Central Bank of Nigeria trying to regulate bitcoin

The Central Bank of Nigeria has called for the regulation of the cryptocurrency, bitcoin, in Nigeria. Businessday reports that CBN is making the call in a bid to stem money laundering and protect consumers.

The intention of the apex bank was disclosed at the second Anti-Money Laundering/Combating the Financing of Terrorism stakeholders’ consultative workshop in Nigeria’s capital, Abuja. The workshop was seen as an occasion that “will further assist in laying a solid foundation for the much needed regulatory climate on the operations of virtual currency in Nigeria.”

“Virtual currency was dangerous because it was not a legal tender of any country hence it has a borderless nature without jurisdiction which makes it a channel for money laundering,” said Dr Okwu Nnanna, deputy governor of financial system stability at Nigeria’s Central Bank (CBN).

Obot Akpan’s, deputy director of Financial Policy and Regulation Department at CBN also touched on the Financial Action Task Force’s (FAFT) recommendation on closer monitoring of digital currency exchanges and gateways to counter money laundering and terrorism financing.

The central bank also expressed its fears over the currency’s volatility as it has increased in use for both payment transactions and investment purposes.

CBN is yet to outline the roadmap to executing this regulation, but it is hardly possible to regulate bitcoin as is.

The bank’s fears are accurate and may well be the foundation of a CBN study of the workings of bitcoin, but the call for bitcoin regulation seems more akin to CBN making a scripted call similar to what Nigerian regulators have been known to make when confronted with a development they do not understand.

TechCabal

Related story: Another Bitcoin service BitX launches in Nigeria

Nigeria to begin using drones to combat oil theft

Nigeria is to deploy drones to monitor the movement of ships in an effort to curb the rampant oil theft in the country, the state oil firm says.

Nigerian National Petroleum Corporation (NNPC) says it wants to end crude theft in the next eight months.

Nigeria is Africa's biggest crude producer but its revenue is severely reduced by theft and attacks on oil pipelines.

New President Muhammadu Buhari has vowed to clean up the industry.

Oil generates around 70% of government revenues in Africa's biggest economy.

But a 2013 report by think tank Chatham House said that 100,000 barrels per day were being stolen.

That was equivalent to 5% of Nigeria's daily production.

It said the theft was occurring on an "industrial scale", with small barges transferring stolen oil to tankers waiting offshore to take it to international markets.

Senior politicians and military officers are said to be involved in the illegal trade.

The new head of NNPC Ibe Kachikwu also said the company would work more closely with Nigeria's navy to tackle the problem.

BBC

Nigeria's sacked national security adviser Sambo Dasuki appears in court

Nigeria's sacked national security adviser, Sambo Dasuki, has appeared in court in the capital, Abuja, charged with illegally possessing weapons.

Nigeria's intelligence agency said it had seized firearms during a raid on his properties in July.

Mr Dasuki pleaded not guilty to the charge and was given bail.

He is the first senior official of the former government to be charged since President Muhammadu Buhari was inaugurated in May.

Mr Buhari is the first opposition candidate to be elected president in Nigeria.

The judge ordered the agency to return Mr Dasuki's passport to the court as part of his bail conditions.

Mr Dasuki appeared calmed and relaxed, reports the BBC's Nasidi Adamu Yahya from the court.

Some associates of former President Goodluck Jonathan were present in solidarity to the retired army officer, he says.

President Buhari replaced Mr Dasuki and other security chiefs in July in a renewed effort to end a six-year insurgency by militant Islamist group Boko Haram.

BBC

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Africa's richest man Aliko Dangote launches 1.5 million ton cement plant in Cameroon

Africa's richest man, Aliko Dangote launched a 250 million U.S. Dollar cement plant in Cameroon's capital, Douala this week. The Dangote Cement plant will have a capacity of 1.5 million metric tonnes of cement per year. It's in line with the billionaires plan to meet demand by African governments seeking to build new infrastructure.

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