A Nigerian politician and pro-Bitcoin activist has revealed that he has filed a lawsuit against several Nigerian authorities over restrictions on the ownership, use, and trading of Bitcoin, USDT, and other cryptocurrencies in the country. The lawsuit comes after the Nigerian government has taken stringent measures to try to control the crypto industry.
Pro-Bitcoin Politician Fights for Crypto Investor Rights
Nigerian politician, educator, and Bitcoin advocate James Otodore has shared details of a lawsuit he has filed against key government entities in the country. The lawsuit, filed in July, is set to challenge recent restrictions on the industry and defend the rights of Nigerian crypto 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 wish to invest in or already own and use cryptocurrencies are being “unfairly targeted.” As a result, Otodor claims that the rights of Nigerian citizens have been violated “as guaranteed by Chapter IV 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, the Economic and Financial Crimes Commission, the Securities and Exchange Commission, the National Information Technology Development Agency, the Nigeria Police Force and the Nigerian Communications Commission.
Maurice Eban, legal representative of Autodor, emphasized that the constitutional right to acquire and own property in the country extends to Bitcoin and other cryptocurrencies because they are globally recognized valuable assets:
Bitcoin and USDT are globally recognized as valuable assets that protect their holders from inflation and serve as a medium of exchange. Section 43 of the Constitution guarantees every Nigerian the right to own and own property anywhere in Nigeria. This right extends to digital assets, which have become essential for financial inclusion and economic stability.
“Peaceful protest” to protect the sector
The landmark lawsuit challenges government restrictions, including telecoms companies blocking cryptocurrency trading platforms. According to the plaintiff, these restrictions violate Article 14 of the African Charter on Human and Peoples’ Rights.
Otodore alleges that the “continued targeting” of Nigerian cryptocurrency investors is a “clear violation of their fundamental human rights.” The plaintiff argues that Bitcoin and all digital assets are vital tools for protecting investors from inflation and facilitating international transactions.
The lawsuit highlights its aim to protect these basic human rights, “particularly in light of the devaluation of the naira and the shortage of foreign exchange.” The legal action seeks a declaration that ensures the rights of Bitcoin users are protected under the law.
List of remedies requested by the Plaintiff. Source:James Otudor on X
Additionally, the plaintiff demanded unrestricted access for all Nigerians to online cryptocurrency exchange platforms, and a declaration stating that “the abuse, exploitation and violation of the human rights of those who hold, use and trade Bitcoin, USDT and other cryptocurrencies in Nigeria is illegal, unconstitutional and unlawful.”
Finally, Otodor called for the creation of crypto assets within the Nigerian financial ecosystem, “recognizing their distinct categories and regulating Bitcoin as a commodity.”
The politician and activist concluded his statement by describing the action as a “peaceful protest” to ensure the rights of crypto users and holders are protected and guaranteed. The outcome of the legal battle could have major implications and shape the future of the country’s hard crypto 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