Economy
Bankers, Judges Alert Nigerians on Crypto Currencies’ Risks
By Modupe Gbadeyanka
Nigerians have been warned by bankers and judges to be wary of risks involved in transacting their businesses with virtual currencies like bitcoins and others.
Speaking in Abuja on Wednesday at a seminar organised by Chartered Institute of Bankers of Nigeria (CIBN), the Chief Justice of Nigeria (CJN), Justice Walter Onnoghen, said efforts must be made to protect customers in the banking sector.
At the event tagged ‘17th National Seminar on Banking and Allied Matters for Judges,’ the CJN, represented by a Justice of the Supreme Court, Justice Mahmud Muhammad, said the judiciary will continue to provide support for the banking industry.
He said the programme, which focused on the ‘Emergence of New Frontiers in Banking and its Legal Implications,’ came at the right time.
Mr Onnoghen stressed that the judiciary has a huge part to play in the protection of depositors’ funds and warned members of the judiciary not to truncate the present judicial reforms with technicalities.
The CJN said Nigerians should just be careful of how they are exposed to crypto currencies, which seem to be gaining ground by the day despite warnings.
However, he assured that the judiciary will ensure it plays its vital role in the prompt, speedy and just dispensation of cases to protect depositors’ funds.
On his part, President of CIBN, Professor Segun Ajibola, admitted that virtual currencies have altered the traditional form of banking system in Nigeria, but emphasised that efforts must be made to protest citizens’ funds.
He said efforts are being made to study the new trend with a view to finding ways to minimise the risks.
Prof Ajibola noted that, “One of the side effects of the disruptive technology, artificial intelligence and other new tools is the use of the same technology to undermine the control systems in banks and other financial institutions.
“Unfortunately, fraudsters are usually a step ahead of operators, and operators are usually a step ahead of regulators. This explains why policies and regulations aimed at fighting crimes, albeit cybercrimes, are more reactive than being pro-active.
“We need the judiciary to improve on the speed at which cybercrimes are tried and dispensed with. We need the judiciary to assist in strengthening the statutory framework for fighting cybercrimes in this country.”
He promised that bankers will continue to work closely with the judiciary so as to tackle the issues head-on.
Also at the seminar, other speakers called on the government, especially the National Assembly, to closely look into crypto currencies. They said for now, there is no legal backing for the use of virtual currencies in the country.
A cryptocurrency is an encrypted decentralized digital currency transferred between peers and confirmed in a public ledger via a process known as mining. It is also a digital or virtual currency that uses cryptography for security.
A cryptocurrency is difficult to counterfeit because of this security feature.
A defining feature of a cryptocurrency, and arguably its most endearing allure, is its organic nature; it is not issued by any central authority, rendering it theoretically immune to government interference or manipulation.
Business Post recalls that at a Workshop for Financial Correspondents in December 2016 in Kaduna, Managing Director of Nigeria Deposit Insurance Commission (NDIC), Mr Umaru Ibrahim, disclosed that his commission and the Central Bank of Nigeria (CBN) had set up a committee to look into the trending ‘bitcoin’ scheme.
“On our part, we have constituted a committee together with the central bank to have an in debt study of this phenomenal bitcoin.
“We will look at its advantages and disadvantages, what it means for the payment system and what it means for safety and security of customers.
“We will also look at what it means for money laundering, anti-corruption, crime and measurement of money /near money instrument for the economy.
“But we need a lot of education to do this and I’m calling on you (media) to educate yourselves about all of this so you can educate the public,” Mr Ibrahim had said at the event themed ‘Economic Recession and the Nigerians Banking Sector: Opportunities, Challenges and the way Forward.’
In January 2017, the Securities and Exchange Commission (SEC), in a statement posted on its website, warned Nigerian investors to be very careful of advertisements encouraging them to invest in cryptocurrencies such as Swisscoin, OneCoin, Bitcoin and such other virtual or digital currencies.
The capital market regulator had said members of the public must “exercise extreme caution with regard to digital (crypto currencies) as a vehicle of investments,” noting that “this warning is in consonance with similar warnings issued by capital market regulators and Central Banks across the world over the past few years.”
SEC had said it “wishes to alert the public that none of the persons, companies or entities promoting cryptocurrencies has been recognized or authorized by it or by other regulatory agencies in Nigeria to receive deposits from the public or to provide any investment or other financial services in or from Nigeria.
“The public should also be aware that any investment opportunities promoted by these persons, companies or entities are likely to be of a risky nature with a high risk of loss of money, whilst others may be outright fraudulent pyramid schemes.”
But at crypto currency conference held in Lagos last month tagged ‘Learning to Glow with the Flow,’ Deputy Director/Head, Payments System Policy and Oversight at the CBN, Mr Musa Jimoh, disclosed that the apex bank had commenced arrangement to introduce a digital currency in the country a move to key into the global adoption of crypto currency initiative.
Mr Jimoh was quoted to have said at the event that CBN cannot stop the tide of waves generated by the blockchain technology and its derivatives.
“Currently, we have taken measures to create four departments in the institution that are looking forward to harmonise the white paper on Crypto currency,” he had said at the event.
Also at the event, President of Information Security Society of Nigeria (ISSAN), Dr David Isiawe, had said, “The reality that is before us today, particularly in Nigeria, is that the Distributed Ledger Technology (DLT), blockchain and Crypto currency are facts that we must face, whether we like it or not. We cannot wish this reality away.
“It is made worse when we realise that we are still grappling with current challenges of e-commerce and other electronic payment systems but technology development and advancements are not waiting.
“The impact of the emergence of blockchain and Crypto currency will be felt in the nation just as in the global community.
“Nigerian must be proactive rather than reactive by considering how these technologies would affect and influence our lifestyles and business operations and channel, and thus fashion our rules of engagement for their adoption.”
However, Mr Isiawe also admonished prospective investors to be careful investing in crypto currencies, as every investment has its share of risks.
This month, at the 12th Abuja International Trade Fair, Managing Director of the Nigeria Deposit Insurance Corporation (NDIC), Mr Umaru Ibrahim, warned Nigerians to be very careful of how they embrace digital currencies, especially bitcoins, emphasising that they had not yet be certified okay by the necessary regulatory bodies in the country.
He admitted that in other climes, they have been fully embraced, but warned that anyone in Nigeria involved in the trade do so at their own risk as such currencies were not insured by the NDIC.
“In view of the growing popularity which the phenomenon is gaining in Nigeria, it has become important to state that digital currencies are not authorised by the Central Bank of Nigeria, and they are not insured by NDIC,” he had warned earlier this month.
By Aduragbemi Omiyale
Between $30 billion and $50 billion in investments are anticipated from 22 major offshore projects by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) from now till 2030.
Speaking at the Society of Petroleum Engineers’ Nigeria Annual International Conference and Exhibition (NAICE 2026) in Lagos on Wednesday, the chief executive of NUPRC, Mrs Oritsemeyiwa Eyesan, said since 2022, successive licensing rounds have opened access to some of Nigeria’s most prospective oil and gas acreages.
She made reference to the recent 2025 Licensing Round where 31 companies emerged successful bidders for 37 oil and gas blocks after progressing through a robust, data-driven and technology enabled evaluation process.
Mrs Eyesan said the 2026 Licensing Round, which is set to commence soon, is showing greater promise thanks to the transparency that has characterised licensing rounds.
“With preparations already underway for the 2026 Licensing Round, Nigeria is demonstrating that investment certainty is no longer an aspiration; it is becoming an enduring feature of our regulatory framework,” the NUPRC boss stated.
The agency’s chief, who was represented at the event by the Executive Commissioner for Development and Production, Mr Enorense Amadasu, the expected investments are expected to increase production, create jobs and strengthen energy security.
“Since 2024, the NUPRC has approved over $57 billion in Field Development Plan (FDPs) some of which have translated to Final Investment Decisions. Twenty-two major offshore projects are expected between 2026 and 2030 with an estimated investment potential of $30–50 billion.
“Beyond increasing production, these investments will create jobs, expand infrastructure, strengthen energy security and reinforce Nigeria’s position as a leading global upstream investment destination,” she stated.
She noted that besides developing its proven reserves, Nigeria is building a resilient energy future by maintaining a strong pipeline of exploration opportunities that will sustain long-term growth and energy security.
Mrs Eyesan said infrastructure deficit continues to undermine Africa’s promising potential, stating that, Nigeria is, however, addressing this challenge through a series of strategies.
“We are expanding gas gathering systems, processing facilities, pipelines and export infrastructure, while promoting shared facilities, open access, third party access and field tiebacks to reduce costs, speed up project delivery, maximise the use of existing infrastructure and help bring stranded oil and gas resources into production,” the NUPRC boss stated.
Besides these infrastructure strategies, Mrs Eyesan said stronger collaboration among government, security agencies, operators, host communities and private partners; as well as the Host Community Development Trust had led to an improvement in the protection of critical energy assets which had ultimately made Nigeria’s upstream sector more resilient.
By Adedapo Adesanya
Pathway Advisors Limited has launched a N25 billion Series 3 Commercial Paper (CP) issuance for Zeenab Foods Limited, with proceeds expected to strengthen the agro-processing company’s working capital and support its short-term funding needs.
The offer, which is being issued under Zeenab Foods’ N50 billion Commercial Paper Programme, opened for subscription on August 4 and will close on August 10, 2026. Issue and settlement are scheduled for August 11, while the commercial paper will mature on August 10, 2027.
Acting as the lead arranger and issuing house, Pathway Advisors structured the 364-day instrument at a discount rate of 19.69 per cent, translating to an effective yield of 24.50 per cent. The offer has a minimum subscription of N5 million, with additional investments accepted in multiples of N1,000.
Founded in 2011, Zeenab Foods operates across rice milling, the export of processed agricultural commodities, and the supply of food products to international donor organisations, including the United Nations World Food Programme (UN-WFP). The company runs processing facilities in Abuja and Kano, while maintaining export liaison offices in Changsha, Guangzhou and Shanghai in China, as well as Dubai in the United Arab Emirates.
The company has received strong investment-grade ratings from leading credit rating agencies. Agusto & Co. assigned it a short-term rating of A1 and a long-term rating of A-, while DataPro Limited rated it A1 for the short term and A+ for the long term.
According to the transaction details, Zeenab Foods has maintained a strong repayment record under both its previous N20 billion Commercial Paper Programme and the current N50 billion programme. Since 2024, the company has redeemed multiple commercial paper series ahead of maturity, reinforcing investor confidence in its financial position.
The firm has also continued to expand its production capacity to meet growing demand. Its rice milling facility now has an installed capacity of 180 metric tonnes per day following a 50 per cent expansion completed in 2025, with average capacity utilisation standing at about 85 per cent.
Zeenab Foods has also positioned itself to benefit from policy changes in Nigeria’s agricultural sector. Following the federal government’s ban on raw shea nut exports in August 2025, the company leased a shea butter processing facility in Ogun State with an initial capacity of 100 metric tonnes per day. It plans to expand the facility to 300 metric tonnes daily while diversifying into soya oil processing, edible oil refining and cocoa butter production.
The organisation also expects continued growth from its long-standing relationship with the UN-WFP, supported by sustained humanitarian food demand across the Sahel region.
Pathway Advisors Limited, a Securities and Exchange Commission-regulated issuing house and financial advisory firm, said it remains focused on facilitating access to capital for businesses and supporting sustainable economic growth across key sectors of the Nigerian economy through its capital-raising and advisory services.
As MSMEs across the South-East seek opportunities for growth, market expansion and cross-border trade, Stanbic IBTC, in partnership with the Anambra State Government, convened the Nigeria Business Summit Regional Tour in Onitsha to equip businesses with practical solutions for sustainable growth.
The summit, organised in collaboration with the Anambra State Ministry of Commerce, Industry and Trade, brought together government officials, business leaders, trade associations, development partners and entrepreneurs to explore practical pathways for economic growth, business sustainability and increased participation in local and international trade.
Speaking at the event, which took place on Wednesday, 29 July 2026, Honourable Nonso Chukwuma Ebonwu, Commissioner for Commerce and Industry, Anambra State, highlighted the importance of stronger partnerships between government, financial institutions and the private sector in creating an environment where businesses can thrive and contribute meaningfully to economic growth.
“Sustainable economic development requires strong partnerships between the public and private sectors. Financial institutions such as Stanbic IBTC have an important role to play by providing not only access to finance but also business advisory services, capacity building and the knowledge that enables businesses to grow sustainably,” he said.
Given Onitsha’s strategic position as a commercial hub, discussions centred on access to finance, enterprise development, business sustainability and opportunities for expansion into new markets. Stanbic IBTC’s Trade Team also provided practical insights into trade and export opportunities available to businesses operating within the South-East’s manufacturing and distribution value chains, highlighting strategies that can help enterprises improve competitiveness and unlock new growth opportunities.
Commenting on Stanbic IBTC’s commitment to supporting Nigerian businesses, Chuma Nwokocha, Chief Executive, Stanbic IBTC Holdings, said:
“We recognise the critical role businesses play in driving economic growth, creating jobs and fostering innovation. Supporting their growth remains central to our purpose of driving Africa’s growth, and we will continue to provide the solutions, partnerships and platforms they need to thrive.”
Also commenting on Stanbic IBTC’s support for Nigerian businesses, Remy Osuagwu, Executive Director, Business and Commercial Banking, Stanbic IBTC Bank, said:
“Our commitment to supporting businesses is unrelenting. Through strategic partnerships and platforms such as the Nigeria Business Summit Regional Tour, we are connecting entrepreneurs to the knowledge, networks and financial solutions needed to scale their businesses and compete more effectively in today’s evolving marketplace.”
The summit also highlighted Stanbic IBTC’s focus on providing businesses with access to the capital, insights and connections needed to achieve sustainable growth. This commitment aligns with the strategic direction of the bank’s Enterprise Banking business, led by Olajumoke Bello, as Stanbic IBTC continues to deepen engagement with MSMEs and growth-focused businesses across Nigeria.
The Onitsha engagement builds on successful editions of the Nigeria Business Summit Regional Tour previously held in Katsina, Aba and Ibadan. Through the initiative, Stanbic IBTC continues to work with public and private sector stakeholders to equip entrepreneurs with practical insights, strategic partnerships and business solutions that support sustainable growth.
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