1. The Federal Government of Nigeria wants to inform all those smuggling contraband products and storing them in warehouses in Lagos, Kano and Onitsha that you have two weeks to stop your nefarious activities.
2. Our agency (put name) is informing the general public that we know where all the vagabonds making fake products are located; they are advised to stop the illegality.
How many times have you read this in the newspapers? That is our nation – you have power, and you know where those who are committing crimes are located, and yet you have the boldness to waste taxpayers money to buy a newspaper advert to “warn” them. Let me tell you – they have no incentive to serve and do their work. That is why things are not working in Nigeria: people who have power, are begging for power to lead and do their jobs.
That brings me to the lousy excuse that the FBI put heat on Nigeria as cryptos were used to defraud Americans and Europeans. (Sure, I had noted that the central bank possibly had data which pushed it to execute the ban). Yet, is the scamming news? I am 100% confident that the FBI did not ask our central bank to ban crypto, but rather to improve its KYC/AML (know your customer/anti-money laundering). And to a large extent, follow what you have in the books, and make sure banks know their customers, crypto or no crypto.
I promise you that the FBI Director would be surprised that instead of Nigeria fixing the root cause, it decided to ban a sector. Here in America, there are crypto-related crimes but they are working the processes to fix them. In Nigeria, it is to BAN because we are lazy to think and evolve.
Next time, I would like to read “we have banned the importation of guns into Nigeria because Boko Haram is using them” or perhaps “Nigeria has banned the use of Naira because people launder it and use it to defraud”.
Nigeria must learn how to examine root causes of issues over these juvenile reactions if we hope to advance our nation. We shut down borders to prevent smugglers. Now, we shut down a sector we have no control in the global area because people are scamming people. Why not ask the FBI to give you data, and then get police to arrest and prosecute the criminals? The fact is this: the crypto world did not blink because of this ban in Nigeria. Simply, Nigeria has disconnected its young people from a global (possible) opportunity.---