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Kelsier Ventures Eyes Nigeria Expansion Amid LIBRA Scandal

Coin WorldMonday, Feb 17, 2025 4:22 pm ET

1min read

The LIBRA meme coin scandal has brought to light the plans of Kelsier Ventures, a firm at the center of the controversy, to expand into Nigeria. Despite the estimated $4 billion loss and the withdrawal of support from Argentina's President, the firm is exploring the possibility of launching a similar project on the Solana blockchain in Nigeria.

The LIBRA controversy, which affected around 40,000 investors, has not deterred Kelsier Ventures from pursuing its expansion plans. While there is no indication that Nigerian President Bola Tinubu was directly involved, members of his team have been engaged in discussions with the firm regarding the project.

Kelsier Ventures maintains that it retains control over the funds and denies any wrongdoing in the LIBRA affair. The firm has proposed using a $100 million control fund to repurchase and burn LIBRA tokens in an effort to address the situation.

However, the firm's plans to expand into Nigeria face significant obstacles. The country has a history of crypto-related fraud and a regulatory environment that is not conducive to such projects. In February 2021, the Central Bank of Nigeria restricted banks from processing crypto transactions, and the Economic and Financial Crimes Commission has increased efforts to combat crypto-related cybercrime.

Despite these challenges, Nigeria has made strides in the crypto and blockchain space. In October 2021, the country launched eNaira, the first African central bank digital currency. In March 2024, the Central Bank teamed up with Gluwa to drive the adoption of eNaira using blockchain technology for financial transactions and credit assessments.

The Economic and Financial Crimes Commission has also escalated its crackdown on crypto traders, freezing over 1,100 bank accounts amid ongoing economic challenges. As Kelsier Ventures continues to explore its expansion plans in Nigeria, it must navigate the complex regulatory environment and address the concerns of investors and regulators alike.