Geoffrey Weli-Wosu: Blockchain fuels digitalization in Nigeria
Nigeria stands out as a leader in blockchain adoption in Africa, as both the government and the private sector harness the potential of this technology to enhance efficiency, security, and transparency. Geoffrey Weli-Wosu, Founder and CEO of Domineum, a blockchain-as-a-service company based in Lagos, emphasizes the crucial role of government support in this growth. Domineum and other blockchain companies have become integral to Nigeria’s tech ecosystem.
In an interview with CoinGeek Backstage reporter Becky Liggero at the London Blockchain Conference, Weli-Wosu discussed the increasing adoption of blockchain in Nigeria, as well as the recent crackdown on cryptocurrency activities that resulted in the arrest of individuals like Binance’s Tigran Gambaryan.
Domineum’s prominent client is the Nigerian government, which has been actively facilitating the transition from traditional databases to blockchain-powered protocols. Weli-Wosu revealed that they recently signed an MOU to establish a tech city ecosystem in the country.
The vast Nigerian market, with its population of over 230 million people, 70% of whom are below the age of 35, makes it an ideal market for blockchain in Africa, according to Weli-Wosu. He also highlighted the government’s commitment to solving societal issues through blockchain technology.
The government has collaborated closely with blockchain companies, placing them at the forefront of its digitalization efforts. Domineum, for instance, had the opportunity to co-host Nigeria’s National Technology Week and played a significant role in the Digital Nigeria conference, where Bitcoin SV (BSV) made a significant impact.
“The government is fully backing blockchain initiatives. We are optimistic that Nigeria will pave the way for the rest of Africa,” stated Weli-Wosu.
Regarding this year’s crackdown on digital currencies, Weli-Wosu clarified that it is not solely a blockchain problem. The government’s focus has been on individuals who have exploited digital currencies for illicit purposes, taking advantage of loose regulations to transfer funds in and out of Nigeria without proper Know Your Customer (KYC) and Anti-Money Laundering (AML) checks.
As a result of the crackdown, offshore exchanges have been forced out of the country, and Binance executive Tigran Gambaryan was arrested and now faces charges of money laundering and operating a financial business in Nigeria illegally. Despite pleas for access to better healthcare due to his deteriorating health, Gambaryan’s bail hearing has been postponed to October 9. Binance has been actively lobbying for his release, and pressure from some U.S. congressmen has also come into play.
Watch: Nigeria sets the stage for the future of blockchain technology.