The Director General of Nigeria’s Securities and Exchange Commission (SEC), Dr. Emomotimi Agama, has emphasized the crucial role of blockchain technology in improving the efficiency and regulation of the capital market. Speaking during a session with a delegation from the Algorand Foundation in Abuja, Agama highlighted how blockchain’s decentralized system can enhance trust and security by allowing multiple parties to independently verify transactions without the need for a central authority.
Agama elaborated on how the SEC is adopting blockchain to streamline regulatory processes, aligning with international standards and collaborating with bodies like the International Organization of Securities Commissions (IOSCO). This collaboration ensures that the commission’s framework remains adaptive, robust, and able to foster investor confidence through cross-border collaborations.
The SEC DG stressed that the challenge for Africa is no longer whether to adopt blockchain but how to effectively leverage it for the benefit of all. Agama expressed his vision of utilizing blockchain to improve the efficiency of SEC operations, ensuring that regulatory practices are seamless, traceable, and transparent.
Agama further shared his ambition of implementing blockchain technology to enable real-time access to regulatory data, with the hope of making all information traceable. This would allow the SEC to identify and address any potential issues, maintaining accountability at every step of the regulatory process.
The use of blockchain would also enable an unprecedented level of transparency and security in market transactions. Agama envisioned a future where applications and transactions would be reviewed on the blockchain, ensuring that any errors or misconduct are immediately identifiable and addressable, promoting greater trust within the capital market.
Source: Vanguard