The Director General of the Securities and Exchange Commission (SEC), Dr. Emomotimi Agama, has issued a stern warning to individuals and organizations violating regulations in Nigeria’s capital market.
During a recent statement made in Abuja, Dr. Agama emphasised the commission’s dedication to enforcing legal compliance, particularly within the growing crypto space.
Dr. Agama noted that SEC will take action against any unregulated activities, reaffirming the need for participants in the market to adhere to established rules. “We are sending a clear message: those who want to operate within our market must be willing to follow the rules. Anyone who does not comply will not be permitted to operate in our space,” Dr. Agama stated.
In response to the rising interest among Nigerian youth in digital assets, the SEC recently granted Approval-in-Principle to two crypto exchanges. This move, according to Agama, is aimed at providing clarity, regulation, and investor protection, while also supporting innovation. “As the SEC, our role is to protect investors without stifling innovation, especially since many young Nigerians are involved in the digital market,” he explained.
Dr. Agama also highlighted the SEC’s adherence to international standards, including full disclosure, Anti-Money Laundering (AML), and Combating the Financing of Terrorism (CFT) requirements. He stressed the importance of educating investors and ensuring a transparent, well-regulated environment.
He reassured the public that the commission is taking measures to protect Nigerians from misinformation and financial exploitation, particularly in the rapidly evolving crypto market.
“Our duty is to ensure that operators in our space follow the rules and that they do not pose any harm to our national economy,” Dr. Agama stated.
As part of its regulatory efforts, SEC is focused on knowledge-based regulation. Dr. Agama also stated that training and education for the Commission’s staff are critical, particularly as they engage with emerging digital assets. He also mentioned that SEC representatives will be attending global training sessions, such as the one organised by the International Organization of Securities Commissions (IOSCO) in Spain, to stay informed on best practices in crypto regulation.
“We are committed to safeguarding our market and ensuring that Nigeria adheres to global standards in securities regulation, particularly in the fintech and digital asset space,” Dr. Agama further stated.
