Abuja, Nigeria — In a groundbreaking move to address Nigeria’s escalating cryptocurrency fraud and blockchain-related disputes, the Network of Blockchain Solutions Advocates Association (NOBSAA) has formally submitted a proposal to the Chief Justice of Nigeria (CJN), Her Lordship Hon. Justice Kudirat Motonmori Olatokunbo-Kekere-Ekun, urging the creation of a Specialized Blockchain and Digital Assets Court.  

The proposal, delivered to the Supreme Court on May 7, 2025, aims to modernize Nigeria’s judicial system to tackle complex cases involving crypto scams, smart contract breaches, and regulatory violations. This comes as Nigeria solidifies its position as Africa’s blockchain leader, with over 33% of its population engaged in cryptocurrency transactions.  

Why This Matters 
Nigeria’s rapid crypto adoption has been marred by high-profile fraud cases like the *CDEX trading scam*, which defrauded thousands of investors of millions of dollars. Traditional courts, burdened by backlogs and lacking technical expertise, have struggled to adjudicate disputes involving blockchain evidence, decentralized ledgers, and cross-border transactions.  

The proposed court would:  
- Fast-track crypto fraud cases (e.g., asset recovery for scams like CDEX).  
- Train judges in blockchain technology, digital forensics, and the SEC Act 2023, classifying crypto assets as securities.  
- Collaborate with regulators (SEC, EFCC) and industry experts to enforce compliance and prosecute bad actors.  

Key Quotes from the Proposal  
Kingsley Ugochukwu Ekwuruke, President of NOBSAA, stated:  
“This court is not just about justice—it’s about safeguarding Nigeria’s digital future. We cannot let fraudsters exploit regulatory gaps while investors lose faith in our economy. The CJN’s leadership can position Nigeria as a global benchmark for blockchain innovation and accountability.”  

Stakeholder Reactions 
While the CJN’s office has yet to issue an official response, the proposal has garnered support from key stakeholders:  
- SEC Nigeria: “Aligns with our mandate to protect investors under the SEC Act 2023.”  
- EFCC: “Critical for tracing illicit crypto flows and prosecuting cybercriminals.”  
- BICCoN: “A win for industry-government collaboration.”  

What’s Next?
The CJN is expected to review the proposal with the National Judicial Council (NJC) and the Federal Ministry of Justice. If approved, Nigeria would join jurisdictions like Singapore and Dubai, which have pioneered specialized crypto courts to boost investor confidence.  

Stay tuned for updates as this story develops.  

#BreakingNews #Blockchain #Nigeria #Crypto #JudicialReform