On Monday, local and international cryptocurrency exchanges will meet with Dr. Emomotimi Agama, the recently appointed Director General of the Securities and Exchange Commission, to deliberate and reach a consensus regarding the current state of cryptocurrency in Nigeria.

The Nigerian Blockchain Industry Coordinating Committee called the meeting to discuss pertinent issues and outline a forward-thinking plan for cryptocurrency regulations.

The meeting is open to all operators of digital asset exchanges, wallet providers, other virtual asset service providers (VASPs), and pertinent industry associations and bodies in order to address pertinent issues and map out a progressive path for cryptocurrency regulations in Nigeria.

The associations include the Blockchain Nigeria User Group (BNUG), the Cryptographic Development Initiative in Nigeria (CDIN), the Digital Currency Consortium (DCC) and the Stakeholders in Blockchain Technology Association of Nigeria (SiBAN).

Uwakwe expressed hope that the meeting could spark the right kind of change that would favour all crypto stakeholders in Nigeria and internationally.

“Everyone’s presence and insights are invaluable as we collectively navigate the regulatory terrain and strive toward fostering an environment conducive to innovation and growth within the blockchain and cryptocurrency sector,” he said.

Nigeria has since initiated investigations into the use of cryptocurrencies in the nation and taken actions that run counter to its December 2023 decision to lift a ban on them.

The Central Bank of Nigeria blocked local cryptocurrency users’ access to the websites of numerous cryptocurrency exchanges, including Binance, OctaFX, and others in February.

Additionally, the SEC of Nigeria suggested changing the regulations governing platforms that provide cryptocurrency services. It suggested raising the registration fee for cryptocurrency exchanges from N30 million ($18,620) to N150 million ($93,000).

Rhino Resources Namibia and a BP-Eni joint venture have agreed to share a 42.5% stake in a block located in the nation’s offshore Orange Basin, the firms announced on Friday.

This deal marks Azule Energy’s initial financial commitment to Namibia. Eni and BP founded Azule in 2022 as a joint venture for their Angolan holdings.

With aspirations to open up a significant new frontier basin and recent offshore finds ranking among the largest this century, Namibia has attracted the attention of several oil majors, including TotalEnergies and Shell.

In the mostly uncharted Orange Basin, Portugal’s Galp Energia said in April that it had discovered at least 10 billion barrels of oil equivalent in its field.

Azule will have the option to run petroleum exploration licence PEL85 upon conclusion of the sale, as well as the right to drill two exploratory wells in Block 2914A, the first of which is anticipated to start in 2024, according to the agreement with Rhino.