Speaking at the FSDH Investor Conference 2026 in Lagos, Agama said the future of investing would be defined more by access to intelligence and data than by the amount of capital investors control.

According to him, global investing is already being reshaped by artificial intelligence, real-time analytics, distributed ledger technology and algorithmic systems that are changing how investments are priced, allocated and protected.

“We are at the threshold of what scholars and practitioners are calling the era of intelligent investing — a paradigm in which data does not merely inform decisions, but actively participates in them,” Agama said.

The SEC chief disclosed that the commission is pursuing reforms including T+1 settlement cycles, digital assets regulation and frameworks for tokenised securities as part of a broader seven-pillar capital market infrastructure strategy.

He added that the commission is also developing governance frameworks for the use of AI within the capital market, focusing on transparency, accountability and algorithmic fairness.

“An investor in Nigeria deserves to know not only what decisions were made on their behalf, but how those decisions were reached,” he stated.

According to Agama, the SEC’s fintech-bank integration strategy is targeting about 20 million retail investors nationwide as part of efforts to deepen financial inclusion and expand access to investment opportunities.

Beyond technology reforms, the SEC said it is also focused on democratising investment access for ordinary Nigerians, including small business owners, artisans and low-income earners traditionally excluded from formal investment systems.

The commission noted that investor protection remains central to its strategy through stronger enforcement mechanisms, financial literacy programmes and a dedicated Investor Protection Department.

“Confidence is the ultimate asset in a capital market. Every disclosure we enforce, every fraud we prosecute, every investor we educate adds to the stock of market confidence,” Agama said.

The SEC added that collaboration between regulators, fintech firms, financial institutions and investors would be critical to building a resilient and technology-driven capital market ecosystem capable of supporting long-term investment growth.

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Director-General of the Commission, Emomotimi Agama, inaugurated the working group on Friday in Abuja, stressing that broadening investor participation is critical to strengthening market liquidity and resilience.

Agama noted that although Nigeria’s capital market has recorded significant growth in recent months, active participation remains limited to a relatively small segment of the population.

According to him, a shallow investor base weakens the market’s ability to efficiently allocate capital, as trading activity is concentrated among a handful of institutional players and a narrow pool of retail investors.

He said the Commission plans to leverage digital platforms and fintech partnerships to convert millions of passive savers into active investors.

“I want you to explore how technology can onboard the next 20 million investors, turning passive savers into active market participants,” Agama told members of the newly inaugurated group.

He cited ongoing initiatives such as the dematerialisation of share certificates and collaboration with financial technology firms as key measures aimed at simplifying access to capital market products.

Agama also highlighted the significance of the Investments and Securities Act (ISA) 2025, which brings digital assets under regulatory oversight. He said the law provides an opportunity to channel speculative capital into regulated investment instruments.

“We must accept the reality that the lines between traditional finance and digital finance are blurring,” he said. “We must determine how to channel the speculative energy currently going into unproductive gambling into liquid, productive investments within regulated exchanges.”

While Nigeria’s market capitalisation has risen from about N55 trillion in April 2024 to over N123.93 trillion, Agama said structural weaknesses persist, particularly uneven liquidity across listed securities.

He added that the market’s contribution to GDP has increased from 13 per cent to 33 per cent, describing the growth as impressive but insufficient.

Trading activity, he explained, remains concentrated in a few highly active stocks, leaving many equities thinly traded and making it difficult for investors to enter or exit positions without affecting prices.

Agama described the capital market as a critical engine for national development capable of financing infrastructure, industry, and job creation when functioning efficiently. He urged members of the working group to deliver practical recommendations that will deepen the market and make investment opportunities more accessible to ordinary Nigerians.

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In a position paper submitted to the SEC, the Stakeholders in Blockchain Association of Nigeria (SiBAN), which includes startups such as Dantown, Roqqu, and Breet, urged the regulator to review the January 16 rules. Digital Asset Exchanges (DAXs) and custodians are now required to maintain a minimum of ₦2 billion ($1.4 million), up from ₦500 million ($351,000).

SiBAN proposed a tiered system aligned with operational scale: an “Innovation Track” for startups requiring ₦50 million–₦200 million ($37,300–$149,200), a “Growth Track” of ₦200 million–₦500 million ($149,200–$351,000), and an “Institutional Track” of ₦500 million ($351,000) and above for established firms.

The association also suggested a phased implementation through 2028 and the creation of a Digital Asset Regulatory Working Group to ensure continuous consultation between regulators, startups, and industry experts.

SiBAN president Barr. Mela Claude Ake said the measures aim to balance investor protection with innovation sustainability, warning that the blanket capital thresholds could favor well-funded incumbents over emerging domestic players.

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A bill seeking to establish the fintech regulatory commission has passed the second reading at the house of representatives.

Sponsored by Fuad Laguda, an All Progressives Congress (APC) lawmaker representing Surulere I federal constituency of Lagos state, scaled the second reading during Tuesday’s plenary.

Leading the debate on the bill, Laguda said the commisison will oversee and regulate the rapid-growing fintech industry in Nigeria.

“The need for this regulation has grown exponentially in recent years, with millions of Nigerians relying on digital payment platforms, mobile money services, and other fintech products for their financial transactions,” he said.

“However, the lack of a clear regulatory framework has led to concern about commercial protection, financial stability, and the prevention of financial crimes.

The legislator said the commission will provide a “clear regulatory framework” for the fintech industry, ensuring that operators comply with established standards and guidelines.

The commissioner is expected to protect consumers by ensuring that fintech companies operate fairly, transparently, and securely, while promoting innovation in the fintech sector and minimising risk to financial stability.

The rapid rise in digital transactions has prompted regulators, including the Central Bank of Nigeria (CBN), Securities and Exchange Commission (SEC), and National Information Technology Development Agency (NITDA), to explore new measures to address the rapidly evolving fintech environment.

In October 2024, SEC said that it will enforce regulations in the fintech ecosystem to curb the mismanagement of funds and align operators with existing rules.

Emomotimi Agama, director-general of SEC, said a regulatory environment that is conducive to the innovative use of technology is essential in the drive to transform Nigeria.

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In a statement on Sunday, the regulator said scammers are creating manipulated videos of politicians, celebrities, and TV hosts, which are being circulated through Facebook ads, Instagram reels, and Telegram groups. These clips are designed to lure unsuspecting investors with promises of guaranteed profits.

“The commission observed that manipulated videos featuring politicians, celebrities, and TV hosts were being circulated via Facebook advertisements, Instagram reels, and Telegram groups. These platforms are not registered or regulated by SEC,” the statement read.

The SEC recalled past cases involving unlicensed entities such as CBEX, Silverkuun, and TOFRO, which marketed AI-powered trading systems that promised unrealistic returns. The commission said it had issued warnings against their activities after investigations confirmed they posed grave risks to investors.

To combat such schemes, SEC said it has adopted advanced surveillance systems capable of detecting fraudulent activities in real time. It also warned influencers and bloggers who promote unlicensed investment platforms that they risk regulatory sanctions and possible prosecution.

The commission disclosed that it is working with social media companies, the Central Bank of Nigeria (CBN), and the Nigerian Financial Intelligence Unit (NFIU) to curb the spread of misleading advertisements and enhance enforcement.

SEC urged Nigerians to remain vigilant and skeptical of platforms promising daily profits, zero risks, or endorsements by public figures, stressing that only registered and regulated investments are safe.

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Announcing the launch on Monday, SEC Director-General Emomotimi Agama said the revamped platform reflects the Commission’s dedication to modernizing its operations and boosting access to vital financial information. The new website features a mobile-responsive design, streamlined navigation, and consolidated resources for investors, market operators, and the public.

“This digital advancement is a significant step in building a more transparent and accessible Commission,” Agama said. “It enhances our engagement with the capital market and the investing public, and reflects our dedication to continuous improvement in service delivery and communication.”

The launch comes as the Commission intensifies its crackdown on fraudulent investment promoters operating illegally in Nigeria. In 2025 alone, the SEC has flagged several entities, including GVEST Global, Pocket Option, Forsman & Bodenfors LTD, Crypto Bridge Exchange, and Sapphire Scents Limited, for running unregistered schemes.

“These platforms are not authorized to solicit funds or offer investment services in Nigeria. Investors engaging with them do so at their own risk,” the Commission warned.

The crackdown is backed by the Investments and Securities Act (ISA) 2025, which expands SEC’s jurisdiction over Ponzi schemes and strengthens enforcement against violators.

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The Securities and Exchange Commission has reiterated that only approved digital exchanges and platforms were legally authorised to carry out the business of crypto trading in any form in Nigeria.

In a statement obtained from its website on Monday, the SEC warned the public against dealing with illegal operators who have not applied to and received the commission’s approval under the Accelerated Regulatory Incubation Programme or the Regulatory Incubation Programme.

The SEC emphasised that ARIP and RI remained the only avenues for well-intentioned entities to legitimately introduce their digital products and services to the Nigerian capital market.

The commission advised intending investors to always confirm from the various SEC information portals whether entities purporting to provide investment services are legally empowered to do so.

“Intending investors are also reminded to always confirm from the various SEC information portals whether entities purporting to provide investment services are legally empowered to do so,” it noted.

The capital market regulator had introduced the ARIP to strategically onboard firms that had commenced operations before the release of the Rules on Virtual Asset Service Providers in May 2022.

The RI Programme was created to assess the business models of digital asset firms and test innovative products, services and technology in a real-time market environment under close supervision by the SEC, the regulator said.

Last week, the SEC approved in principle two digital asset exchanges, Busha Digital Limited and Quidax Technologies Limited, and admitted five firms to test their models and technology under the RI Programme.

The Director-General of SEC, Dr Emomotimi Agama, attributed the recent approval of two cryptocurrency exchanges to the growing enthusiasm among young Nigerians for digital assets.

He underlined the need for a transparent regulatory framework that safeguards investors while fostering innovation.

The SEC DG stressed that comprehensive disclosure, robust anti-money laundering measures, and effective counter-terrorism financing protocols are crucial elements of the SEC’s regulatory approach in the cryptocurrency sector.

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The Nigerian Securities and Exchange Commission (SEC) has granted provisional approval to two crypto exchanges, Busha Digital and Quidax Technologies, to operate in the country. This decision is part of a broader strategy to enhance transparency and security in Nigeria’s burgeoning crypto market and to encourage greater participation among Nigerian youths in financial markets.

The approvals come in the wake of recent updates from the Central Bank of Nigeria (CBN) on Virtual Asset Service Providers (VASPs). To ensure compliance with these new regulations, the SEC has launched the Accelerated Regulatory Incubation Program (ARIP). Both Busha and Quidax are participating in this program, designed to ensure that crypto platforms adhere to stringent guidelines for issuing, holding, and trading digital assets.

Additionally, the SEC has approved five other digital asset companies—Trovotech Ltd, Wrapped CBDC Ltd, HousingExchange.NG Ltd, Dream City Capital, and Blockvault Custodian Ltd—to join the Regulatory Incubation (RI) program.These companies will work closely with the SEC to test new services, particularly those using distributed ledger technology (DLT).

One of the companies, Wrapped CBDC Ltd, is spearheading the development of Nigeria’s first regulated stablecoin, the cNGN, which is expected to launch in 2024.

This stablecoin aims to offer more stability for everyday transactions, especially for cross-border payments.

However, not all stakeholders are pleased with the SEC’s evolving regulatory framework. A proposal to increase registration fees from 30 million naira to 150 million naira could make it difficult for smaller exchanges to compete.

While Busha and Quidax may have the resources to manage these higher costs, smaller players could struggle, potentially reducing options for consumers.

The SEC’s new approach presents both opportunities and challenges for Nigeria’s crypto landscape. Over the next few years, it will become clear whether these regulatory changes foster innovation or hinder the growth of new startups in the sector.

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The Central Bank of Nigeria (CBN) has approved the launch of the Nigerian naira (cNGN) stablecoin.

The cNGN, which will be launched on February 27, 2024, is powered by the Africa Stablecoin Consortium (ASC), a consortium of Nigerian financial institutions, fintechs, and blockchain experts.

Stablecoins are cryptocurrencies specifically designed to maintain a constant value. They are often pegged or tied to another currency, commodity or financial instrument.

In a statement on its website on Thursday, the ASC said the cNGN stablecoin has met the regulatory standards and requirements as established by the CBN, the Nigerian Securities and Exchange Commission (SEC), and the Nigerian Financial Intelligence Unit (NFIU).

The ASC said it is committed to enhancing secure and compliant financial interactions, revolutionising the way people transact and engage with their money securely and seamlessly.

“This ushers in a new era of financial fluidity, bridging the Nigerian Naira with the global market through blockchain technology,” the statement reads.

“Backed 1:1 by Naira reserves held in designated commercial banks, the cNGN Stablecoin transforms the Naira into a dynamic tool for worldwide remittances, commerce, trade, and investment.

“More than just a currency, cNGN shortens settlement times, enabling payments that traverse the globe swiftly, mirroring the speed of a text message and at a fraction of the cost.

“This breakthrough paves the way for instantaneous financial transactions, seamlessly connecting Nigeria’s vibrant economy with international markets and offering unprecedented efficiency in both domestic and global financial interactions.”

What can be done with the Naira Stablecoin

According to the ASC, people can pay for anything, anywhere, and at any time. With a seamless tap, users can shop the world and pay in naira without the traditional challenges of currency conversion and hefty international transaction fees.

The consortium also said “supporting your loved ones back home becomes as simple as a quick tap on your phone” with the new innovation.

“No more standing in lines. With cNGN, funds land directly in their wallets within seconds, ready to fuel their dreams and brighten their days. No more distance, no more delays, just the magic of compliant virtual assets bridging the gap between hearts,” the ASC added.

“Cut out the red tape and sky-high fees of traditional international trade. With cNGN you can send and receive payments across the globe instantly enabling you to transact with national & international partners in any stablecoin currency, fueling economic growth and global success.

“Get paid, anywhere, instantly. Ditch the limitations of location and outdated payment systems. With cNGN, you can freelance for the world, right from your desk in Nigeria. Your talent knows no borders, so why should your income? Skip the bank queues and paperwork.”

The unveiling of the cNGN is coming over two years after digital currency transactions were banned by the apex bank.

In February 2021, CBN directed deposit money banks (DMBs), non-bank financial institutions (NBFIs), and other financial institutions (OFIs) to close accounts of persons or entities involved in cryptocurrency transactions within their systems.

The regulator further warned local financial institutions against dealing in crypto assets or facilitating payments for crypto exchanges, citing money laundering (ML), terrorism financing (TF), cybercrime, and the volatility of cryptocurrencies as reasons for the ban.

However, the apex bank on December 22, 2023, issued fresh operational guidelines on virtual assets service providers (VASPs) to all banks and OFIs — signalling a shift from its initial position which restricts crypto transactions.

VASPs are entities that conduct exchanges between virtual assets (cryptocurrencies) and fiat currencies and transfers of virtual assets.

The Cable

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TECH DIGEST- In the midst of escalating regulatory pressure and a series of high-profile executive departures, Binance, one of the world’s leading cryptocurrency exchanges, is grappling with internal changes. The latest in this string of exits is the resignation of Mayur Kamat, Binance’s global head of product.

Kamat’s departure follows closely on the heels of a significant executive exodus at Binance, which included the exit of Chief Strategy Officer Patrick Hillmann and General Counsel Hon Ng. These departures have raised questions about the cryptocurrency exchange’s internal stability and its ability to weather the regulatory storms it currently faces.

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Binance has come under intense regulatory scrutiny in the United States, where authorities have been cracking down on what they perceive as illicit activities in the cryptocurrency space. In June, the Securities and Exchange Commission (SEC) filed a lawsuit against Binance and its CEO, Changpeng Zhao, alleging a “web of deception.” The SEC levied 13 charges, including accusations that the company engaged in the artificial inflation of trading volumes, misappropriated customer funds, and failed to adequately prevent U.S. customers from accessing its platform.

Binance has strongly asserted its intention to defend itself against these allegations, setting the stage for a legal battle that could have far-reaching implications for the cryptocurrency industry.

Amidst these regulatory challenges, Binance also implemented a round of layoffs in July, raising questions about the company’s strategic direction and its efforts to navigate the evolving regulatory landscape.

The cryptocurrency industry, which has experienced exponential growth in recent years, is grappling with increased scrutiny and oversight from regulators worldwide. Binance’s current challenges are a stark reminder of the industry’s need to adapt to a rapidly changing regulatory environment, and the repercussions of failing to do so are becoming increasingly evident. As Binance contends with its internal shifts and external pressures, the cryptocurrency market watches closely, aware of the potential implications for the broader crypto ecosystem.

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