Nigeria among world’s top adopters of digital assets- SEC DG
The Director General of the Securities and Exchange Commission(SEC) Dr Emomotimi Agama has said
Nigeria is among world’s top adopters of digital assets.
The SEC boss stated this at the just concluded SEC Journalists’ Academy held Thursday in Abuja.
He noted that with more than one-third of the Country’s population participating in crypto-related activity, the development reflects “the creativity of our young people, our deep mobile connectivity, and the hunger for inclusion”.
Agama, represented by the Head of External Relations Department, Mrs. Efe Ebelo, said the rapid adoption has also created a fertile ground for exploitation, such as scams, phishing attacks, fake wallet applications, and ransomware schemes that target unsuspecting citizens.
He said these threats underscore an urgent truth: without robust regulation, innovation can quickly become vulnerability.
He argued that regulation is not about restriction; it is about building trust ensuring that innovation serves progress, not predation.
He noted that in all of these,
Nigeria is not standing still, because in 2022, the Securities and Exchange Commission (SEC) issued Rules on the Issuance, Offering, and Custody of Digital Assets, defining virtual assets as securities and establishing a framework for Virtual Asset Service Providers.
The SEC boss said the rules rest on three pillars:
a. Licensing: All VASPs operating in Nigeria must register and obtain SEC approval under Section 4 of the Rules.
b. Compliance: VASPs must meet AML/CFT obligations and cooperate with the Nigerian Financial Intelligence Unit (NFIU) in line with FATF standards.
c. Transparency: VASPs are required to maintain real-time transaction monitoring systems to flag suspicious or high-value activity.
As part of efforts in strengthening enforcement, he said SEC collaborates closely with the Central Bank of Nigeria (CBN) and the Economic and Financial Crimes Commission (EFCC) to freeze illicit digital wallets and recover criminal proceeds.
“Beyond regulation, SEC Nigeria has adopted technological supervision. Through partnerships with blockchain analytics firms, we now deploy advanced monitoring tools to trace transactions, detect fraud, and enhance cybersecurity capacity”, he said.
