Nigerian Bitcoin advocate challenges government restrictions in landmark lawsuit Nigerian Bitcoin advocate challenges government restrictions in landmark lawsuit
Otudor demands that the Nigerian government recognizes and regulates Bitcoin as a commodity within its financial system.
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Updated: Aug. 9, 2024 at 3:19 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Nigerian Bitcoin advocate James Otudor has filed legal actions against the African country government’s restrictions on the ownership, use, and trade of Bitcoin, Tether (USDT), and other cryptocurrencies, according to an Aug. 9 statement.
Otudor stated:
“This legal action represents a peaceful protest for freedom and financial inclusion. As a nation founded on human rights, it is our responsibility to ensure that the rights of Bitcoin, USDT, and other digital asset users and holders are protected and guaranteed.”
This lawsuit arises amid Nigeria’s increasingly stringent crypto regulations. Major crypto trading platforms like OKX have exited the market, and the Nigerian naira has been removed from crypto exchanges operating within the country.
The lawsuit targets several high-profile government officials and regulatory bodies, including Nigeria’s president, the finance minister, the attorney general, the Central Bank of Nigeria (CBN), and the Nigerian Securities and Exchange Commission (SEC).
Additionally, the Economic and Financial Crimes Commission (EFCC), the Nigerian Police Force, the National Information Technology Development Agency (NITDA), and the Nigerian Communications Commission (NCC) were also tagged as defendants in the legal action.
The lawsuit
According to Otudor’s statement, the Nigerian government has violated citizens’ fundamental human rights by unfairly targeting individuals who wish to acquire, use, or trade digital assets.
Maurice Oru Ebam, the lawyer representing Otudor, stated:
“Section 43 of the [Nigerian] Constitution guarantees every Nigerian the right to acquire and own property anywhere in Nigeria. This right extends to digital assets, which have become essential for financial inclusion and economic stability.”
The lawsuit also contends that the government’s actions, such as forcing telecom companies to block access to crypto platforms, violate Article 14 of the African Charter on Human and Peoples’ Rights. This article guarantees property rights, which can only be restricted to public needs or community welfare.
Otudor emphasized the importance of Bitcoin and other digital assets in protecting savings from inflation and facilitating international transactions, especially given the naira’s devaluation and foreign exchange shortages.
Crypto regulation demands
Otudor wants the court to immediately end the blockage on all crypto exchange platforms, demanding unrestricted access for Nigerians.
He also called for a declaration that the infringement on the rights of Bitcoin, USDT, and other digital assets users in Nigeria was unlawful and unconstitutional.
Additionally, Otudor seeks the establishment of pro-crypto regulations that recognize Bitcoin and regulate the flagship digital asset as a commodity within Nigeria’s financial system.
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In this article
Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Tether
$1.00042
Launched in 2014, Tether is a blockchain-enabled platform designed to facilitate the use of fiat currencies in a digital manner.
Binance
Binance is a global cryptocurrency exchange that provides a platform for trading more than 100 cryptocurrencies.
OKX
OKX is a world-leading digital asset exchange, providing advanced financial services to global traders by using blockchain technology.