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The rise of virtual assets and digital exchanges has introduced innovative ways of conducting financial transactions. The Securities and Exchange Commission (“SEC” or the “Commission”) is responsible for overseeing the registration and licensing of Virtual Asset Service Providers (“VASPs”), Fintech Innovators, and other Digital Investments Service Providers (“DISPs”). To protect investors, maintain market integrity, and prevent financial crimes, the Commission has established regulatory frameworks that outline the specific requirements these service providers must fulfill in order to operate legally in Nigeria.
The Order is rooted in the broader context of Nigeria’s electricity sector reforms, which began with the unbundling of the Power Holding Company of Nigeria Plc. (PHCN). This unbundling was part of a strategic initiative to privatise the successor GenCos and DisCos to enhance efficiency and service delivery in the power sector. The Electric Power Sector Reform Act (EPSRA) established a framework to create a bulk trading company, tasked with serving as an interface for GenCos and DisCos. This was required to make it possible to buy capacity and energy up until the DisCos could get the necessary creditworthiness to enter into Power Purchase Agreements (PPAs).
Ozekhome said this on Thursday in Abuja at the 2024 Conference of the National Association of Judiciary Correspondents (NAJUC).
According to him, Nigeria may collapse without a functional judiciary system.
charged the judiciary to live up to expectations in ensuring that their judgements reflect justice and not based on technicalities.
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