College of Management and Social Sciences, Bowen University, Iwo, has advised Nigerians against careless investment in cryptocurrency and any other related virtual business.
This was the position of the college at a public lecture held recently in the university organized by the college to educate the university community and the entire Nigerians, especially the youths in the country to know the good and the bad of the virtually invisible businesses before venturing into them.
Addressing the audience at the occasion, the Provost of the college, Professor Sunday Owolabi stated that the lecture was organized to sensitise the public against the dangers involved in the cryptocurrency business, which many of the youths in the country are not cognizant of before jumping into the business.
He noted that the investors did not have enough information and financial skills, as well as the intellectual decision-making processes before they engaged in the crypto-financial business.
“It is a dangerous investment, Nigerians have lost millions of naira to the business for lack of knowledge. In view of this, it has become imperative for government to intervene in the matter to rescue the situation.
“It is expected of the Security Exchange Commission (SEC) and the Central Bank of Nigeria(CBN) to synchronise their philosophy and Ideology about the cryptocurrency while the policymakers should step into the matter to clarify the air and let the general public know the way forward as a far as cryptocurrency business is concerned in Nigeria.
‘Clarification of this business venture in the country is necessary because SEC seems to support the crypto business, while the CBN expresses its objection to the business in one country financial system. This is not ethical.
“I think there should be a synchronization between the CBN and the SEC and give the Nigerians the direction. This is our policy recommendation on cryptocurrency business activities in the country. It is unfortunate to note that many advanced counties in the world are not patronizing the platform because they seem to sense danger in it.
“But in Nigeria, we seem to have the highest investors in cryptocurrency without the intellectual knowledge of the business. Nigerians lack the technicality with which it works.
“However, I am not saying that cryptocurrency is a good business venture, neither am I condemning it, but it is very essential for potential investors to learn in terms of the bad and the good sides of the business , the high risk involved, before venturing into it.”
Also speaking in the same vein, the quest lecturer who spoke on the topic of the lecture, “the ecosystem of crypto in Nigeria”, Professor Olusegun Ayadi asserted that education of the knowledge of the business is key to its success. He confirmed that Nigeria is the third country in the world with the highest investors in the business.
According to him, as good as the business seems to be, venturing into it requires proper education to avoid great loss. He urged the youths in the country to attend an online crypto academy to learn business techniques.
So far, so good, the future of crypto is good for Nigeria, only if we educate ourselves on it. This is the technology of the future and is useful in many more areas. While he enjoined the Nigerian government to synchronize its policies on the subject matter, he advised Nigerians to go into the blockchain business.
The Deputy Vice Chancellor of the institution, Professor Olwatosin Atobatele commended the College of Management and Social Sciences of the institution for organizing the lecture held to intimate the university community and the general public about the good and the bad of the crypto business in the country.
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