The Director General of the Securities and Exchange Commission (SEC), Dr. Emomotimi Agama, has issued a warning to individuals and entities engaged in activities that violate regulations within the capital market.
Speaking in Abuja over the weekend, Agama emphasized that the SEC will enforce the full extent of the law to safeguard investors, including those in the growing crypto space.
In a statement released by SEC on Sunday, Agama stressed that the Commission is dedicated to ensuring transparency and investor protection. “We are sending a clear signal to those who want to play by the rules that they are welcome in our space.
However, we will take enforcement action against anyone who operates outside the regulations, including in the crypto space,” he said.
Highlighting the increasing interest of Nigerian youths in digital assets, Agama explained that SEC recently granted Approval-in-Principle to two crypto exchanges.
This is part of SEC’s effort to provide regulatory clarity while fostering innovation, which aligns with the Nigerian government’s focus on youth development. “We must provide a safe and regulated environment for investors, especially the youth, who are the majority in this space,” he added.
Dr. Agama emphasized that SEC adheres to international guidelines, particularly regarding full disclosure and compliance with Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) regulations. He noted that monitoring the activities of crypto exchanges is essential to protect the national economy from potential harm.
SEC’s commitment to ensuring that all market participants operate within the legal framework is backed by continuous staff education and global collaboration.
“We are actively participating in international discussions on crypto regulations and digital assets,” Agama stated, adding that SEC will be represented at a global training program on crypto regulations organized by the International Organisation of Securities Commissions (IOSCO) in Spain.
