$96 billion in crypto transactions : The Nigerian SEC thinks is time for serious regulations

The Director-General of the Nigerian Securities and Exchange Commission, Dr. Emomotimi Agama, has stated that the Nigerian crypto industry is due for stronger regulations and oversight, given the level of activity happening in the Digital Assets sector.

Agama, during a Citizens and Stakeholders Engagement Session organised by the Federal Ministry of Finance in Abuja on Monday, disclosed that Nigerians processed over $96 billion in crypto transactions last year. This represents a steep jump from about $50 billion recorded between July 2023 and June 2024.

“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.

The SEC chief believes it is time for stronger regulations. This is even after the current regulatory framework was reinforced with the Investment and Securities Act of 2025. The new act further empowers the Commission to regulate the Digital Assets market and other emerging financial technologies.

The SEC Using Education as a Tool of Regulation

Speaking on Arise News this morning, Agama revealed that educating Nigerians about Digital assets is part of its regulatory work. He recalled that the SEC launched a massive education campaign in September 2020. The Commission taught Nigerians about Digital Assets, what they mean, and how to move them safely without losses.

“As far back as 2020, we understood that Cryptocurrency is something that could be potentially harmful if you do not understand it,” Agama said

The SEC chief doubled down on education as a means of protecting Nigerians from the hazards of the crypto space. He stated that this extends to all other forms of trading in the traditional financial world, where volatility is a common denominator.

“The essence of regulation, therefore, is to make sure that people who dont understand are made to understand and those who understand are protected against taking risks that are beyond their capacity,” Agama concluded.

The SEC under Agama has initiated reforms and opened up the commission to the crypto space more than its predecessors. The current administration granted provisional licenses to Quidax and Busha through the Accelerated Regulatory Incubation Program (ARIP).

The incubation program was designed to fast-track the onboarding of Virtual Asset Service Providers (VASPs). This follows the lifting of the crypto banking ban in Nigeria.

Last updated: March 19, 2026