Anika Begay
A Nigerian pro-Bitcoin politician and activist has revealed that he has filed a lawsuit against several Nigerian authorities over restrictions on the ownership, use, and trade of BTC, USDT, and other cryptocurrencies in the country. The lawsuit comes after the Nigerian government took severe measures to try to control the cryptocurrency industry.
Pro-Bitcoin Politician Fights for Crypto Investor Rights
Nigerian politician, educator, and Bitcoin advocate James Otudor has shared details of a lawsuit he filed against key government entities in the country. The lawsuit, filed in July, is intended to challenge recently imposed restrictions on the industry and uphold the rights of Nigerian cryptocurrency investors.
Pro-BTC politician reveals lawsuit agaisnt key Nigerian authorities. Source: James Otudor on X
According to the post, the Bitcoin advocate believes that those who want to invest or already own and use cryptocurrencies are being “unfairly targeted.” As a result, Otudor claims that the rights of Nigerian citizens are being violated “as guaranteed by Chapter 4 of the Constitution of the Federal Republic of Nigeria, 1999.”
The lawsuit targets the President of Nigeria, the Minister of Finance, the Attorney General of the Federation, the Central Bank of Nigeria (CBN), the Economic and Financial Crimes Commission (EFCC), the Securities and Exchange Commission (SEC), the National Information Technology Development Agency (NITDA), the Nigerian Police Force and the Nigerian Communications Commission (NCC).
Maurice Eban, legal representative of Otudor, said that the constitutional right to acquire and own property in the country extends to Bitcoin and other cryptocurrencies, as they are globally recognized assets of value:
Bitcoin and USDT are recognized globally as valuable assets that protect holders from inflation and serve as a medium of exchange. Section 43 of the Constitution guarantees every Nigerian the right to acquire and own property anywhere in Nigeria. This right extends to digital assets, which have become essential to financial inclusion and economic stability.
A “peaceful protest” to protect the sector
The landmark lawsuit challenges government restrictions, including the blocking of cryptocurrency trading platforms by telecommunications companies. The plaintiff argues that these restrictions violate Article 14 of the African Charter on Human and Peoples’ Rights.
Otudor argues that the “continued targeting” of Nigerian cryptocurrency investors is a “clear violation of their fundamental human rights.” The plaintiff emphasized that Bitcoin and all digital assets are vital tools to protect investors from inflation and facilitate international transactions.
The lawsuit emphasized its goal of safeguarding these fundamental human rights, “particularly in light of the devaluation of the naira and the shortage of foreign currency.” The lawsuit seeks a declaration that the law will protect the rights of Bitcoin users.
List of remedies requested by the Plaintiff. Source:James Otudor on X
The plaintiff also sought unrestricted access for all Nigerians to online cryptocurrency exchange platforms and a declaration stating that “the violation, victimization and human rights abuses of those who own, use and trade Bitcoin, USDT and other cryptocurrencies in Nigeria are unlawful, unconstitutional and illegal.”
Finally, Otudor called for the establishment of cryptocurrencies within the Nigerian financial ecosystem, “recognizing their distinct categories and regulating Bitcoin as a commodity.”
The politician and activist concluded his statement by calling the action a “peaceful protest” to ensure that the rights of cryptocurrency users and holders are protected and guaranteed. The outcome of the legal battle could have significant implications and shape the future of the country’s troubled cryptocurrency landscape.
Bitcoin (BTC) is trading at $60,491 in the three-day chart. Source: BTCUSDT on TradingView
Featured image from Unsplash.com, chart from TradingView.com
