Nigeria Records $96bn Crypto Transactions – SEC

Nigeria’s digital finance ecosystem recorded about $96bn in cryptocurrency and virtual asset transactions, according to SEC Director-General Emomotimi Agama.

Speaking at a Citizens and Stakeholders Engagement Session in Abuja, Agama stressed that the scale of activity makes stronger oversight essential.

“As we speak today… cryptocurrency operation is within the range of $96bn in transaction flow in Nigeria, and that is important for us to manage,” he said.

He explained that the Investment and Securities Act 2025 reinforced the SEC’s authority to regulate digital assets, monitor systemic risks, and align Nigeria’s capital market with global standards.

Agama noted that the capital market approved about ₦3.68tn in new issues in 2024, supporting both equity and fixed income instruments, and played a major role in bank recapitalisation, with over 31 banks raising funds.

Market performance has improved, with total capitalisation rising from ₦55tn in 2024 to ₦127tn, and its contribution to GDP increasing from 13% to 33%.

The SEC has also intensified investor protection, issuing over 90 advisory notices against suspicious schemes and cracking down on Ponzi operations in collaboration with the police.

Agama highlighted the role of the capital market in financing infrastructure through state bonds, backed by Irrevocable Standing Payment Orders, and in supporting housing via the Mortgage Refinancing and Infrastructure Fund.

Looking ahead, he said the SEC aims to deepen the market, raising the capitalisation-to-GDP ratio toward levels seen in emerging markets like India, while expanding social protection to ensure reforms benefit ordinary Nigerians.