Nigeria Records $96bn Crypto Transactions – SEC

Nigeria’s digital finance ecosystem recorded approximately $96 billion in cryptocurrency and virtual asset transactions, according to the Director-General of the Securities and Exchange Commission, Emomotimi Agama.

Agama disclosed this during a stakeholders’ engagement session organised by the Federal Ministry of Finance in Abuja, noting that the scale of activity underscores the need for stronger regulatory oversight.

“As we speak today, it is a known fact from research and statistics that the virtual asset service providers and indeed the digital space, cryptocurrency operation is within the range of $96bn in transaction flow in Nigeria, and that is important for us to manage,” he said.

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He explained that the regulatory framework has been strengthened with the enactment of the Investment and Securities Act 2025, which empowers the commission to regulate digital assets and emerging financial technologies.

According to him, the legislation reaffirms the SEC’s role as the apex regulator of Nigeria’s capital market while introducing provisions to monitor systemic risks and align operations with global standards.

Agama added that the capital market has remained a key driver of investment across sectors, revealing that about N3.68 trillion worth of new issues were approved in 2024.

He also noted that more than 31 banks accessed the capital market to meet recapitalisation requirements, reflecting its role in supporting financial system stability.

The SEC chief said market capitalisation has grown significantly, rising from about N55 trillion in 2024 to roughly N127 trillion, with its contribution to the economy increasing from 13 per cent to about 33 per cent of gross domestic product.

He disclosed that the commission has issued over 90 advisory notices warning against fraudulent schemes and risky investments.

“Many victims invest through unregistered platforms promising unrealistic returns,” he said, urging investors to verify all opportunities with the commission.

Agama added that the SEC is intensifying enforcement efforts in collaboration with law enforcement agencies to tackle Ponzi schemes and protect investors.