Nigerian Agency Refuses Blockchain Start-Up Application — Says Tech Not Recog...
Nigeria’s company registration agency, the Corporate Affairs Commission (CAC), reportedly rejected an application for registration by a start-up on the basis that blockchain is yet to be recognized by the Nigerian government. Decision Disappoints Blockchain Community According to a report, the unnamed start-up, which is building an API connection for blockchain gaming rewards, was told the agency will only process the application once the reference to blockchain technology is resolved. The CAC reportedly wrote: “Blockchain is yet to be recognised by the Nigerian government,....
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Just a few days after reports emerged that it had refused to process a company registration application by Flint API limited, the Nigerian agency Corporate Affairs Commission (CAC) has now registered the blockchain start-up. The agency however blames an unnamed employee for the failure to process the application. The CAC’s About-turn According to a report, the agency’s reversal of its earlier decision followed an intervention by the CAC’s registrar-general Alhaji Garba Abubakar. As reported by Bitcoin.com News, the CAC’s refusal to register the start-up had....
The Nigerian blockchain and crypto advocacy group, the Stakeholders in Blockchain Technology Association in Nigeria (SIBAN) recently announced the introduction of a code of conduct for Nigerian virtual assets service providers. The code of conduct, which was initiated by the office of the President of Nigeria, applies to all Nigerian VASPs.
Making the Nigerian Blockchain Industry a Safe Space
The Nigerian blockchain group, the Stakeholders in Blockchain Technology Association in Nigeria (SIBAN) has introduced what it called a code of conduct for virtual asset service providers....
According to an analysis of the $417.5 million that was raised by Nigerian tech startups during the first nine months of 2021, fintech firms accounted for about $379 million or 90.78% of the total. Nigerian Fintechs Dominate the African Continent Nigerian fintechs currently account for more than 90% of the $417.5 million that was raised by tech startups during the first nine months of 2021, a local report has said. While the report, which was compiled by local media outlet Punch, notes that the $417.5 million is already significantly higher than the $300 million that was raised in the....
A Kenyan agency charged with tracing and freezing proceeds of crime said it recently obtained an order giving it the authority to freeze bank accounts belonging to Nigerian fintech Flutterwave. The agency alleges that Flutterwave is not providing merchant services as per claims, but is instead involved in money laundering activities.
Deliberate Attempt to Obscure Movement of Funds
Kenya’s Asset Recovery Agency (ARA) recently received an order from the High Court to freeze bank accounts holding nearly $60 million which the agency believes to be laundered money, a report....
Nigeria’s National Information Technology Development Agency recently said it has launched a blockchain training program and over 30,000 people are set to participate. The objective of the training course is to make the participants “early solution providers in the fourth industrial revolution.”
Hastening Adoption of Blockchain
The Nigerian government has said it plans to educate over 30,000 people about blockchain technology. The training, which will be conducted by the National Information Technology Development Agency (NITDA), is intended to hasten the....