Nigeria Sees $96bn in Crypto Transactions as SEC Moves to Strengthen Oversight
Nigeria’s digital finance ecosystem has reached a staggering $96 billion in cryptocurrency and other virtual asset transactions, the Director-General of the Securities and Exchange Commission (SEC), Emomotimi Agama, revealed. Speaking at a Citizens and Stakeholders Engagement Session organised by the Federal Ministry of Finance in Abuja on Monday, Agama emphasized that the scale of these digital asset activities calls for stronger regulatory oversight.
Agama explained that the recent enactment of the Investment and Securities Act 2025 has reinforced the SEC’s authority to regulate digital assets and emerging financial technologies. The legislation reaffirms the SEC as the apex regulator of Nigeria’s capital market, introduces measures to monitor systemic risks, and aligns market operations with global standards, creating a safer environment for investors.
The SEC boss highlighted that Nigeria’s capital market continues to play a vital role in the economy, approving approximately N3.68 trillion in new market issues in 2024, spanning equity and fixed-income instruments. The market has also aided the banking sector’s recapitalization, with over 31 banks raising funds to meet new capital requirements. Market capitalization has surged from around N55 trillion in 2024 to roughly N127 trillion, boosting its contribution to the economy from 13% to 33% of GDP.
Agama noted that the SEC has intensified efforts to protect investors, issuing over 90 advisory notices about suspicious schemes and cracking down on fraudulent operations, including Ponzi schemes. Partnering with the Nigeria Police Force, the commission is investigating and prosecuting offenders while urging Nigerians to verify that investment opportunities are SEC-approved before committing funds.
Beyond digital finance, the capital market has supported public infrastructure through state bond issuances, financing projects like stadiums and markets. The SEC has also launched the Office of Municipal Fund Development and backed the Mortgage Refinancing and Infrastructure Fund, providing long-term funding for affordable housing. Looking ahead, Agama revealed plans to deepen market capitalisation further, aiming to bring Nigeria closer to emerging market standards like India, where the ratio of market capitalization to GDP is around 92%.
source: punch