Nigeria: Token Classification

Beyond this default presumption, classification treatment for specific asset types remains substantially unsettled. No primary Nigerian source confirms a settled classification treatment for utility tokens or NFTs distinct from the general rebuttable presumption that crypto assets are securities (CLM-NG-010) -- a sourced negative finding rather than an assumption of silence. Stablecoins occupy a similarly unsettled position: SEC's exposure-draft Rules introduce a 'Recognised Foreign-issued Stablecoin' classification, to be assessed via the issuer's regulatory status, its reserve arrangement, redemption framework, custody arrangement and other risk factors (CLM-NG-009), but this remains draft, non-normative language rather than a commenced rule. A Challenger-review annotation on this module notes that the module's primary-framework citation should also reference the Investments and Securities Act 2025's statutory recognition of digital and virtual assets as securities; this annotation has been carried into the module's rationale without mutating any underlying claim, pending fuller confirmation of the Act's scope and commencement.

Outlook

The module's amber rating reflects a clear default rule for the general case -- token-as-security absent proof otherwise -- against genuine gaps for utility tokens, NFTs and stablecoins, all of which remain either unaddressed or confined to draft language. The two live questions are whether the Investments and Securities Act, 2025 supplies any express statutory definition of 'digital asset' or 'virtual asset' distinct from the 2007 Act, and whether SEC's exposure-draft foreign-stablecoin recognition criteria are finalised and brought into force. Neither has been confirmed from a primary source this cycle.