Nigeria’s digital finance ecosystem recorded about $96bn in cryptocurrency and virtual asset transactions, according to the Director-General of the Securities and Exchange Commission of Nigeria, Emomotimi Agama.
Speaking at a stakeholders’ engagement organised by the Federal Ministry of Finance Nigeria in Abuja, Agama said the scale of activity highlights the need for stronger regulatory oversight of the sector.
He noted that the enactment of the Investment and Securities Act 2025 has strengthened the commission’s authority to regulate digital assets and emerging financial technologies.
Agama added that the capital market approved about ₦3.68 trillion in new issues in 2024, while total market capitalisation rose significantly from ₦55 trillion to about ₦127 trillion.
He also said the commission has intensified efforts to protect investors, issuing over 90 advisories against fraudulent schemes and working with the Nigeria Police Force to tackle Ponzi operations.
The SEC boss advised Nigerians to verify investment platforms before committing funds, warning against offers promising unrealistic returns.
Meanwhile, officials from the Finance Ministry said challenges such as fluctuating oil prices, lower-than-expected production, and rising debt obligations have affected budget performance, prompting closer monitoring of government revenue and spending.
