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James Utudor, a Nigerian crypto advocate, has filed a lawsuit against the government, targeting the heavy restrictions on cryptocurrencies.  The lawsuit names the President, the Finance Minister, the Attorney General, and several key agencies, including the Central Bank of Nigeria and the Securities and Exchange Commission.  James is challenging the government’s move to block access to cryptocurrency exchanges, arguing that these actions violate the fundamental rights of citizens. He said: “I’m defending our rights to own, acquire, and trade Bitcoin.” James added that he wants to make sure that every single Nigerian out there has the freedom to engage with cryptocurrencies without government interference. Government restrictions under fire The lawsuit goes after major government entities, including the Central Bank of Nigeria, the Economic and Financial Crimes Commission, the Nigerian Police Force, and several others.  James’s legal team argues that the government’s actions are unconstitutional, citing the case “AG Kaduna State V. Omoru Hassan (1985)” as a key precedent.  They claim that by restricting access to cryptocurrencies, the government is infringing on the rights guaranteed under Chapter 4 of the Constitution. James’s lawyer, Maurice Ebam, pointed out that Bitcoin and USDT are more than just cryptocurrencies—they are assets that help protect against inflation and facilitate international trade. “Section 43 of the Constitution guarantees every Nigerian the right to acquire and own property anywhere in Nigeria.” The lawsuit says that this right should naturally extend to cryptocurrencies, which are increasingly vital in today’s economy. James is also invoking Article 14 of the African Charter on Human and Peoples’ Rights, which protects the right to property.  The lawsuit claims that the government’s directive for telecom companies to block access to cryptocurrency platforms is a clear overreach.  This, according to James, isn’t about public interest—it’s about unjustly limiting Nigerians’ financial freedom. Nigeria’s hostility towards…

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Filed under: News - @ August 11, 2024 12:12 pm