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Virtual Assets, Cryptocurrencies Risky For Nigeria, ICPC Warns

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The Chairman of the Independent Corrupt Practices and Other Related Offences Commission (ICPC), Prof. Bolaji Owasanoye, SAN, yesterday, said virtual assets and cryptocurrencies are risky for implementation in Nigeria.

Owasanoye made this known in his presentation to the Senate Committee on Banking, Insurance and Other Financial Institutions during its hearing on the Central Bank of Nigeria’s decision to stop financial institutions from transacting in cryptocurrencies and matters arising therefrom.

He said, “Virtual and cryptocurrencies pose serious legal and law enforcement risks for Nigeria. The current National Identification Number registration and linking with SIM cards is a pointer to the fact that insurgents, terrorists, kidnappers, bandits, and drug merchants have used the anonymity of unregistered SIM cards to commit their crimes with relative ease.

“Cryptocurrencies guarantees similar anonymity and can easily be used as leverage for terrorist financing and other crimes. With the NIN registration, cryptocurrencies may become an alternative payment platform for kidnappers, and this would be impossible for law enforcement agencies to trace.”

The ICPC boss cited a case study of a current investigation by the commission on money laundering involving several hundreds of millions of naira.

According to him, “The main suspect used technology in placing the money in the banking sector. A sizable amount was traced to several bank accounts but before investigators recovered some of the money, a large proportion had been made to disappear using serpentine ICT-aided transfer schemes that has so far eluded investigators.

“While the persons whose accounts were used have been located, the criminal mastermind has remained invisible and unidentified.

“This real ongoing case is a glimpse into the world of anonymity of virtual or digital transactions. With cryptocurrencies, the wallet of the user of cryptocurrency system only store information or encrypted links in the Blockchain where transaction confirmation can be found.

“There is no movement of any ‘currency’ in the real sense of the word. By their very nature, they provide considerable anonymity that is almost impossible to be accessed by unauthorized persons, including law enforcement authorities.”

Owasanoye identified the use of virtual assets and cryptocurrencies for criminal activities as a major risk associated with them.

“The use for criminal activities is the most obvious risk of virtual assets and cryptocurrencies. It has been reported that ‘criminally associated bitcoin addresses sent over $3.5billion worth of bitcoin in 2020’.

“This figure includes BTC addresses controlled by dark markets, ransomeware actors, hackers, and fraudsters. Most of this bitcoin will ultimately need to be laundered by these criminals, meaning it will make its way to an exchange where it can be converted to fiat currency and transferred to a bank,” the ICPC chairman said.

He also listed other risks of the use of virtual assets and cryptocurrencies to include: risk to finance of government, risk of theft of cryptocurrencies, abuse as medium of payment for hackers and ransomeware, risk of exit scams, risks of use of crypto assets for ponzi schemes, risks of tax evasion, and risk as a source of corruption-linked illicit financial flows.

He further noted that the Central Bank of Nigeria’s ability to regulate monetary policy will be lost due to the fact that cryptocurrencies are issued by private entities, which are foreign, and not issued or regulated by the bank.

“It is plausible that we cannot wish virtual assets away. Central Banks in many jurisdictions are considering floating officially recognized cryptocurrencies. Whether the time is right for the Central Bank of Nigeria to follow suit is anybody’s guess, but legal guidance is needed if any fresh initiative in that direction is to have legal force,” he added.

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Group Advocates Indigenous Language Sustainability, Calls for Policy Action

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A pan-Nigeria organisation committed to the promotion and preservation of indigenous languages, Indigenous Language and Culture Promoters (ILCP), has called for the deliberate development and compulsory teaching of indigenous languages in both primary and secondary schools across the country.

The group made the call during its maiden Congress held in Bori, Rivers State, which was convened to examine challenges hindering the official adoption and effective teaching of Ogoni languages in schools.

Speaking at the Congress, the Executive Director of the organisation, HRC Mene Magnus Edooh, Amb.P, emphasised the critical role of indigenous languages in preserving a people’s culture, values and history. He warned against the gradual extinction of native languages, noting that language loss equates to identity loss.

“Years ago, Latin was a language of global relevance, but today it is largely extinct. We do not want Ogoni languages to suffer a similar fate. As a people, we cannot afford to lose our identity through the death of our languages,” Edooh said.

He explained that the Indigenous Language and Culture Promoters was established to collaborate with language stakeholders to ensure that children and younger generations remain connected to their mother tongues. The organisation also appealed to governments at all levels, as well as relevant institutions and individuals, to take strategic actions aimed at promoting and sustaining Nigeria’s indigenous languages.

Also speaking, the newly appointed Director of Media and Information, Prince David N. Gbarato, questioned the rationale behind government reluctance to accord indigenous languages their rightful place in national development policies.

According to him, “People with well-developed languages are people with well-developed indigenous systems and affairs,” stressing that language development is fundamental to cultural and societal advancement.

The Congress further served as a platform for the ratification of key officers of the organisation and featured the participation of representatives from various indigenous language groups and other language stakeholders, all of whom echoed the call for renewed commitment towards safeguarding Nigeria’s linguistic heritage.

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Diri Approves N200m Monthly Grant for Bayelsa Farmers, Targets Increased Local Rice Production

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Bayelsa State Governor, Senator Douye Diri, has approved a monthly support scheme of ?200 million for farmers in the state as part of efforts to boost food security and expand agricultural production.

The governor announced the approval on Tuesday at the flag-off ceremony of the 2026 dry season farming programme held at the state-owned rice farm in Otuasega community, Ogbia Local Government Area.

Expressing dissatisfaction with the volume of rice harvested during the last farming season, Governor Diri directed the Commissioner for Agriculture and Natural Resources to ensure a significant increase in the production of homegrown rice in Bayelsa State by the end of 2026.

He stressed that despite the government’s provision of necessary support to the ministry and farmers, it was unacceptable that the state still had to procure rice from outside during the last Yuletide period.

The governor charged the Ministry of Agriculture to take food security seriously, noting that Bayelsa has a comparative advantage in several crop areas, with fertile soil that does not require fertiliser to produce organic crops.

While commending the Commissioner for Agriculture and other stakeholders for organising the event, Governor Diri urged the ministry to ensure that such initiatives go beyond yearly ceremonies and translate into tangible benefits for the people.

According to him, agriculture remains a key pillar of the state’s economic diversification drive, which his administration has prioritised through heavy investments. He also called on civil servants and residents to embrace agriculture as a way of life.

“Let it not be that we come here for a yearly ritual. This is something that affects us as a people and so we must all take it seriously. Food security will continue to be a top priority of my administration,” he said.

He added that agriculture strengthens the economy and highlighted the importance of transportation infrastructure in moving farm produce from rural communities to the state capital.

“We are investing in agriculture and connecting communities. The roads and bridges support agriculture. We have developed partnerships and collaborations and will continue to partner with other agencies to ensure Bayelsa attains the expected food security,” the governor stated.

Governor Diri further directed that by the end of 2026, the state should record a minimum production of 300,000 kilogrammes of rice, stressing that government would patronise local farmers rather than sourcing rice from outside the state.

On security concerns, he reiterated that the state’s anti-grazing law remains in force, warning herdsmen against destroying farmlands and urging farmers to report such incidents to security agencies instead of resorting to social media.

He also cautioned traditional rulers against allocating land in forest areas to herdsmen, warning that anyone found culpable would be sanctioned.

“For our farmers, we will always support you. Honourable Commissioner, identify the genuine farmers in the state. What we did for MSMEs will also be done for farmers. Henceforth, ?200 million will be set aside monthly to support farmers in Bayelsa State,” he added.

In his remarks, the Commissioner for Agriculture and Natural Resources, Prof. Beke Sese, described the event as a reaffirmation of the state government’s unwavering commitment to food security.

He commended Governor Diri for his substantial investment in the agricultural sector, noting that it has been the driving force behind the progress recorded so far.

Representatives of the All Farmers Association of Nigeria (AFAN), Bayelsa State chapter, Nigerian Women in Agriculture Business, the Nigeria Agricultural Insurance Corporation and the Central Bank of Nigeria, among others, also lauded the governor’s sustained support for farmers, which they said has significantly improved the agricultural sector in the state.

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Fanfare, Pageantry As Ohiauga Community Honours 31 Eminent Personalities with Maiden Leadership Awards

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Ohiauga Community in Igburu Clan, Ogba/Egbema/Ndoni Local Government Area of Rivers State, on Saturday, December 27, 2025, witnessed an unprecedented spectacle of celebrations, fanfare and cultural splendour as it honoured 31 distinguished personalities for their outstanding leadership qualities, selfless service and immense contributions to the growth and development of the community.

The historic event, which took place at the Ohiauga Community Town Hall, marked the maiden edition of the Ohiauga Leadership Awards and saw 27 illustrious sons and daughters of the community, alongside four non-indigenes, decorated with various honours in recognition of their unwavering commitment to the socio-economic, political and infrastructural advancement of the area.

From the early hours of the day, the once serene and seemingly sleepy community was transformed into a beehive of activities. The atmosphere was electrified with excitement as the sound of music echoed from different corners of the community. Everywhere was colourful, lively and festive, as men, women, youths and children, young and old, trooped out in large numbers, beautifully adorned in elegant traditional and modern attires.

The favourable weather further added glamour and grace to the occasion, enhancing the beauty and splendour of the event, as the people, stakeholders and visitors savoured every moment of the celebration.

Adding royal splendour to the colourful ceremony was the presence of the Eze of Igburu Clan, Eze Igburu IV of Igburu Land, His Majesty Eze Kenneth Nwabochi, who arrived at the venue in full royal regalia, accompanied by his retinue of chiefs, elders and other palace officials. His presence was a clear testament to the significance of the occasion and underscored the unity and collective resolve of the people to celebrate excellence and service.

One after the other, the award recipients stepped forward amid thunderous applause, cheers and admiration from the audience. These were men and women whose years of dedication, sacrifice and contributions have helped place Ohiauga Community on the map in terms of political relevance, socio-economic growth and self-help-driven development.

Indeed, Ohiauga Community today boasts of notable achievements credited largely to community-based initiatives, including a relatively good road network, stable and uninterrupted electricity supply powered through solar infrastructure, and other basic amenities that have improved the quality of life of its people. The honoured individuals, it was observed, have played significant roles in achieving these milestones, leaving their unmistakable footprints on the community’s development journey.

By honouring them, the community made it clear that the awards were not meant to signal retirement from service, but rather to encourage the recipients to intensify their efforts and continue to give back to their fatherland. Community leaders noted that although progress has been recorded, Ohiauga still faces serious developmental challenges that require sustained commitment and collective action.

Prominent among these challenges is the absence of a functional healthcare facility. The only cottage hospital project in the community, allegedly initiated by Total Energies Limited several years ago, was said to have been abandoned, leaving residents without adequate medical care. The community strongly appealed to the Rivers State Government to intervene and revive the project in the interest of the people.

The education sector was also not spared. The Ohiauga Community Primary School, according to the community, is allegedly in good shape, with a conducive learning environment, but lacks enough classroom teachers, as there is only one government-employed classroom teacher. To fill the void, the community reportedly employed five additional teachers from its meagre resources and currently bears the responsibility of paying their salaries.

These realities, stakeholders explained, provided further justification for the decision to celebrate and honour individuals who have consistently demonstrated commitment to the welfare and development of the community.

Speaking at the ceremony, Chairman of the Organising Committee of the Ohiauga Maiden Leadership Awards, Pastor (Dr) David Chizor Nwaoburu, described the event as a strategic initiative aimed at fostering peace, unity and development, while recognising and rewarding excellence and service.

According to him, the award ceremony was designed to honour eminent personalities who have distinguished themselves in public and private life, and who have continued to make meaningful contributions to the growth of Ohiauga Community.

Dr Nwaoburu, who was himself among the award recipients, said the recognition was intended to motivate the honourees to do more for the community and not to rest on their achievements. He urged them to continue to serve the interests of the people wherever they find themselves and to remain ambassadors of peace and development.

He further reiterated the need for government intervention in the abandoned cottage hospital project and the posting of teachers to the primary school by the state government, stressing that community development in Ohiauga has largely been driven by self-help efforts.

Among those honoured at the event were Pastor (Dr) David Chizor Nwaoburu; former Bursar of Ignatius Ajuru University of Education, Dr Davis Ojima; the Registrar of the institution, Dr Chinonye A. Ajie; Dr Obi Chukwuma Ebenezer Jular; Elder Kemmer Mark Godwin; Dr Nwokoji Chukwuemeka; Mr Nduka Louis Odiegba; Dr (Chief) (Mrs) Ojima; Comrade Chimezie Igwela; Engr Gideon Eke; Chief (Prof) H. A. Ajie; Hon. Sule Igwela; and Dr Obi Nwaoburu.

Others included Prof. (Mrs) Jennifer Igwela; Dr Charity Ajie; Eric David Orukwo; the Paramount Ruler of Ohiauga Community, HRH Dr Amb. Bright Abali; Mr Chukwudi Lloyd Reuben; Comrade Wisdom Adieme; and the member representing ONELGA Constituency I in the Rivers State House of Assembly, Hon. Uchenna Nwabochi.

Also recognised were Comrade Kelvin London Oji; Pastor Smart Brass Maduagu; Chief (Hon.) K. O. Igwela; Harmony Igwela; Comrade Onyemaobi Igwela; and Late Elder Nwaba Maduagu, who received a posthumous award in recognition of his lifetime contributions to the community.

The four non-indigenes honoured for their dedicated services and goodwill towards the community were Hon. Marculey Ogolo; Hon. ThankGod Chibor; Comrade Kingsley Ogu; and Pastor G. Oreke, who was specially recognised as the only dedicated government classroom teacher at Ohiauga Community Primary School.

Reacting to the honour, the Registrar of Ignatius Ajuru University of Education, Dr Chinonye A. Ajie, described the award as a step in the right direction and a thoughtful gesture that encourages service and excellence. He called for harmonious relationships among all segments of the community and pledged his continued support towards education, job creation and collective development.

Former Bursar of the university, Dr Davis Ojima, also expressed gratitude to the community for recognising his contributions, assuring that he would remain committed to promoting peace, unity and sustainable development initiatives in Ohiauga.

Business mogul, Mr Nduka Louis Odiegba, said being honoured by one’s own community carries special significance, describing the recognition as the most cherished among the many awards he has received. He pledged to intensify his contributions to the welfare and development of the people, noting that “charity must begin at home.”

In his royal remarks, the Eze of Igburu Clan, His Majesty Eze Kenneth Nwabochi, emphasised the importance of peace, unity and the preservation of cultural values, describing the maiden Ohiauga Leadership Awards as a timely initiative aimed at strengthening communal bonds and fostering collective progress.

Giving the vote of thanks on behalf of the awardees, Mr Chukwudi Lloyd Reuben, thanked the community for finding them worthy of recognition, and commended the leadership and merit award committee for the excellent packaging of the programme. He urged the awardees to continue with their good work to the community, as the merit awards were a clarion call for more community development involvement and a wake up call for others to emulate the leadership qualities exhibited by the awardees.

Overall, the maiden Ohiauga Leadership Awards ceremony lived up to its billing, serving not only as a platform to celebrate excellence and service but also as a rallying point for renewed commitment to the development of the community, amid resounding jubilation, merriment and cultural pride.

 

By: Donatus Ebi

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