Federal Government should review ban on cryptocurrency-businessman urges.


The Chief Executive Officer of SenexPay Limited, Mr Okeoghene Orhosere, has appealed to the Federal Government to rethink all policies on cryptocurrency transactions ban by the Central Bank of Nigeria (CBN) before passing them into law.

Mr Orhosere during a virtual meeting from South Africa also advised the government to create a level playing field for all legitimate crypto start-ups in the country.

The CEO revealed that the recent ban on cryptocurrencies has made most entrepreneurs relocate to other developed countries.

He also said such a reaction has, in turn, led to a huge loss of taxes for the Federal Government.

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“When I got the news about the CBN ban, I had to move my office out of Nigeria to South Africa. Running a business in Nigeria is very frustrating due to what many people now commonly tag the ‘Nigerian Factor ‘.

“What we want to do is to help develop the country, but if the Government continues to fail in creating an enabling environment for businesses like ours, how can such happen?
“The level of brain drain in the country is becoming worrisome, and the government need to recognise the efforts made by most youths in competing with their international counterparts,” he said.

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