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By Bianca Iboma-Emefu
Rume Ophi is one of Nigeria’s pioneers in the digital and cryptocurrency landscape and the former Executive Secretary of the Blockchain Association of Nigeria, who led the passionate effort of the group to educate and inform Nigerians about the wealth creation and economy-boosting potentials of the emerging digital payment platform.
He believes very strongly that the efforts of President Bola Tinubu to revive and grow the economy will get a big boost if the government moves to legalize and adopt rapidly evolving digital payment systems, which now represent the dawn of the future.
Ophi is known for his insightful analysis and commitment to blockchain education. He has played a pivotal role in shaping the country’s digital asset policies and fostering community engagement. Ophi also serves as a Crypto Market Analyst on Channels TV, where he demystifies complex crypto trends for a broad audience.
In this interview with Sunday Sun he talks about the Decentralised Nigeria Conference, which he is spearheading, and set to take place on July 5, 2025, at the prestigious Civic Centre in Victoria Island. The landmark event aims to bring together global leaders in blockchain and cryptocurrency to explore innovative solutions and opportunities within the African context.
You are very passionate about promoting cryptocurrencies and digital currencies. What exactly drives your passionate quest for the country to get involved?
First, I believe that the emerging signals and developments in this space are very promising. Many people from the West have already embraced these technologies, and this presents a great opportunity for us here in our part of the world. I believe we have the power to leverage this technology ourselves.
What I mean is, we don’t necessarily need to rely on others to access these opportunities. All we need is to study, learn, and add value. By collaborating with people from different parts of the world, we can earn a livelihood. It’s truly amazing how accessible this is. For instance, I often set up meetings or attend a few online sessions, which is very convenient.
Cryptocurrency and blockchain technology are powerful tools for knowledge and economic empowerment. We just need to stay informed and advocate for the right policies to support this sector. Our focus is also on advocacy – helping people understand that the criminal activities often associated with crypto can be reduced through proper regulation and education.
What role can blockchain technology play beyond cryptocurrency in Nigeria’s economic development?
Beyond cryptocurrency, blockchain technology can significantly contribute to Nigeria’s economic development by enhancing transparency and security in various sectors such as land registration, supply chain management, healthcare, and voting systems. It can facilitate financial inclusion by providing unbanked populations access to digital financial services. Additionally, blockchain can foster new business models, attract investments, and promote innovation, ultimately driving economic growth and stability.
As a crypto market analyst on Channels TV, how do you make complex topics accessible to the general public? Also, what are the common misconceptions in the market?
When I study and prepare, I take my time. I spend time in the library every day, reading books from different parts of the world. It’s quite intense, but it helps me understand the industry better. The reality is that understanding the market requires diligence, continuous learning, and patience. Crypto is a tool for wealth creation, but it’s not a get-rich-quick scheme. The key is education, knowing what you’re investing in, understanding the technology, and being cautious.
The government cannot simply ban cryptocurrency or Bitcoin outrightly. I believe that is not possible. Anyway, I see that many people enter this industry because they cannot buy Bitcoin directly. So, that was a misconception.
Other misconceptions that hinder broader adoption include the wrong belief by many that cryptocurrencies are solely used for illegal activities. In reality, they are legitimate financial tools with vast potential. Others think crypto is a get-rich-quick scheme, neglecting the importance of understanding market risks and long-term strategies. There’s also confusion about how cryptocurrencies work, with some people assuming they are entirely unregulated or that they guarantee quick profits. Educating the public about security practices, regulatory frameworks, and the real utility of crypto is essential to dispel these myths.
How did the perception and adoption of cryptocurrency in Nigeria evolve over time? What are the most notable shifts you’ve observed? Again, as the immediate past Executive Secretary of the Blockchain Association of Nigeria what were some of the key challenges you encountered and the achievements made?
Over the years, the perception and adoption of cryptocurrency in Nigeria have transformed remarkably. Initially viewed with skepticism and suspicion, cryptocurrencies are now increasingly seen as a viable alternative to traditional financial systems. This shift has been driven by factors such as economic instability, high inflation, and limited access to banking services, which have encouraged more Nigerians to explore digital assets. Notable changes include a surge in retail participation, the emergence of local crypto startups, and greater regulatory awareness. The community’s understanding has deepened, fostering a more informed and enthusiastic user base eager to leverage crypto’s potential for financial empowerment.
What is the current outlook on the Nigerian cryptocurrency market? What are the key trends and opportunities emerging?
The outlook for Nigeria’s cryptocurrency market remains optimistic. Key trends include increased regulatory clarity, which could foster more mainstream adoption, and a growing youth demographic eager to embrace digital finance. Innovations like decentralized finance (DeFi) platforms and stablecoins offer new avenues for financial inclusion and investment. Additionally, Nigeria’s vibrant tech ecosystem and entrepreneurial spirit create fertile ground for local crypto startups to thrive. Opportunities abound in areas such as remittances, micro-investments, education and making the Nigerian crypto scene a dynamic space with significant growth potential.
The Nigerian government can establish clear regulations that allow stablecoins and cryptocurrency platforms to operate legally within Nigeria. The most important thing is for key stakeholders within the government, especially those in the finance sector, to come together and genuinely recognize the benefits that cryptocurrencies, stablecoins, and Web3 technology can bring to Nigeria.
In this regard, the government needs to acknowledge that these technologies can be powerful tools to boost Nigeria’s economy and improve communication and engagement with its citizens.
The second step is to work out the details of regulation, encompassing how companies can operate within the country and how Nigeria can collaborate with other nations in trade, supply chains, and digital commerce. Moreover, facilitating open communication channels for companies working in Web3 is essential. Once these frameworks are in place, they can help the government collect taxes, allocate funding for infrastructure, and strengthen the market. I believe this approach is crucial in leveraging Web3 technologies to foster wealth creation and economic growth in Nigeria.
For someone new to cryptocurrency in Nigeria, what are the most important things they should know before investing?
For those new to cryptocurrency in Nigeria, the most important advice is to start with thorough research. Understand how different cryptocurrencies work, the risks involved, and the importance of security such as using reputable wallets and exchanges. Be cautious of scams and avoid investments promising guaranteed returns. It’s also wise to begin with a small, manageable amount and only invest what you can afford to lose. Lastly, stay informed about local regulations and market trends to make educated decisions. Building knowledge and practicing prudence are key to navigating the exciting yet volatile crypto landscape safely.
What are the key factors you consider when evaluating this industry?
When evaluating this industry, I consider several critical factors, such as understanding how laws and regulations impact innovation, compliance, and market entry. I assess the size of the target market, adoption rates, and growth projections. I evaluate the availability and maturity of technological tools and platforms that enable industry activities. I ensure that there is robust security measures to protect users’ assets and data, which is vital for building trust. I consider the level of innovation, availability of skilled professionals, and ongoing R&D efforts.
We need to consider how the industry contributes to economic development, financial inclusion, and social progress and at the same keep an eye on international developments that could influence local industry dynamics.
Nigeria has seen varying approaches to cryptocurrency regulation. What is your perspective on the current regulatory landscape, and what steps do you believe are necessary for a more conducive environment for innovation?
Nigeria’s regulatory landscape for cryptocurrency has been somewhat cautious and evolving. While the Central Bank of Nigeria issued directives restricting banks from dealing with cryptocurrencies, there remains significant informal activity and growing interest among the populace.
My perspective is that a balanced, clear, and progressive regulatory framework is essential. Such a framework should create safe spaces for startups and entrepreneurs to experiment with blockchain solutions
The government to complement measures that safeguard users without stifling innovation. The country needs to leverage blockchain technology to extend financial services to under-served populations. It should involve industry players, regulators, and academics in ongoing dialogue to refine policies.
It needs to allow controlled testing of new products and services under regulatory oversight. By adopting these steps, Nigeria can harness the full potential of blockchain and cryptocurrencies while mitigating risks, ultimately creating a more conducive environment for sustainable innovation.
Talk a bit about your achievements as the Executive Secretary of the Blockchain Association of Nigeria. What were the major challenges you surmounted?
The major challenges ranged from navigating an evolving legal landscape and advocating for clearer policies, overcoming misconceptions about it to educating the public and policymakers about blockchain and cryptocurrencies.
We had to address issues related to internet access and technological literacy which hinder adoption. We had some difficulty building effective partnerships among startups, financial institutions, and regulators.
Despite these challenges, we achieved several milestones. One, we facilitated dialogues between industry stakeholders and regulators, leading to more informed policymaking. During my tenure, the association launched initiatives to improve understanding of blockchain technology and its benefits.
We strengthened the local blockchain ecosystem through conferences, workshops, and networking events. These contributed to developing best practices and standards for blockchain applications in Nigeria.
Regarding perceptions of complexity, I did observed a positive shift during my tenure. As awareness increased and success stories emerged, more Nigerians began to see cryptocurrency and blockchain as accessible and promising tools for financial empowerment. This gradual change is encouraging and underscores the importance of continuous education and engagement.
Even before my tenure, I believed in a pragmatic approach rather than a restrictive one. Cryptocurrency and blockchain technology have been in Nigeria for quite some time. I think the industry is now progressing more rapidly.
How important is it for policymakers to engage with experts and stakeholders in the blockchain space when developing regulations?
It is extremely important for policymakers to engage with experts and stakeholders in the blockchain space when developing regulations. This collaboration ensures that policies are informed by technical expertise and practical insights, which can help create effective, innovative, and balanced regulations. Engaging with these groups also fosters trust, encourages innovation, and helps avoid unintended consequences that might arise from poorly informed policies.
