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SEC Sets ₦1 Billion Minimum Capital for Virtual Asset Firms

SEC Sets ₦1 Billion Minimum Capital for Virtual Asset Firms

The Nigeria Securities and Exchange Commission has put forward a proposal to increase the minimum paid-up capital for virtual asset service providers (VASPs) to ₦1 billion, which is double the previously proposed requirement of ₦500 million. The paid-up capital requirement encompasses bank balances, fixed assets, or investments in quoted securities. VASPs include cryptocurrency exchanges, peer-to-peer More
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Nigeria Embarks on Major 5G Expansion: Telecommunications Sector Invests Billions

Nigeria Embarks on Major 5G Expansion: Telecommunications Sector Invests Billions

Telecom operators such as MTN and Airtel are increasing their investments in infrastructure across Nigeria, leading to more Nigerians transitioning to 4G and 5G networks. MTN Nigeria’s CEO, Karl Toriola, announced in a recent investor call that the company has witnessed a 2.7% increase in the number of 4G sites, enhancing the 4G adoption rate More
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Nigeria Arrests Two Binance Executives After Website Ban

After several unverified reports, the Financial Times has officially confirmed the arrest of two Binance executives in Nigeria this week. Last week, both executives traveled to Nigeria in response to a ban on their website, only to be apprehended by the office of the National Security Adviser (NSA), as per the same report. During a […]

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