SEC reports $96bn in crypto transactions in Nigeria
Nigeria’s digital finance sector has seen about $96bn in cryptocurrency and virtual asset transactions, according to Emomotimi Agama, Director-General of the Securities and Exchange Commission. Agama highlighted the need for stronger oversight due to the scale of activity in the digital asset market. He noted that recent legislation has reinforced the SEC’s regulatory powers over digital assets and emerging financial technologies. The capital market has also played a significant role in supporting investment and infrastructure development across the country.
TLDR
- Emomotimi Agama disclosed that Nigeria’s crypto and virtual asset transactions have reached about $96bn.
- The regulatory framework has been strengthened by the Investment and Securities Act 2025, giving the SEC more authority over digital assets.
- The SEC approved about N3.68tn worth of new capital market issues in 2024, covering equity and fixed income.
- Total market capitalisation rose from about N55tn in 2024 to roughly N127tn currently, with the market’s contribution to GDP increasing from about 13% to 33%.
- The SEC has issued over 90 advisory notices warning against suspicious investment schemes and is working with law enforcement to prosecute offenders.
