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#WeWantOurCryptoBack: Bitcoin Ban Undermines Digital Progress, Damages Public Trust

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By Joel Popoola

As Nigeria’s latest anti-corruption chief, Abdulrasheed Bawa has his work cut out.
I mean, how are the people of Nigeria supposed to trust the ruling class when the man he succeeded as head of the Economic and Financial Crimes Commission has himself been accused of pocketing the agency’s funds?

But the Nigerian government’s decision to ban bitcoin this week is likely to make greater public trust in our political system even more elusive.

Last October, the National Information Technology Development Agency published its draft National Blockchain Adoption Strategy. The strategy made a strong case for greater national adoption of blockchain technology – think of it as a secure digital ledger of transactions, often using digital money known as cryptocurrency or bitcoin, stating that the technology has the: “Potential to become a transformative force in multiple aspects of government and private sector operations. Its potential has been recognized globally, with a variety of international organisations and technology companies highlighting the benefits of its application in reducing costs of operation and compliance, as well as in improving the efficiency and security of business processes”.

This is certainly a view shared by many Nigerians overseas, who are increasingly turning to bitcoin to send money home to their families safely and swiftly, while avoiding fees and foreign exchange costs, and by Nigerians at home who see it as a safer way to save than a Naira which has been devalued twice in the past twelve months.

On February 5 however, in another classically Nigerian example of joined-up government, the Central Bank announced a ban on the exchange of cryptocurrency by financial institutions and ordered banks to close accounts trading in it.

The government has repeatedly, and often successfully, committed Nigeria to the development of our digital economy, which will be critical in replacing oil with the talent and ingenuity of our young people as Nigeria’s most important natural resource.

At a stroke, this decision threatens to undermine so much of that progress.
How does this look to our emerging digital sector – made up of the hi-tech businesses the government expects to be at the forefront of our national economic development. Business leaders in this critical economic will now be questioning whether or not the government understands their companies and their needs.

But the decision will have even more of a negative impact on public trust – in particular the trust of those same young people.

CBN explained the decision by emphasizing the need to protect Nigerians from losing their savings and to prevent cryptocurrencies being used for criminal activities.

This is important – but many Nigerians will see the decision as yet more evidence of what they see as an elderly and out-of-touch elite attempting to stifle innovation and progress they have no interest in understanding and propping up a past which no longer works.

Others will be enraged at the government arbitrarily taking away the source of their livelihoods at a time when young Nigerians are already facing an unemployment rate over 30%

Others will perceive a link between the decision and the use cryptocurrencies by some of the #EndSARS protesters when the government froze their bank accounts.

As always, the evidence for these feelings is all too easy to find online, where the lack of public or even industry consultation led immediately to the #WeWantOurCryptoBack campaign. And online is where leaders need to engage the most if they want to tackle this problem.

There are plenty of understandable reasons for the spontaneous banning of bitcoin – but our leaders have made next to no effort to explain them.

And when so many Nigerians already have such little trust in their political leaders and institutions, it is little wonder that every action being taken is seen as being motivated by the very worst of intentions.

Better public and economic stakeholder consultation by government is critical for the government to build trust, and to drive forward the digital agenda.

At the digital democracy campaign I lead, we have developed a platform to enable this; a free mobile app called Rate Your Leader.

Rate Your Leader allows electors and elected to communicate person-to-person at the touch of a button.

Direct answers to direct questions are the best way to build relationships and trust – even if you don’t agree with a decision you will respect the position the person making it is in and appreciate their commitment to communicating that decision. There is nothing to lose to simply, transparently setting out a course of action you intend to take, and the reasons for it – and everything to gain, not least in the collaborative potential of involving others in that decision to ensure it is designed in the most effective way.

I cannot emphasise enough that 72 per cent of Nigerians believe the statement “most politicians are corrupt” describes our country well – and six-in-ten say it describes Nigeria “very well.”

Our nation cannot fulfil its vast potential until we address this, and digital technology gives us the means.
Which is why the government needs to embrace it – not ban it.

Joel Popoola is a Nigerian tech entrepreneur, digital democracy campaigner and is creator of the Rate Your Leader app. Follow Joel on Twitter @JOPopoola

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2027: Tinubu Will Lose, Dele Momodu Insists, Says Hunger, Hardship Will Determine Outcome

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A chieftain of the African Democratic Congress (ADC), Chief Dele Momodu, has said no political permutation will save President Bola Tinubu in the 2027 presidential election, insisting that widespread hunger and hardship will determine the outcome.

Momodu stated this on Thursday during an appearance on Channels Television’s Politics Today, anchored by Seun Okinbaloye.

According to him, Nigerians across all regions and ethnic lines are united by economic hardship, which no amount of money or political calculation can overcome.

“The common factor now is the hunger in the land. No permutation can beat hunger. The Yorubas are suffering, the Hausas are suffering, the Igbos are suffering, everybody is suffering,” he said.

He argued that President Tinubu cannot buy the entire country, even if he was able to deploy money effectively in Lagos State politics in the past.

“Tinubu believes he can buy the whole of Nigeria, but my personal belief is that if he could buy the whole of Lagos, I doubt if he can use money to buy the whole of Nigeria,” Momodu stated.

The Ovation Publisher said Nigerians had become wiser and would collect any money offered to them during elections but still vote according to their conscience.

He cited the Osun State governorship election as a case study, noting that, despite the huge funds allegedly deployed, the people voted for Governor Ademola Adeleke.

“And a lot of people will take the money like they took it in Osun State. People’s eyes are wide open now. They brought a lot of money to Osun State, but they still lost the election to Ademola Adeleke,” he said.

Momodu also recalled that Tinubu lost Lagos State to Mr Peter Obi of the Labour Party in the 2023 presidential election, which he said proves that incumbency and financial muscle do not guarantee victory.

He maintained that President Tinubu would not win in 2027, claiming that many Nigerians could not imagine a second term for the administration.

“If you ask an average Nigerian today, do you trust Tinubu to conduct a free and fair election? 90 per cent will say no. Nobody trusts Tinubu, including his own supporters,” Momodu said.

On the detention of former Kaduna State Governor, Mallam Nasir El-Rufai, Momodu described him as a “prisoner of conscience” who is being persecuted because of his political influence.

“Nasir El-Rufai is a lion. They caged him because he is a lion. Even when a lion is caged, it is still a lion. They want him locked up until after 2027 because they fear his influence,” he said.

He disclosed that El-Rufai’s appointment as Deputy Chairman of the Atiku Abubakar Presidential Campaign Council was in honour of his sacrifice and resilience.

“It is a way of honouring his sacrifice because his travails are quite political in nature. That is why Nasir has become a prisoner of conscience. He is in the hands of a government that he helped to midwife,” Momodu added.

He said the 2027 election would be a referendum on hunger, hardship and governance, and not on political permutations.

Meanwhile, the Senior Special Assistant to the President on Digital Communications, Engagement and New Media Strategy, O’tega Ogra, has faulted Momodu’s comments.

Reacting to the interview, Ogra accused the opposition of embracing “perpetual negativity” and opposing government policies without objective assessment.

He said Momodu’s assertion ignored ongoing reforms and improvements recorded in key economic indicators, including foreign reserves, power generation and inflation management.

Ogra urged opposition figures to offer constructive criticism rather than painting a picture of total failure, stressing that President Tinubu would ultimately be judged by his reforms and track record.

The Tribune

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Obi Denies Telling UK-based Nigerians to Abandon Relatives Back Home

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The Nigeria Democratic Congress (NDC) presidential candidate, Peter Obi, has denied asking Nigerians living in the United Kingdom to abandon relatives who depend on them for financial support, saying his message about hardship in Nigeria was distorted by political opponents.

Obi said he appreciates Nigerians in the Diaspora who make sacrifices to support their families at home, stressing that his concern is the country’s dependence on remittances to meet basic needs.

In a statement titled; “My Message Has Been Twisted”, posted on X on Tuesday, the former Governor of Anambra State clarified that he never asked Nigerians abroad to stop supporting their loved ones.

“I deeply appreciate Nigerians in the diaspora who work tirelessly and make enormous sacrifices to support their families back home,” he said.

“Their remittances pay for school fees, hospital bills, rent, and feeding expenses. Their patriotism and sacrifices deserve our profound respect. I never asked them to abandon their loved ones.”

Obi said his message was aimed at drawing attention to the economic conditions forcing millions of Nigerians to rely on relatives abroad for their survival.

“My concern is that Nigeria should not remain a country where millions depend on relatives abroad for basic survival,” he said.

“Our goal must be to build a nation that provides jobs, affordable healthcare, quality education, and economic opportunities for its citizens.”

He accused political opponents of misrepresenting his comments, insisting that his position is about addressing the causes of hardship rather than discouraging financial assistance to families.

“Political opponents may twist my message, but the truth remains clear: I am not asking Nigerians abroad to abandon their families. I am advocating for a Nigeria that will no longer abandon its own people,” he said.

The clarification followed backlash over comments Obi made during a town hall meeting with Diaspora supporters in Manchester on Sunday.

In a video that went viral, Obi urged Nigerians in the UK to think twice before giving money to relatives and others at home who ask them for financial assistance, arguing that such support could ease hardship without addressing its underlying causes.

“You have people at home in Nigeria today who are begging you for money. Tell them no!” he said.

Obi attributed the country’s economic difficulties to poor leadership, urging Nigerians abroad to encourage their relatives and friends at home to vote for leaders who would prioritise productivity and economic opportunities.

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Monday Ubani: Court of Appeal Affirms ₦12m Award Against EFCC

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The Court of Appeal, Abuja Division, has dismissed the EFCC’s appeal and affirmed the ₦12 million compensation awarded to Dr. Monday Ubani, SAN, for his unlawful 21-day detention in 2019. The court also awarded ₦300,000 in costs against the Commission.

Ubani was detained after securing administrative bail for a client accused of jumping bail. Despite a court order directing the EFCC to release him conditionally or charge him with any alleged offence, the Commission failed to comply, prompting his lawyer, Chief Professor Mike Ozekhome, to institute a fundamental rights action in his favour.
On January 5, 2022, the Abuja High Court, presided over by Justice Sylvanus Oriji, ruled in Ubani’s favour. The EFCC appealed, challenging the trial court’s jurisdiction and the amount of compensation awarded.

In dismissing the appeal, the Court of Appeal rejected both arguments, holding that the compensation was justified and that the EFCC’s investigative powers do not permit arbitrary detention or disobedience of court orders.
The judgment reaffirms that law enforcement agencies remain subject to the Constitution and judicial authority. It also underscores the protection of fundamental rights, the limits of law enforcement powers and the consequences of unlawful detention.

Beyond the financial award, the decision highlights the responsibilities of sureties and the obligation of security agencies to obey court orders, making it a potentially significant reference in future fundamental rights litigation.

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