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Directors’ Proceedings and Remuneration Under Nigerian Law – CAMA 2020

By
Emmanuel Ifeanyi Ogbuka
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0
CAC

Proceedings of Directors are regulated by the Companies and Allied Matters Act (CAMA) 2020  through its provisions which along with its provisions on the topic of directors’ remunerations constitute the focus of this article.

Main Provisions of CAMA 2020 on Directors’ Proceedings

– The act provides that a Company’s directors may meet together for the dispatch of business,adjourn and otherwise regulate their meetings as they think fit, and the first meeting of the directors shall be held not later than six months after the incorporation of the company.

– Unless the articles provide otherwise, any question arising at any meeting is decided by a simple majority of votes, and in case of an equality of votes, the chairman has a second or casting vote.

–  A director may, and the secretary on the requisition of a director shall, at any time summon a meeting of the directors.

– The directors may elect a chairman of their meetings and determine the period for which he is to hold office, but if no such chairman is elected or if at any meeting the chairman is not present within five minutes after the time appointed for holding same, the directors present may choose one of them to be chairman of the meeting.

-The directors may delegate any of their powers to a managing director or to committees consisting of such member or members of their body as they think fit and the managing director or any committee so formed shall, in the exercise of the powers so delegated, conform to any regulations that may be made by the directors.

– A committee may elect a chairman of its meeting, and if no such chairman is elected, or if at any meeting the chairman is not present within five minutes after the time appointed for holding the same, the members present may choose one of them to be chairman of the meeting.

-A committee may meet and adjourn as it deems proper, and any question arising is determined by a majority of votes of the members present,and in the case of equality of votes the chairman has a second or casting vote.

– A resolution in writing, signed by all the directors for the time being entitled to receive notice of a meeting of the directors, is as valid and effectual as if it had been passed at a meeting of the directors duly convened and held.

– In all the directors’ meetings, each director is entitled to one vote.

Quorum

– Unless the articles provide otherwise, the quorum necessary for the transaction of the business of directors are two where there are not more than six directors, but where there are more than six directors, the quorum is one-third of the number of directors, and where the number of directors is not a multiple of three, then the quorum is one third to the nearest number.

– Where a committee of directors is appointed by the board of directors, the board shall fix its quorum, but where no quorum is fixed, the whole committee shall meet and act by a majority.

Failure to have a Quorum

– Where the board is unable to act because a quorum cannot be formed, the general meeting may act in place of the board and where a committee is unable to act because a quorum cannot be formed, the board mayact in place of the committee.

Notice of Meeting

-Every director is entitled to receive notice of the directors’ meetings, unless he is disqualified by any reason under the Act from continuing with the office of director.

– There shall be given 14 days’ notice in writing to all directors entitled to receive notice unless provided in the articles.

– Failure to give notice in accordance with the preceding paragraph above invalidates the meeting.

– Unless the articles provide otherwise, it is not necessary to give notice of a meeting of directors to any director absent from Nigeria, but if he has given an address in Nigeria, the notice shall be sent to such an address.

Remuneration of Directors

– The  act provides remuneration of the directors is determined by the company in general meeting and such remuneration is deemed to accrue from day-to-day.

– The directors may also be paid travelling, hotel and other expenses properly incurred by them in attending and returning from meetings of the directors, committee of the directors, general meetings of the company or in connection with the business of the company.

– Where remuneration has been fixed by the articles, it is alterable only by a special resolution.

– A company is not bound to pay remuneration to directors, but where the company agrees to pay, the directors shall be paid such remuneration out of the fund of the company.

-The amount of remuneration is a debt from the company so that if directors take office on the basis of the articles, they shall be able to sue the company on account of the debt or prove it in liquidation.

– A director who receives more money than he is entitled to, is guilty of misfeasance and is accountable to the company for such money.

– The remunerations of directors is apportionable.

Remuneration of a Managing Director

– A managing director receives such remuneration (whether by way of salary, commission, participation in profits, or partly in one way and in another) as the directors may determine.

– Where a managing director is removed for any reason under section 288 of CAMA 2023, he may claim for breach of contract if there is any or where a contract could be inferred from the terms of the articles.

-Where he performs some services without a contract, he is entitled to payment on a quantum merit (pro-rated/partial) basis.

Prohibition of Tax-free Payments to Directors

-It is not lawful for a company to pay a director remuneration (whether as director or otherwise) free of income tax, or calculated by reference to or varying with the amount of his income tax, or at or with the rate or standard rate of income tax, except under a contract which was in effect at the commencement of this Act, and provides expressly, and not by reference to the articles, for payment or remuneration.

– Any provision contained in a company’s articles or in any contract other than such a contract as mentioned in subsection (1), or in any resolution of a company or of a company’s directors for payment to a director of remuneration as mentioned in subsection (1), shall have effect as if it provided for payment, as a gross sum subject to income tax, of the net sum for which it actually provides.

-This provision does not apply to remuneration due before this Act comes into effect or in respect of a period before it comes into effectm

Prohibition of Loans to Directors in certain circumstances

– Under CAMA 2020, It is not lawful for a company to make a loan to any person who is its director or a director of its holding company, or to enter into any guarantee or provide any security in connection with a loan made to such a person as earlier mentioned by any other person :

Provided that nothing in this section applies:

(a) subject to the provision above, to anything done to provide any such person as mentioned in this subsection with funds to meet expenditure incurred or to be incurred by him for the purposes of the company or for the purpose of enabling him to properly discharge his duties as an officer of the company ; or

(b) in the case of a company whose ordinary business includes the lending of money or the giving of guarantees in connection with loans made by other persons, to anything done by the company in the ordinary course of that business.

–  This provision does not authorise the making of any loan, or the entering into any guarantee, or the provision of any security except-

(a) with the prior approval of the company given at a general meeting at which the purposes of the expenditure, the amount of the loan or the extent of the guarantee or security, are disclosed ; or

(b) on condition that, if the approval of the company is not given at or before the next annual general meeting, the loan shall be repaid or the liability under the guarantee or security shall be discharged, within six months from the conclusion of that meeting.

– Where the approval of the company is not given as required by any such condition, the directors authorising the making of the loan, the entering into the guarantee or the provision of the security, are jointly and severally liable to indemnify the company against any loss arising from it.

Obi Congratulates Nigeria For Winning The P&ID Case, Urges Judiciary to Imitate UK Court In Upholding Rule of Law

By
Samuel Nwite
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0

The Labour Party presidential candidate in the last general election, Peter Obi, has congratulated Nigeria for winning the case against Process & Industrial Developments (P&ID) Limited in the United Kingdom.

The former Anambra State governor also used the opportunity to urge the Nigerian judiciary to uphold the rule of law in the face of numerous cases putting its integrity to the test.

“I congratulate our dear nation, Nigeria, especially the legal team that handled the major judiciary victory recorded at the United Kingdom Court on Monday in the case against Process & Industrial Developments (P&ID) Limited,” Obi said.

“Thankfully, the case was decided in the United Kingdom, a nation known for its respect for the rule of law and where the judiciary delivers justice freely and fairly to the people. This, therefore, offers veritable lessons to Nigerians in general, and our judiciary in particular.”

Obi, who had earlier appealed to the Supreme Court to save Nigeria’s democracy through transparency ruling in the ongoing case challenging the victory of President Bola Tinubu, said democracy can only thrive when the rule of law is upheld.

“Every lawful society is built on a strong system of justice and every democratic society exists on the principle of the rule of law,” he said.

The Supreme Court is billed to rule on the appeals by both Obi and the Peoples Democratic Party (PDP) candidate, Atiku Abubakar, on Thursday, October 26.

The bone of contention is the identity crisis of President Tinubu, his alleged forged certificate from Chicago State University, and the election he’s accused of stealing.

Using the UK court as an example, Obi said; “In handling the identity crisis, electoral disputes, and many high corruption cases that have bedeviled our nation, the judiciary has a bounding duty to protect our dear nation’s value system.”

The P&ID case has been a long-standing legal battle for Nigeria, culminating in a favorable outcome. However, it has also spotlighted other financial irregularities that have allegedly gone unaccounted for within Nigeria, with those responsible often escaping consequences.

“Nigeria won its bid to overturn an $11 billion damages bill involving the controversial P&ID deal, yet similar, or even greater amounts, have gone unaccounted for in Nigeria, and the culprits are freely walking the streets,” Obi said.

He urged public office holders, in different arms of government, to “understand that we have no other nation but Nigeria” and we all, “are bound to work together for the development of our nation.”

“As we have gladly received justice in a foreign land, may we learn to give justice to our countrymen so that our nation can enjoy peace, progress, and unity. A truly just and fair New Nigeria is possible if our judiciary embraces the spirit and message of change,” he said.

Betting at Melbet Nigeria: Ultimate Guide

By
TI Partners
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0

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On Nigeria’s Topolicracy Development

By
Mutiu Iyanda
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0

In Nigeria, like many African nations, the gap between governmental announcements and the actual implementation of socioeconomic programs is a topic that has long perplexed citizens, academics, and policymakers. This phenomenon, informally referred to as “Topolicracy,” signifies a governance landscape where the emphasis on declarations often outweighs the realization of promises.

Topolicracy, in its essence, encapsulates the narrative of intentions trumping actions. It embodies the frustration that many Nigerians and observers around the world share when government headlines persistently feature phrases such as “government to…” without commensurate actions or outcomes.

The Core Challenge
Nigeria, a country brimming with potential and one of the most populous nations in Africa, has grappled with the struggle to transform intentions into tangible results. For many years, grand plans and policies have been unveiled, from economic blueprints to poverty alleviation programs, but the divide between rhetoric and reality remains palpable.

To tackle this challenge, it’s crucial to delve into the Topolicracy Development Narratology, a framework that dissects the factors contributing to this phenomenon. Several key elements come into play:

Political Will: The sincerity of political leaders in pursuing socioeconomic programs cannot be overstated. In a functioning democracy, political will is a driver of transformation. However, it often falters due to political interests or short-term agendas.

Institutional Capacity: Effective implementation hinges on the capabilities of public institutions. Weak institutions are a roadblock to translating policies into action.

Resource Allocation: Adequate financial and human resources allocation is a critical aspect. Shortfalls lead to unmet goals.

Accountability: Transparent and accountable governance is essential. The absence of accountability measures often enables deviations from intended goals.

A Way Forward Addressing the Topolicracy conundrum in Nigeria demands a holistic approach:

Strengthening Institutions: Building resilient, efficient, and transparent institutions should be a top priority. This requires investment in capacity-building, anti-corruption measures, and reinforcing the rule of law.

Engaging Civil Society: Civil society organizations, the media, and concerned citizens can play a crucial role in holding governments accountable. They can serve as watchdogs and advocates for effective governance.

Policy Consistency: Governments should focus on sustainable, long-term policies rather than ad-hoc measures. Consistency in policy-making can reduce the tendency to announce new initiatives while previous ones languish.

Data-Driven Decision-Making: In the age of technology, leveraging data and evidence-based decision-making can help ensure that programs are designed and executed with precision.

Public Participation: Inclusivity in policy-making processes can enhance ownership and accountability. Public input can lead to better program design and execution.

Nigeria’s path towards overcoming Topolicracy is a journey that demands vigilance, resilience, and a collective commitment to shaping a more prosperous and accountable future. It’s not an issue unique to Nigeria, but one that resonates across the African continent. By learning from the past, adapting policies, and striving for the true realization of intentions, Nigeria can pave the way for effective governance and set an example for others to follow.

Overview, Regulations and Opportunities of Blockchain In Nigeria

By
Emmanuel Ifeanyi Ogbuka
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0

Blockchain technology has become a ground breaking advancement in the digital age founded on a decentralized system of interconnected computers and carries the potential to revolutionize many sectors of human endeavour ranging from finance to supply chain management, identity management and Cybersecurity.

Through Blockchain, transactions can be made more transparent, trustworthy and efficient, resulting in greatly reduced operational costs and better user experiences.

This article will be looking at the regulatory framework governing block chain in Nigeria and its components. The Nigerian Federal Government, like its counterparts all over the world, has dedicated a great amount of effort into finding out ways of leveraging Blockchain technology and boost innovation, improve public services, create job opportunities and drive economic growth.

What is the main regulation governing Blockchain in Nigeria?

The Federal Government promotes the adoption of Blockchain technology in Nigeria through the National Blockchain Policy to improve the quality of services delivered by the public and private sectors, catalyse innovation, create jobs and enhance governance which will grow the economy.

What are the meanings of notable acronyms highlighted in the National Blockchain Policy of Nigeria?

The following acronyms and their meanings are as follows:-

  1. CBN – The Central Bank of Nigeria
  1. dApps – Decentralized Applications
  1. FMC & DE – The Federal Ministry of Communications & Digital Economy
  1. FSS 2020 – Financial System Strategy  2020
  1. 5G – Fifth Generation
  1. NCAIR – The National Centre For Artificial Intelligence & Robotics
  1. NCC – The Nigerian Communications Commission
  1. NDEPS – The National Digital Economy Policy & Strategy
  1. NDPB – The Nigerian Data Protection Bureau
  1. NITDA – The National Information Technology Development Agency
  1. NIMC – The National Identity Management Commission
  1. SEC – The Securities and Exchange Commission
  1. SIBAN – The Stakeholders In Blockchain Technology Association Of Nigeria

What are the components of a Blockchain architecture as identified in the National Blockchain Policy?

The components of a Blockchain architecture are:-

  1. A Node :- A system or user within a Blockchain.
  1. A Block :- A data structure that keeps a set of transactions distributed to all nodes in the network.
  1. A Miner :- A node that performs block validation and verification functions.
  1. A Transaction :- The smallest component of a Blockchain system.
  1. A Chain :- An ordered sequence of blocks in a Blockchain system.
  1. A Consensus :- A set of rules that govern the operations in a Blockchain system.

What is the background principle of the National Blockchain Policy?

The National Blockchain Policy was founded on the intention of the Federal Government of Nigeria to take advantage of the numerous opportunities that digital technology offers, first leading to the formulation of the National Digital Economy Policy & Strategy (NDEPS) which was launched on February 28,2019 to realign the economy. The NDEPS is anchored on 8 pillars which are :-

  1. Development Regulation
  1. Digital Literacy and Skills
  1. Solid Infrastructure
  1. Service Infrastructure
  1. Digital Services Development & Promotion
  1. Soft Infrastructure & Emerging Technologies
  1. Digital Society & Emerging Technologies
  1. Indigenous Content Development & Adoption

What Regulatory Agencies are tasked with implementing the provisions of the National Blockchain Policy?

The National Blockchain Policy is to be directly enforced by the National Information Technology Development Agency (NITDA) and to a lesser extent the Nigerian Data Protection Bureau (NDPB) under the Federal Ministry of Communications & Digital Economy. 

Benefits of Blockchain Adoption In Nigeria & Policy Vision/Mission

This article will be looking at the benefits of Blockchain regulatory adoption as well as core components of the Blockchain Policy Vision & Mission in Nigeria

What are the benefits of Blockchain adoption in Nigeria?

  1. Improved Transparency & Accountability :- Blockchain technology can help to increase transparency and accountability in various sectors in Nigeria. By using a distributed ledger system, all transactions are recorded and can be accessed by anyone on the network. This can help to reduce fraud and other illegal activities.
  1. Increased Efficiency:- Blockchain technology can also help to improve the efficiency of various processes like payment processing, supply chain management and identity verification. By leveraging Blockchain features like smart contracts, transactions can be executed automatically, reducing the need for intermediaries and streamlining the process.
  1. Enhanced Security :- Blockchain technology is highly secure due to its decentralized nature. Transactions are recorded on multiple nodes, making it nearly impossible to tamper with the data. This can help protect sensitive data and prevent cyber attacks across multiple sectors of the economy.
  1. Financial Inclusion:- Blockchain technology can help to increase financial inclusion in Nigeria by providing access to financial services to those who may not have had access before. By using Blockchain-based payment systems, individuals can send and receive money easily & securely.
  1. Job Creation:- Blockchain has the potential to create significant job opportunities across a range of sectors. With a young and tech-savvy population, Nigeria is well-positioned  to become a Blockchain hub in Africa. The adoption of Blockchain technology creates new job roles such as Blockchain developers, Cybersecurity experts and smart contract engineers.

What is the stated vision and mission of the National Blockchain Policy?

Vision :- To create a Blockchain-powered economy that supports secure transactions, data sharing & value exchange between people, businesses and governments, thereby enhancing innovation, trust, growth and prosperity for all.

Mission:- We encourage the use, adoption & integration of Blockchain technology in the various sectors of Nigeria’s digital economy in order to increase economic prosperity, efficiency, innovation, transparency, security & trust. 

Policy Direction :- The policy aims to grow domestic talent in Blockchain solutions development, foster innovation and catalyse the adoption & use of Blockchain technology in Nigeria. 

What are the focus areas of the National Blockchain Policy?

The policy identifies the following core areas up fully maximize the benefits accruable from Blockchain technology in Nigeria :-

  1. Talent Development :- The development of talent in the field of Blockchain is critical for the growth and success of the Blockchain industry. This policy seeks to provide talent to support the growth of the industry and to ensure that the National Blockchain Ecosystem has the necessary human capital to drive innovation and growth.
  1. Innovation :- To facilitate innovation in Blockchain, multiple approaches are needed involving creating an environment that encourages experimentation, providing resources to support innovation and addressing regulatory and legal barriers. 
  1. Blockchain Adoption :- The adoption of Blockchain technology is positioned to spur the continuous development of the digital economy in Nigeria by fostering more secure, transparent, accountable, efficient service delivery and trusted ecosystem. Blockchain adoption in Nigeria will be treated in detail in the next article instalment. 

Expected Outcomes Of The National Blockchain Policy Of Nigeria & Its Implementation Structure.

This article will be looking at the expected outcomes of the National Blockchain Policy Of Nigeria and the components of its implementation structure in detail.

These topics will be treated as follows :-

What are the expected outcomes of the National Blockchain Policy considering its focus areas?

Talent Development

– An Increase In The Skilled Blockchain Workforce :- With the implementation of training programmes, education in schools and research funding, there should be an increase in the number of professionals with the necessary skills to work in the Nigerian Blockchain Ecosystem.

– Higher Qualities Of Blockchain Talent :- With a focus on education and research, the Blockchain talent pool would have a higher quality of knowledge and skills, which would help to advance the state of the technology.

– Creation Of New Jobs :- As the Blockchain Ecosystem develops, there will be a need for individuals with specialized skills in areas such as Blockchain solutions development.

– Increased Competitiveness :-  With a skilled labour pool, Nigeria will become more competitive in the global Blockchain market, attracting more investments and talents. 

– Growth Of The Blockchain Ecosystem :-  By investing in talent development, the policy would help to grow the Blockchain ecosystem, with more start-ups, innovative projects and new applications of the technology.

Innovation

  1. Increased Research & Development :- The policy shall provide funding for Blockchain research and development, which would lead to the creation of new applications, products and services in the digital economy. This policy will benefit from the provisions of the Nigerian Start-up Act.
  1. Encouragement Of Experimentation :- This policy promotes experimentation with new Blockchain technology, such as smart contracts, decentralized applications (dApps) and interoperability solutions. This experimentation would lead to more innovative and practical use cases for Blockchain. 
  1. Establishment Of Block Sandbox :- The government will establish Blockchain sandboxes, which are environments where companies can experiment with Blockchain technology without the risk of regulatory infractions. This would encourage the development of innovative Blockchain solutions.
  1. Promotion Of Public Private Partnerships (PPPs) :-  By promoting PPPs , the policy shall encourage collaborations between different stakeholders, including start-ups, established companies and government agencies. This collaboration shall lead to more innovative and practical Blockchain solutions.

Adoption

  1. Increased Blockchain Adoption In The Public Sector :- The policy shall encourage government agencies to adopt Blockchain technology in their operations, such as record-keeping, voting systems, and supply chain management. This would increase the efficiency, transparency and security of the government.
  1. Increased Adoption & Integration Of Blockchain Technology In Financial Services :- This policy enables improved efficiency, transparency and security in financial transactions. Additionally, the regulatory framework shall ensure that consumers are protected and that the stability of the financial system is maintained.
  1. Establishment Of Blockchain Standards :-  The policy will lead to the establishment of standards for Blockchain technology, including interoperability, security and data privacy. This would provide clarity and consistency for companies developing Blockchain solutions and would help to increase trust in the technology.
  1. Promotion Of International Blockchain Collaboration :- The policy encourages international collaboration on Blockchain standards and regulations, as well as on the development of cross-border Blockchain solutions. This shall increase the interoperability and adoption of Blockchain technology worldwide.

What are the components of the implementation structure for the National Blockchain Policy?

The Implementation of the National Blockchain Policy requires collaboration between the public and private sectors in Nigeria. The Federal Ministry of Communications & Digital Economy, in collaboration with other relevant ministries will develop a strategy to drive the implementation of the policy. The strategy will outline all relevant stakeholders along with their various roles and responsibilities towards policy implementation in this regard.

To this effect, a national Blockchain implementation and steering committee will be constituted to implement the policy. The following institutions will serve on the committee :-

– The National Information Technology Development Agency (NITDA)

– The Fintech Association Of Nigeria

– The Central Bank of Nigeria (CBN)

– Flutterwave Payments Limited

– Dominion Blockchain Solutions Limited

– Paystack Payments Limited

– The Independent National Electoral Commission (INEC)

– The Federal University of Technology, Akure (FUTA)

– The Federal University of Technology, Minna (FUT Minna)

– The Baze University Blockchain Experience Centre

– The Nigerian Data Protection Bureau (NDPB)

– The Nigerian Communications Commission (NCC)

– The Securities and Exchange Commission (SEC)

– The Nigerian Governors Forum

– The Stakeholders In Blockchain Technology Association Of Nigeria (SIBAN)

A Closer Look At Details Of Blockchain Adoption In Nigeria

Having been previously identified as a core policy focus area, Blockchain adoption involves the passing of regulatory guidelines for its application to varying segments of the Nigerian public and private sectors as espoused by the National Blockchain Policy.

This article will be taking a closer at Blockchain adoption in Nigeria as follows :-

What are the areas approved by the Federal Government of Nigeria for the adoption and application of Blockchain in Nigeria?

  1. Financial Services :- Blockchain technology has the potential to transform financial services by providing secure, transparent and efficient transactions without the need for intermediaries. 

Nigeria recognizes the potential benefits of Blockchain technology and its ability to provide decentralized payment services, particularly with the advent of Cryptocurrencies, which are digital assets designed to designed to work as a medium of exchange of value within the Blockchain. Cryptocurrencies have however been a controversial topic in Nigeria which its definite lack of recognition by the Central Bank of Nigeria (CBN) and at the same time, their endorsement by the Securities and Exchange Commission (SEC) through the creation of a separate set of regulations for digital and virtual assets in Nigeria.

The Chain Analysis Global Crypto Adoption Index 2022 reported that Nigerians have at 32% , the highest per capita Cryptocurrency adoption rate of any country in the world.

  1. Government & Corporate Digital Services :- Blockchain technology has the potential to transform the way the Nigerian government and businesses operate and deliver services. It offers increased transparency, accountability and efficiency, which can lead to improved trust between citizens and organizations. Furthermore, it can be used in various functions such as :-

a). Identity Management :- In the digital era, there is a growing need for secure and reliable methods of identity verification to prevent fraud and identity theft. By implementing a Blockchain-based identity management system that incorporates device management and tracking, personal IDs, professional credentials and certificates.

b). Land Registration & Record Systems :- In a traditional land registration & record system, the process of transferring ownership can be complicated and time consuming, often involving multiple intermediaries and government agencies apart from concerns about fraud or errors in documentation.

A Blockchain-based land registry would consist of a distributed ledger that records all land transactions and ownership changes. Each transaction would be verified by multiple nodes in the network, ensuring no single party can manipulate the data. This would create an immutable record of ownership that would be difficult to alter without the consensus of the entire network. This will create a more transparent and secure system for recording and verifying property ownership, with little to no human error. 

c). Supply Chain Management :- The adoption of Blockchain technology in supply chain management has the potential to significantly enhance transparency and traceability. 

The use of Blockchain can provide a decentralized and transparent ledger that enables all stakeholders to access & verify data in real time, helping to reduce fraud and increase accountability. 

This will drastically grow the supply chain sector, which will in turn boost the other sectors reliant on supply chain efficiency such as e-commerce, government procurement.

What are the policy statements of the Nigerian government on Blockchain adoption for financial services and Government/Digital Services?

Financial Services 

– The government will establish a regulatory framework that enables the integration of Blockchain technology into the financial system while ensuring the protection of consumers & the stability of the financial system.

– The government will establish a regulatory framework that enables the safe responsible and optimal use of Cryptocurrencies in Nigeria in a way that ensures consumer protection, market stability and financial inclusion.

– The government will support the development of Blockchain technology through the provision of funding and incentives to innovators and start-ups in the fintech sector.

– The government will work with industry stakeholders to develop standards for the listing & trading of Cryptocurrencies on regulated exchanges in Nigeria (This has already been done. 

Government & Corporate Digital Services

– The government will promote the use of Blockchain technology to improve the efficiency, transparency and security of services rendered to citizens.

– The government will develop a national strategy for Blockchain adoption, which will set out a clear road map for implementing Blockchain in government services.

– The government will promote the adoption of Blockchain in key areas, such as identity management, land registration, supply chain management, intellectual property, and voting systems.

– The government will collaborate with industry and academia to identify new use cases for Blockchain and promote the adoption of Blockchain in rendering government

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