Nigeria: Firstbank Chairman Urges Caution on Cryptocurrencies

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The Chairman of FirstBank Nigeria Limited, Mrs. Ibunkun Awosika has advised banks not to invest in cryptocurrencies yet.

Mrs Ibunkun Awosika, Chairman of Firstbank PLC Nigeria.

She stressed the need for regulators in the country to develop the regulatory framework for investing in such digital currencies.

According to her, banks would run foul of Central Bank of Nigeria (CBN) rules if they embark on operating cryptocurrencies accounts.

Awosika disclosed this in Lagos recently, at the Global Entrepreneurship Week, organised by AfterSchool Graduate Development Centre (AGDC) in collaboration with First Bank Nigeria, Bank of Industry (BOI), the Funding Space and the Eventful Organisers Limited.

She said financial institutions to continue to monitor the impacts and effects of virtual currencies globally, even as she urged entrepreneurs not to build businesses that would make them run foul of the law.

Speaking on the essence of the event, Awosika stated that the bank was committed to building the next generation of businesses, adding that creating businesses through entrepreneurship is a national service needed for the prosperity of the nation.

She further stated that the business ideas presented at the event by the young entrepreneurs is evidence that these entrepreneurs are committed in creating businesses and global brands that would become leading names.

In her remarks, the Executive Director of AGDC, Mrs. Funmi Adeyemi, said the event was aimed at encouraging young Nigerian entrepreneurs to think and become innovative in their entrepreneurial drive.

She also stated that during the event the entrepreneurs had the opportunity to learn business lessons from mentors who attained some of success in their pursuits, adding that it was also a platform for people to pitch their business ideas.