In a major step to strengthen oversight over Nigeria’s fast-growing digital finance ecosystem, the Securities and Exchange Commission (SEC) has disclosed that it is collaborating with the Central Bank of Nigeria (CBN) and the Economic and Financial Crimes Commission (EFCC) to track and freeze illicit digital wallets linked to money laundering, crypto scams, and other financial crimes.
The Director-General of the SEC, Emomotimi Agama, disclosed this in Abuja at the 2025 edition of the SEC Journalists’ Academy with the theme “The ISA 2025 and the Future of Nigeria’s Capital Market: Innovation, Protection, and Growth.”
Agama, represented by the Head, External Relations Department, Efe Ebelo, said the partnership would enhance enforcement and investor protection in the digital asset space.
“To strengthen enforcement, the SEC is working closely with the Central Bank of Nigeria and the Economic and Financial Crimes Commission to freeze illicit digital wallets and recover criminal proceeds. Our goal is to ensure that innovation serves progress, not predation,” he stated.
He noted that Nigeria ranks among the world’s top adopters of digital assets, with more than one-third of its population engaged in crypto-related activities, a development driven by youth creativity, high mobile connectivity, and a strong desire for financial inclusion.
