In response to growing concerns over the national security implications of cryptocurrency and digital asset transactions, the House of Representatives has taken decisive action.
Through a motion, the House resolved to investigate the impact of these transactions on national security, as well as the current status of the e-naira on the global cryptocurrency platform.
Representative Isiaka Ibrahim from Ogun State presented the resolution on Tuesday, highlighting the need for the House Committee on National Security and Intelligence to delve into the matter.
Specifically, the committee will examine the status of gateway platforms and their potential connection to various security challenges facing the country.
This move comes in the wake of the House of Representatives Committee on Financial Crimes issuing a warrant of arrest against executives of the cryptocurrency platform, Binance.
The executives failed to appear before the committee for an investigation into allegations of sponsoring terrorism and financial crimes.
Committee Chairman Ginger Onwusibe emphasized the seriousness of the situation, stating that the warrant of arrest is necessary to compel the executives to answer to the allegations.
Despite a lawyer representing Binance presenting a written address citing concerns over further government arrest, lawmakers rejected the explanation.
Recent events have heightened scrutiny on cryptocurrency firms operating in Nigeria.
Two Binance executives were arrested last week, and the government is seeking almost $10 billion in compensation from the company.
Allegations include manipulation of foreign exchange rates, negatively impacting the value of the naira.
