By Adedapo Adesanya

The Securities and Exchange Commission is working on new rules that will allow cryptocurrency trading and digitized transactions to be taxed as it seeks to boost revenue.

According to Bloomberg, the bill outlines a framework for taxing crypto transactions and introducing other levies.

The bill is currently before lawmakers and is expected to be adopted this quarter.

“[This] will ensure that all eligible transactions on regulated exchanges are brought into the formal tax net,” the agency said.

It also “acknowledges the substantial amount of tax revenue that will accrue from cryptocurrency transactions,” the SEC added.

This is coming at a time that Nigerians can’t actively trade cryptocurrencies via banks without repercussions, so many opt for Peer-to-Peer (P2P) trading.

Former governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele, enforced a ban on crypto trading and his successor, Mr Yemi Cardoso, has followed in the path— blaming their activities for the weakening of the Naira.

Despite these restrictions, Nigerians continue to use cryptocurrencies daily which adoption as high as top 5 globally.

Cryptocurrencies have helped Nigerians to sidestepped double-figure inflation and depreciation of the Naira against the Dollar since devaluation was carried out in June 2023.

The SEC is also looking to extend the scope of crypto licensing, including issuing permits that will enable residents to trade in formal centralized exchanges where transactions can be monitored and taxed, the regulator said.

“We anticipate gradual traction toward centralized exchanges, because they will provide greater protections and comfort for investors,” the SEC said.

Nigeria is exploring all avenues to raise more revenue and ease borrowing in the 2025 budget.

Last week, the National Assembly approved a N54.99 trillion budget, the highest ever for the country but analysts note that the country will struggle to fund it without significant increase in government revenue.

AXA Mansard Investments Limited, a leading asset management firm in Nigeria, has reaffirmed its commitment to improving financial literacy for the financially excluded Nigerians.

The company said its commitment becomes important as financial inclusion in Nigeria is slowing with the growing numbers of Nigerians entering financial responsibility stages.

According to the firm, reliable and actionable knowledge sharing and transfer are important not just for informed financial decision-making but also for financial independence and stability.

“In an era of economic uncertainty and complex financial markets, understanding the principles of personal finance, investing, and wealth management is crucial,” said the Chief Operating Officer of AXA Mansard Investments Limited, Alex Edafe, explained that AXA Mansard Investments Limited is dedicated to helping individuals and families build the financial acumen required to navigate 2025 and beyond.

Edafe stated, “In recent years, the dearth of financial literacy in Nigeria has become alarming, with many individuals lacking the necessary knowledge to make sound financial decisions.

From transitioning from savings to investments, budgeting, asset allocation, managing debt as well as retirement planning, to mention a few, many Nigerians, especially the younger generations, need these skills to effectively manage their money”.

“Financial education is foundational for achieving financial independence. This year, we are focused on making financial knowledge more accessible to Nigerians at every stage of their financial journey. We believe that a financially educated population is better positioned to make informed decisions that can lead to long-term financial success and economic prosperity for the nation.”

“So, we are actively working to bridge the knowledge gap in the Nigerian financial sector by offering a range of educational initiatives to provide valuable insights on investment and personal finance. Some of the key programs and resources available to Nigerians include free physical and virtual financial seminars, which we host to help individuals understand the basics of investing and financial planning, expert-driven content, which includes a wealth of articles, blogs, and videos on financial topics offered via traditional, digital-owned and paid media platforms. We also have the option for one-on-one financial advisory targeted at people who would prefer more personalized guidance, helping them to understand their unique needs and goals and creating tailored winning strategies for investments, savings, and wealth-building.”

Financial education empowers individuals to make choices that lead to financial security and prosperity. It empowers individuals with an understanding of financial principles to make better financial decisions, helps individuals to identify opportunities for wealth creation and preservation, and prepares individuals for the future to create long-term security and increase financial confidence.

AXA Mansard Investments remains committed to its mission of promoting financial education and helping Nigerians achieve financial independence. With a greater focus on educating the public about sound financial practices, we believe that more Nigerians will be empowered to take control of their financial futures.

“We believe that by focusing on education, we can transform the financial landscape of Nigeria,” added Mr. Edafe. “When Nigerians are empowered with the right knowledge, they are better positioned to invest wisely, create wealth, and secure their financial future.”

By Adedapo Adesanya

Nigeria will continue to play a leadership role in Africa’s energy sector, leveraging the Petroleum Industry Act (PIA) and a robust legal framework to drive investment and development.

This is according to Minister of State for Petroleum Resources (Oil), Mr  Heineken Lokpobiri, while hosting TotalEnergies’ Senior Vice President for Africa, Mr Mike Sangster, along with a high-level delegation, including Mr Matthieu Bouyer, MD & Country Chair, TotalEnergies Upstream Companies in Nigeria, and Mr Abiodun Afolabi, Executive Director, Strategy, Business & Asset Management.

Discussions focused on TotalEnergies’ ongoing investments in Nigeria and how the Federal Government can further support industry players to boost oil and gas production.

“Under President Bola Ahmed Tinubu’s administration, the government is fully prepared to support all stakeholders in increasing production.

“By strengthening partnerships with key investors like TotalEnergies, we remain committed to unlocking the full potential of Nigeria’s energy sector to drive sustainable economic growth and national prosperity,” Mr Lokpobiri stated.

The meeting underscores Nigeria’s push to attract global energy investments, ensuring that the country remains a key player in Africa’s oil and gas industry while maximizing benefits for Nigerians, Africa, and the global energy market.

Last year, the oil major secured approval from its board for significant investment in the Bonga North Offshore project, marking a pivotal step in its commitment to expanding offshore operations in Nigeria. The investment was valued at $5 billion.