By Abba Anwar
Our able Deputy Senate President, His Excellency Distinguished Senator Barau I Jibrin, PhD, CFR, proves to be a global citizen on the floor of the Senate, when he sponsored a Bill to Establish a Comprehensive, Legal, Regulatory and Supervisory Framework for Virtual Assets, Digital Assets Service Providers operating within the Federal Republic of Nigeria, and for related matters, 2026.
Which scaled through for second reading on May, 9th, 2026, with the full support of almost the entire Distinguished Senators, who were present during the plenary session that discussed this all-important Bill.
It is important to note that only super-exposed political leaders and policy makers with global exposure and expertise in global financial engagement, can think of this or similar Bill. When the world is plagued with economic challenges. With this in mind, we can now understand that Senator Jibrin, is not only one of the leading Senators in the hallowed chamber, he is one of the very few legislators whose global exposure assures future Nigeria’s strength in the global economy.
The Bill moves Nigeria from banning/restricting crypto to regulating it like Dubai. An assured way of strengthening free market economy, with an excellent safety valve strategy. When passed, the Bill will ensure safer exchanges, legal protection, where startups can get legally protected bank accounts. While the country will step up in the area of tax revenue and reduced fraud. Yes hub for Africa’s Digital Assets.
As users will be happy that Nigeria is shifting from “ban crypto” to “tax and regulate crypto.” With more safety, less privacy, definite taxes. When builders will also rejoice because of higher compliance bar, but legal room to scale and raise money.
Senator Jibrin’s technical understanding of the global financial terrain is what impressed his colleagues during the debate, that was led by the Chief Whip, Senator Mohammad Tahir Monguno, who read the lead debate on behalf of the DSP. As the DSP presided over the plenary.
Disclosing what moved him, DSP, over the sponsorship effort of the Bill, he explained on his Facebook page that, “I noted that the world over, virtual assets, from cryptocurrency to blockchain-based tokens have become an integral part of modern economic life and Nigeria ranks among the top users of virtual assets globally.
Yet, there exists a lacuna in terms of a comprehensive regulatory legal framework in this very important sector. While innovation in the sector has surged, regulation has lagged. The bill, therefore seeks to close this yawning gap with a legal framework that will ensure that those within the sector are compliant with laws designed to protect the public and the financial system.”
This is leadership with global view, technical understanding of important global financial terrain and deep thinking of what future holds for the country. His Excellency, the Deputy Senate President’s deeply rooted interest in moving Nigeria ahead of other African sister nations, speaks volumes of his pedigree in aspects of life, complying with global best practices. The sky is indeed your limit Sir.
Technically speaking when it comes to economic and revenue benefits of the Bill when passed to law, is an attempt as well as an effort for Nigeria to capture a $92.1 billion market. Statistic shows that “… Between July 2024 and June 2025 alone, Nigerians did $92.1 billion in virtual asset transactions in the formal market. Right now most of this is outside the tax net. The Bill + new tax rules mean crypto trades, staking, airdrops, and payments become taxable. That’s potential billions in VAT and capital gains tax for govt revenue.”
While in the area of investor confidence, it is important to acknowledge that there will be more foreign investment. With the law in place, clear rules mean banks, Venture Capitalists (VCs) and global exchanges can work with Nigerian firms without fear. As being correctly observed that, “Compliant VASPs get formal recognition, improved access to banking services, and eligibility for regulated partnerships.”
Not only as footnote, when passed into law, DSP’s sponsored Bill will go a long way in aiding the national economy for sustainable development, for decades to come. Where less fraud and safer trading will emerge for national development and global business inclusion for the nation’s right place in Africa’s economy.
It is noteworthy to come to term with the reality that, in today’s Nigeria millions of young Nigerians trade crypto but absence of the regulation dwarfs the process, which also provides corridor for, “… creating loopholes that allow fraud and financial crimes to flourish.”
DSP’s sponsored Bill requires VASPs to be licensed, meet Know Your Customer (KYC), cybersecurity, and client asset protection standards. Which at the same time facilitates an effective redress system when things go wrong. As “Licensed firms must keep records for 7 years and can be fined ₦10M for first-month tax default, or ₦100M/imprisonment for operating without licence. That gives users legal recourse versus today’s “shadow finance.”
Banking access will come to limelight when Central Bank of Nigeria (CBN) guidelines will now allow VASPs with Security and Exchange Commission (SEC) licenses to open designated accounts. As the lingering issue of “your bank blocked my crypto account” palaver will be out of place.
In technical term, Senator Jibrin’s Bill takes full care of our national security and financial system stability. Where all VASPs must register with the Nigerian Financial Intelligence Unit (NFIU) and report suspicious transactions.
This will definitely help in stopping money laundering and terrorism financing through crypto. To significant percentage. With this we can say DSP is so concerned with the security challenges facing the nation. Hence uprooting the stem of the matter is absolutely necessary.
Kano North, the primary constituency of the Deputy Senate President is proud to produce an individual man of substance, whose representation goes beyond the Senatorial District or Kano state, it transcends to the nation as a whole. His concern for national development, secure and healthy environment, sectional cohesion, inbuilt democratic values, good governance and deep knowledge of global affairs in relation to national survival, position him to be one of the best legislators Nigeria ever produced.
Anwar writes from Kano
Wednesday, 10th June, 2026
