Director General of the Securities and Exchange Commission, Dr. Emomotimi Agama has said the deployment of blockchain technology will improve efficiency and aid the regulation of the capital market.
Agama stated this during a session with a delegation from Algorand Foundation, at the commission’s headquarters in Abuja.
Agama said in Africa, where there are significant issues such as financial exclusion, lack of transparency, and inefficiencies in public and private sectors, blockchain presents an opportunity to build a future where the challenges can be addressed as blockchain is a digital ledger technology that securely records and verifies transactions across a network of computers.
He said the commission is consistently aligning with international best practices by collaborating with global regulatory bodies such as the International Organization of Securities Commissions (IOSCO), adding that this ensures that the commission’s regulatory framework remains robust, adaptive, and aligns with global standards, enabling cross-border collaboration and fostering investor confidence.
The DG claimed that SEC has introduced several measures to ensure that these innovations are harnessed responsibly: Accelerated Regulatory Incubation Program (ARIP) and Regulatory Incubation (RI) Program: The ARIP and RI Program were designed to on-board firms operating in the digital asset space and provide a controlled environment to test new models, products, and services.
“We want to activate the blockchain in our efficiency; we want to be able to use it to regulate our market. My dream is to have all of the information we need to do our work in a block chain. We want to bring technology into our system for effectiveness where we can work seamlessly and everything that we do will be traceable.
“So wherever there is a toxin in the block chain we will find it and deal with it. We will extend it to the point where review of applications will be done on the block chain so whoever drops the ball will be seen. Each transaction is grouped into a block, and these blocks are linked together in a chronological chain. This structure ensures that once information is added to the blockchain, it cannot be altered or deleted, providing a transparent and tamper-proof record, “ he stated at the meeting.
In his remarks, Global head of business development Algorand Foundation, Eric Wragge said the team is in Nigeria to democratise technology and assist interested organisations and businesses take advantage of the numerous benefits of implementing blockchain technology in their operations.
“It is an honour to be here. We are here to tell you what block chain is all about and how it can help your work. We are here to democratise the technology, it’s free to use, anybody can use it. Our job is to go round the world, discover where the technology can be used and help people implement,” he stated.
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