Nigeria’s digital finance ecosystem recorded approximately $96bn in cryptocurrency and other virtual asset transactions, according to Emomotimi Agama, Director-General of the Securities and Exchange Commission.
Speaking at a Citizens and Stakeholders Engagement Session organised by the Federal Ministry of Finance in Abuja on Monday, Agama said the sheer scale of activity in the digital asset market 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.
He noted that the regulatory framework has been strengthened with the enactment of the Investment and Securities Act 2025, which empowers the commission to oversee digital assets and other emerging financial technologies.
He added that the legislation reaffirms the SEC as the apex regulator of Nigeria’s capital market and introduces measures to monitor systemic risks while aligning market operations with global standards.
Agama also said the capital market continues to support investment across key sectors, noting that the commission approved about N3.68tn in new issues in 2024, spanning both equity and fixed income instruments.
He added that the market played a key role in strengthening the banking sector during the recent recapitalisation exercise, with over 31 banks raising funds through the capital market to meet new capital requirements.
The SEC boss said overall market performance has improved significantly in recent years, with total market capitalisation rising from about N55tn in 2024 to roughly N127tn currently.
He added that the market’s contribution to the economy has also increased, as the ratio of market capitalisation to gross domestic product grew from about 13 per cent to around 33 per cent.
Agama further noted that the commission has stepped up efforts to strengthen investor protection and sustain market confidence, disclosing that the SEC has issued more than 90 advisory notices warning Nigerians about suspicious investment schemes and risky financial offers.
Agama said the commission has intensified efforts to strengthen investor protection and sustain market confidence, noting that the SEC has issued more than 90 advisory notices warning Nigerians about suspicious investment schemes and risky financial offers.
He added that the regulator has also stepped up its crackdown on fraudulent investment operations, including Ponzi schemes, and is working with the Nigeria Police Force to investigate and prosecute offenders.
He warned that many victims invest through unregistered platforms offering unrealistic returns, urging investors to verify that any opportunity is approved by the SEC.
The SEC Director-General also noted that the capital market has supported infrastructure development through bond issuances by state governments, with several public projects—including markets, stadiums and other facilities—financed through subnational bonds.
