Nigeria’s first stablecoin summit to offer $10,000 to startups, undergraduates

Nigeria’s first stablecoin summit scheduled to hold in Lagos is expected to offer outstanding startups and undergraduates grants up to $10,000 in what would promote business development and innovation, organisers say.

The conference, billed for Thursday, July 24, 2025, is set to bring together policymakers, stablecoin innovators, and various stakeholders to discuss the future of borderless digital payments on the continent.

“Startups attending the event would have the opportunity to participate in a pitch competition, where winners would receive up to $10,000 in cash and other prizes,” the organisers said in a statement.

“Undergraduates with an interest in the tech and digital finance ecosystem are invited to submit their write-ups for an Essay Competition, which would award 1st, 2nd, and 3rd place to the best entries.”

Nigeria boasts one of the largest tech talent pools in Africa. During the conference, policymakers, stablecoin issuers, exchanges, payment gateways, regulators, developers, and ecosystem enablers are all expected to engage in open dialogues to develop frameworks that reflect current realities.

Nathaniel Luz, president of the Africa Stablecoin Network and convener of the Nigeria Stablecoin Summit, stated that there is a need for coordinated efforts and collaborations between the government and fintechs to unlock the full potential of stablecoins in Nigeria.

He added that policymakers and stablecoin innovators would need to engage in open dialogue to develop frameworks that reflect current realities.

Luz explained that the summit’s theme, “Enhancing Adoption for a Borderless Digital Economy,” speaks to Nigeria’s need for a more integrated and seamless borderless payment ecosystem.

He emphasized that the industry needs interoperable payment systems and reliable on- and off-ramps that connect everyday commerce with stablecoins, stressing that collaborations between the government and fintechs would strengthen trust, scale solutions, and help build a sustainable ecosystem that solves real-world problems.

He further said that Nigeria’s digital finance economy is ripe for growth and expansion with room for more adoption, but these crucial “gateway discussions” have not yet taken place. He therefore urged all stakeholders in the Nigerian digital finance ecosystem to attend the Nigeria Stablecoin Summit, organised by the Africa Stablecoin Network.

Luz described the gathering as a very special and pivotal moment that would shape the future of payments in Nigeria and beyond. He asserted that while stablecoins might be a luxury for the West, they are an economic lifeline for Africa.

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Nigerian man handed 76-year sentence in sextortion of B.C. boy

Nigeria’s financial crimes agency says a man who tried to blackmail a Surrey, B.C., teenager by posting his intimate images online has been sentenced to prison terms totalling 76 years.

RCMP have said that the boy’s sudden death in 2023 came after he fell victim to “financial sextortion.”

Nigeria’s Economic and Financial Crimes Commission says in social media posts that Olukeye Adedayo faced 18 charges, including possession and distribution of child pornography, attempted extortion by threats and money laundering.

It says Adedayo set up an Instagram account using the boy’s name to distribute the images, which the RCMP said the 14-year-old thought he sent to a teenage girl in an online interaction that was over within minutes.

The Nigerian agency says Adedayo pleaded not guilty to all counts but a judge convicted him of all charges and sentenced him last Thursday.

However, the agency said the 18 sentences are to run concurrently, suggesting the longest sentence he’ll serve is seven years for each of four counts of obtaining property under false pretences.

The commission says the prosecution witnesses included a sergeant with the RCMP Serious Crime Unit.

By Brieanna Charlebois, The Canadian Press

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Nigerian university sparks outrage as staff check whether female students are wearing bras before exams

A Nigerian university is facing backlash after a viral video appeared to show young women who were queuing for exams being checked for whether they were wearing bras before being allowed in.

In a short clip that spread quickly on social media, two women seem to be touching the breasts of the women in the queue as they walk past. Students at Olabisi Onabanjo University confirmed to CNN that the video was shot at their school, in Nigeria’s southwestern Ogun state.

In the video, one female student appeared to be removed from the queue after one of the women touched her.

CNN has not been able to confirm when the video was taken but a student representative at OOU, who defended the school over what he dubbed the, “no bra, no entry policy,” said exams began this week.

The university has not responded to CNN’s request for comment and has not commented publicly on the alleged policy amid widespread outrage on Nigerian social media.

Student union leader Muizz Olanrewaju Olatunji said in a post on X Tuesday that the check for bras “is not a new policy” in the school, which he stated, “promotes a dress code policy aimed at maintaining a respectful and distraction-free environment, encouraging students to dress modestly and in line with the institution’s values.”

Olatunji shared parts of what he said were the school’s policies, which described indecent dressing as that which shows sensitive body parts “such as breasts, buttocks, nipples and belly-buttons,” including “any dressing that is capable of making the same or opposite sex to lust after the student in an indecent manner.”

A ‘draconian’ policy

Human rights lawyer Inibehe Effiong described the OOU’s bra policy as “draconian” and “arbitrary,” and one that “might amount to some form of sexual harassment.”

He told CNN that “physically examining the bodies of students to determine whether they are wearing a bra or not is not only degrading but also undignifying.”

“There could be medical explanations for why certain students may not feel comfortable wearing a bra at a particular time,” he said, adding that enforcing the policy “without exceptions, or without taking peculiarities into consideration is arbitrary,” and could lead to legal actions.

Student leader Olatunji said in another post on X Tuesday that talks were ongoing with OOU’s administration “to explore alternative approaches to addressing indecent dressing, focusing on respectful and dignified interactions between students and staff.”

By Nimi Princewill, CNN