SEC Flags $2.1bn Crypto Scams in West Africa

The Nigerian Securities and Exchange Commission has raised alarm over rising fraud tied to cryptocurrencies across West Africa, revealing that over $2.1 billion in suspicious activity was recorded in 2024.

Speaking at a regional summit in Cape Verde, SEC Director-General Emomotimi Agama warned that criminals are increasingly using digital assets to hide their tracks. He said the rise in unlicensed platforms, sudden crashes, and shady crypto schemes continues to trap investors.

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To fight this, Agama called for stronger regional cooperation. He urged West African countries to align their regulations and create a single licensing system for crypto platforms. He also revealed plans to deploy AI tools to track illegal blockchain activity and better protect users.

The SEC is also running a public campaign to warn Nigerians about Ponzi schemes, following the collapse of a major fraud known as CBEX, which left many investors in distress.