The Director General of the Securities and Exchange Commission (SEC), Dr. Emomotimi Agama, has emphasized that blockchain technology will enhance efficiency and improve the regulation of Nigeria’s capital market. Speaking during a meeting with a delegation from the Algorand Foundation at the SEC headquarters in Abuja, Agama highlighted blockchain’s potential to address key market challenges, including financial exclusion, lack of transparency, and operational inefficiencies.
Blockchain, a decentralized digital ledger, offers a secure and tamper-proof way of recording transactions, reducing reliance on central authorities. Agama stressed that its adoption will not only modernize market oversight but also ensure traceability and accountability in all transactions. He stated that SEC is actively aligning with global regulatory standards, collaborating with international bodies such as the International Organization of Securities Commissions (IOSCO) to strengthen investor confidence.
To encourage responsible adoption of digital assets, SEC has launched the Accelerated Regulatory Incubation Program (ARIP) and the Regulatory Incubation (RI) Program. These initiatives allow digital asset firms to test new models under controlled conditions while ensuring consumer protection. According to Agama, the recent approval-in-principle granted to two digital asset exchanges and five participating firms underscores SEC’s commitment to fostering innovation without compromising regulatory integrity.
“We want to integrate blockchain into our regulatory system to enhance efficiency and transparency,” Agama said. “My vision is to have all necessary market data secured on blockchain, allowing for seamless operations and full traceability. This will ensure that any irregularities can be quickly identified and addressed.”
Beyond its impact on financial markets, Agama believes blockchain adoption will leave a lasting legacy at SEC, ensuring the commission remains at the forefront of technological advancement. He urged SEC staff to embrace continuous learning, as regulatory effectiveness depends on deep industry knowledge.
Eric Wragge, Global Head of Business Development at Algorand Foundation, affirmed the organization’s commitment to democratizing blockchain technology. “Blockchain is a free, open technology that can be utilized by anyone,” Wragge stated. “Our goal is to help institutions worldwide harness its potential, and Nigeria’s SEC is well-positioned to lead this transformation in Africa.”
With SEC’s strategic focus on blockchain integration, Nigeria’s capital market could see enhanced transparency, improved investor trust, and greater efficiency in the coming years.
