• Hausa Edition
  • Podcast
  • Conferences
  • LeVogue Magazine
  • Business News
  • Print Advert Rates
  • Online Advert Rates
  • Contact Us
Tuesday, August 5, 2025
Leadership Newspapers
Read in Hausa
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
Leadership Newspapers
No Result
View All Result

West Africa Emerging As Global Hotspot For Virtual Asset Adoption – SEC

by Olushola Bello
19 hours ago
in Business
Emomotimi Agama

Emomotimi Agama

Share on WhatsAppShare on FacebookShare on XTelegram

The director-general of the Securities and Exchange Commission (SEC), Dr. Emomotimi Agama, has said that West Africa, with its vibrant and youthful population, has become a global hotspot for virtual asset adoption.

Advertisement

Speaking at the West Africa Compliance Summit organised by GIABA in Praia, Cape Verde, Agama urged regulators across the sub-region to deploy Regulatory Technology (RegTech) and Supervisory Technology (SupTech) solutions to strengthen monitoring, detection, and reporting of suspicious activities.

He said those regulatory technologies were essential, given the explosive growth in virtual asset adoption across the region.

The summit’s theme was ‘Adapting and Thriving in a Complex and Evolving Compliance Landscape’.

Speaking on the growth of virtual assets in West Africa, he said, “Over $20 billion in remittances flowed into West Africa in 2024, yet traditional channels charged up to 10 per cent in fees. Cryptocurrencies, particularly stablecoins like USDT and USDC, now offer faster, cheaper alternatives.

RELATED

Mixed Performance On Equities Expected This Week

Earnings Optimism Triggers N4.32trn Equities Gain In 5 Days

17 hours ago
Cadbury Nigeria Records N55bn Revenue In 2022

Cadbury Nigeria Records N14.54bn Pre-tax Profit In H1

17 hours ago

 

“In Nigeria alone, crypto transactions exceeded $56 billion last year. The naira’s volatility, Ghana’s cedi depreciation, and forex shortages have pushed citizens toward “crypto-dollarisation.”

 

He added that, “young professionals increasingly demand salaries in stablecoins, and businesses use platforms like Binance Pay for cross-border trade. With over 60 per cent of West Africa’s population under 25, mobile-first crypto solutions thrive. Today, Nigeria ranks as the third-largest crypto adopter globally, after India and Vietnam.”

The SEC Nigeria DG, however, warned that the growth has also attracted predators, stressing that high-profile scandals have wiped out millions in investor funds.

“DeFi ‘rug pulls’ continue to defraud unsuspecting users. GIABA reported $2.1 billion in suspicious crypto-linked transactions in West Africa in 2024, with terror groups exploiting privacy coins to evade detection.

“Artificial crashes, unregistered exchanges absconding with funds, and inadequate oversight have resulted in billions in losses. Regulation, therefore, is not optional but an imperative,” he stated.

Speaking on the Nigerian environment, Agama said, the journey has been one of hard lessons and eventual clarity, saying “in 2021, the Central Bank banned banks from servicing crypto firms, pushing activity underground. In 2022, the SEC classified crypto as securities but lacked sufficient enforcement.

 

“The Investment and Securities Act 2025 fundamentally changed the landscape. Cryptocurrencies, stablecoins, utility tokens, and NFTs are now formally recognised digital assets as seen in Section 355(4) and the Second Schedule, Part I of the Investments and Securities Act (ISA) 2025, which states that Investments include: Virtual assets, digital assets, and other distributed ledger technology (DLT) offers, tokens and products. The SEC must license exchanges, wallets, and DeFi platforms.”

 

He said the West African subregion can draw many lessons from the Nigerian experience because financial crimes know no borders.

 

“We must harmonise our regulatory frameworks, share intelligence, and adopt best practices to close loopholes exploited by bad actors. A trader banned in Nigeria simply relocates to Ghana. ECOWAS must adopt a Unified VASP Licensing System.

“Nigeria intends to deploy AI surveillance tools for blockchain analytics to trace illicit activity. While we encourage innovation, we must ensure that emerging technologies like cryptocurrencies and digital assets operate within a framework that safeguards market integrity and protects consumers,” he pointed out.


We’ve got the edge. Get real-time reports, breaking scoops, and exclusive angles delivered straight to your phone. Don’t settle for stale news. Join LEADERSHIP NEWS on WhatsApp for 24/7 updates →

Join Our WhatsApp Channel




Tags: Emomotimi AgamaSecurities and Exchange Commission (SEC)
SendShareTweetShare
Previous Post

Stop Purchasing Stolen Rail Equipment, NRC MD Warns Metal Companies

Next Post

Agency Intensifies Tree Planting To Fight Desertification In Yobe

Olushola Bello

Olushola Bello

You May Like

Mixed Performance On Equities Expected This Week
Business

Earnings Optimism Triggers N4.32trn Equities Gain In 5 Days

2025/08/04
Cadbury Nigeria Records N55bn Revenue In 2022
Business

Cadbury Nigeria Records N14.54bn Pre-tax Profit In H1

2025/08/04
MTN Allots Incentive Shares, As Trading Opens With N4bn Loss
Business

MTNN Posts N414.9bn Profit After Tax In H1

2025/08/04
ASSBIFI Link Forex Rise On Unpatriotism Of Nigerians
Business

Despite Optimism, Forex Inflow Declines By 20.9% In July

2025/08/04
JUST-IN: Inflation In Nigeria Rises Further To 21.91%
Business

Easing Inflation, Currency Stability Prompted IMF’s Nigeria Growth Upgrade – Analysts

2025/08/04
West Africa Emerging As Global Hotspot For Virtual Asset Adoption – SEC
Business

Consumers To Access N100m Mortgage Loans In FCMB

2025/08/04
Leadership Conference advertisement

LATEST

Campaigns For 2027 Totally Illegal, Diversionary — Falana

Trump Knocks India Over Russian Oil Trade, Vows Higher Tariff

2027: No Party Can Win Oyo Aside PDP — Makinde

‘Tinubu’s Harsh Economic Policies Have Erased Nigeria’s Middle Class’, Says Falana

Trade, Investment Flourish As UAE-Nigeria Relations Strengthened

Flooding: Borno Needs Modern Drainages, Not Overhead Bridges, Chinedumuije Tells Zulum

Lagos Gov’t Allays Fears As Flood Sacks Residents After Rainfall

WAFCON: Aiyedatiwa Gives Super Falcons’ Tosin Demehin N30m, House

Gov Sani Effects Minor Cabinet Reshuffle In Kaduna

JUST-IN: Tinubu Rewards D’Tigress With OON Honours, $100k Each, Houses

© 2025 Leadership Media Group - All Rights Reserved.

No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us

© 2025 Leadership Media Group - All Rights Reserved.