As digital assets continue to reshape Nigeria’s financial landscape, legal expert Oyetola Muyiwa Atoyebi, SAN, FCIArb (U.K.), Notary Public, has cautioned against the growing trend of treating failed cryptocurrency investments and commercial disputes as criminal offences.
In his latest article, “Digital Assets, Fraud, and the Limits of Criminal Law,” Atoyebi argues that criminal liability should only arise where there is clear evidence of fraudulent intent (mens rea), and not merely because an investment failed, a contract was breached, or a business venture collapsed.
The article examines Nigeria’s evolving legal framework for cryptocurrencies, tokens, NFTs, and other blockchain-based assets, noting that the increasing resort to criminal prosecution in commercial disputes undermines the distinction between civil liability and criminal fraud.
Atoyebi advocates for stronger civil and regulatory remedies, legislative reforms, specialised dispute-resolution mechanisms, clearer prosecutorial guidelines, enhanced judicial capacity, and greater public awareness to foster investor confidence while protecting innovation in the digital asset ecosystem.
Quoting the enduring legal maxim, Actus non facit reum nisi mens sit rea (“An act does not make a person guilty unless the mind is also guilty”), the Senior Advocate underscores that criminal law must not become a substitute for resolving commercial disagreements.
Read the full article here: Digital Assets, Fraud, and the Limits of Criminal Law https://omaplex.com.ng/digital-assets-fraud-and-the-limits-of-criminal-law/?utm_source=chatgpt.com
