James Otudor, Nigerian crypto activist, has taken a bold legal stance to fight for Nigerians’ fundamental rights to own, use, and trade in Bitcoin, USDT, and other cryptocurrencies.
In an X post, Otudor announced his move against several vital entities, including the President of Nigeria; minister of Finance; attorney general of the Federation; Central Bank of Nigeria (CBN); Securities and Exchange Commission (SEC); Economic and Financial Crimes Commission (EFCC); Nigerian Police Force; National Information Technology Development Agency (NITDA); and Nigerian Communications Commission (NCC).
Otudor told Cointelegraph that the hearing for the case began yesterday.
He emphasized that Nigerians who wish to acquire, use, or trade Bitcoin (BTC), USDT (USDT), and other digital assets are being victimized and that their fundamental human rights are being infringed upon
“It is our submission that the rights to acquire Bitcoin and other digital assets have been severely infringed on, as the Federal Republic of Nigeria and its agencies have forced telecom companies to prevent and restrict innocent Nigerian citizens from acquiring, holding, and accessing these assets,” Otudor stated.
Otudor’s argument is based on the premise that the ongoing targeting and persecution of Nigerians who own and use cryptocurrencies constitute a clear violation of their fundamental human rights.
He highlighted the importance of Bitcoin and other digital assets as essential tools for protecting savings from inflation and facilitating international transactions, particularly in the face of the naira’s devaluation and foreign exchange shortages.
Maurice Oru Ebam, human rights lawyer representing Otudor in this landmark case, has made several crucial demands in the lawsuit.
These include an immediate reversal of the ban on all cryptocurrency exchange platforms, ensuring unrestricted access for all Nigerians.
Ebam requested a declaration that the infringement, victimization, and human rights violations of those who own, use, and trade Bitcoin, USDT, and other cryptocurrencies in Nigeria are unlawful, unconstitutional, and illegal.
A provision for the regulation of Bitcoin and other cryptocurrency assets’ integration into the Nigerian financial ecosystem if the Federal Government wishes to act as a regulator, with a specific call to regulate Bitcoin as a commodity, is also part of the requests made by the plaintiff.
This lawsuit comes when Nigeria’s stance on cryptocurrencies has been increasingly stringent.
The Central Bank of Nigeria has imposed various restrictions on cryptocurrency transactions, and the regulatory environment has been challenging for crypto enthusiasts and businesses.
Credit: Cointelegraph except headline
