The Director-General of the Securities and Exchange Commission (SEC), Dr Emomotimi Agama, has identified blockchain technology as a key tool for improving efficiency and strengthening market regulation.
Speaking during a session with a delegation from the Algorand Foundation at the SEC headquarters in Abuja, yesterday, Agama stated that blockchain’s decentralised structure enhances trust, security, and transparency, which are factors critical to addressing the financial exclusion and inefficiencies in Africa’s capital markets.
According to Agama, the SEC is committed to adopting global best practices, working closely with international regulatory bodies such as the International Organisation of Securities Commissions (IOSCO) to ensure a strong and adaptive regulatory framework.
The commission has introduced initiatives like the Accelerated Regulatory Incubation Programme (ARIP) and Regulatory Incubation (RI) Programme, which provide a structured environment for digital asset firms to test and refine their models.
He noted that recent approvals granted to two digital asset exchanges and five participating firms demonstrate the SEC’s dedication to fostering innovation while maintaining robust consumer protections. “The question is not whether Africa will adopt blockchain, but how we shape its adoption to maximise benefits for all,” Agama said.
He added that integrating blockchain into market regulation would enhance efficiency, ensure seamless operations, and create a traceable, tamper-proof system for market oversight.
Agama also underscored the need for SEC staff to upskill in blockchain technology to stay ahead in the evolving financial landscape.
Corroborating this vision, Global Head of Business Development at Algorand Foundation, Eric Wragge reaffirmed the organisation’s commitment to assisting Nigerian institutions harness blockchain’s potential for greater transparency and operational efficiency.
Wragge stressed Algorand’s mission to democratise blockchain by educating organisations and facilitating its adoption worldwide.
“We are here to show you what blockchain is all about and how it can enhance your work. Our goal is to identify opportunities for its application and support institutions in implementing it effectively,” he stated.
