science named Greenafrica the top winner of the 2025 Hedera Africa Hackathon. The $1M prize pool fueled 1,300+ projects, proving Hedera as a top utility … Read more

Central Bank of Nigeria Selects Six Entities for New Virtual Asset Pilot

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The Nigerian central bank has launched a pilot program to supervise anti‑money laundering and counter‑terrorism financing compliance among crypto and fintech firms. Six VASPs Tapped for New Supervisory Pilot The Central Bank of Nigeria has officially launched an anti-money laundering and counter-financing of terrorism supervisory pilot program. The new pilot is designed to align Nigeria … Read more

Binance Seeks Out-of-Court Settlement in $2 Billion Nigerian Tax Case

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Binance is reportedly discussing an out-of-court settlement with Nigerian authorities to resolve its ongoing tax evasion case. The Multi-Billion Dollar Legal Dispute Top cryptocurrency exchange Binance has reportedly initiated talks with Nigerian authorities to resolve its ongoing tax evasion case through an out-of-court settlement. At a hearing before High Court Judge Emeka Nwite in Abuja, … Read more

Nigerian Leader Unveils New Regulatory Framework for Country’s Digital Asset Market

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Nigerian President Bola Tinubu has launched a comprehensive regulatory regime for Nigeria’s digital asset market, headlined by the creation of the Virtual Asset Regulatory Council. A New Strategic Oversight Body Nigerian President Bola Tinubu has unveiled a sweeping new framework to regulate the country’s fast-growing digital asset market, establishing the Virtual Asset Regulatory Council (VARC). … Read more

‘Anti-Innovation’: Experts Slam Nigeria’s ‘Disproportionate’ Capital Requirements for Crypto Firms

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The Nigerian SEC has sharply raised minimum capital requirements for digital asset firms, with offering platforms now needing about $704,000 and exchanges and custodians $1.4 million. Experts describe new capital requirements as “anti-innovation,” and warn that they could drive talent abroad. Significant Hikes in Capital Demands The Nigerian Securities and Exchange Commission’s (SEC) revised minimum … Read more

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