BusinessDay

Nigerians need enough information on cryptocurrency – Sunday Owolabi

Sunday Owolabi, the provost of the college of management and social sciences, Bowen University in Oyo State has stated that it is dangerous to invest in cryptocurrency business without enough information and financial skills.

Owolabi spoke at a public lecture held recently at Bowen to educate students, the university community, and the entire public on the good, the bad, and the ugly sides of the online businesses prior to investing in them.

According to Owolabi, “It is a dangerous investment; Nigerians have lost millions of naira to the business for lack of knowledge. In view of this, it has become imperative for government to intervene in the matter to rescue the situation.

“It is expected of the Security Exchange Commission (SEC) and the Central Bank of Nigeria(CBN) to synchronise their philosophy and ideology about the cryptocurrency while the policymakers should step into the matter to clarify the air and let the general public know the way forward as a far as cryptocurrency business is concerned in Nigeria.”

Owolabi reiterated that the cryptocurrency business investment in Nigeria is essential because SEC seems to support it, while the CBN expresses its objection to the business. This according to him is not ethical.

“I think there should be a synchronisation between the CBN and the SEC and give the Nigerians the direction. This is our policy recommendation on cryptocurrency business activities in the country. It is unfortunate to note that many advanced counties in the world are not patronizing the platform because they seem to sense danger in it.

“But in Nigeria, we seem to have the highest investors in cryptocurrency without the intellectual knowledge of the business. Nigerians lack the technicality with which it works.

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“However, I am not saying that cryptocurrency is a good business venture, neither am I condemning it, but it is very essential for potential investors to learn in terms of the bad and the good sides of the business, the high risk involved, before venturing into it,” he stated.

Olusegun Ayadi, the guest lecturer at the event, who spoke on the topic of the lecture, “the ecosystem of crypto in Nigeria”, said that education of the knowledge of the business is key to its success.

Ayadi stated that Nigeria is the 3rd country in the world with the highest number of investors in the cryptocurrency business.

“As good as the business seems to be, venturing into it requires proper education to avoid great loss,” he noted.

He admonished Nigerian youth to attend an online crypto academy to learn cryptocurrency business techniques.

“So far, so good, the future of crypto is good for Nigeria, only if we educate ourselves on it. This is the technology of the future and is useful in many more areas,” he said.

He urged the Nigerian government to synchronize its policies on the cryptocurrency business and asked interested Nigerians to go into the blockchain business.

Olwatosin Atobatele, the deputy vice-chancellor of Bowen University applauded the college of management and social sciences of the institution for organising the lecture.

The college of management and social sciences of the university organised a public lecture to educate Nigerians against careless investment in cryptocurrency and any other related online business.

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