Ban on crypto: Stop chasing away young start-ups from Nigeria, CEO tells FG


The Chief Executive Officer (CEO) of SenexPay Limited, Mr Okeoghene Orhosere, has called on the federal government of Nigeria to think through its policies on cryptocurrencies before passing them into law.

Mr Orhosere spoke to Journalists via a virtual meeting from his residence in South Africa.

He also advised government to create a level playing field for all legitimate crypto start-ups in the country.

Mr Orhosere revealed that the recent ban on cryptocurrencies by the Central Bank of Nigeria (CBN) has made most entrepreneurs relocate to other developed countries.

He added that such a reaction has, in turn, led to a huge loss of taxes for the federal government.

The young CEO said, “When I got the news about the CBN ban, I had to move my office out of Nigeria to South Africa. Running a business in Nigeria is very frustrating due to what many people now commonly tag the Nigerian Factor.

“What we want to do is to help develop the country, but if the government continues to fail in creating an enabling environment for businesses like ours, how can such happen?

“The level of brain drain in the country is becoming worrisome, and the government need to recognise the efforts made by most youths in competing with their international counterparts. “

Mr Orhosere, therefore, called on the CBN to rethink his current stance on cryptocurrencies as many developed countries are far ahead in terms of related technological advancements.

SenexPay is a multi-million-dollar Bitcoin Instant Exchange Service launched in 2016. The company had initiated plans to expand its rich services to other countries before the CBN made its announcement.

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