Dr. Emomotimi Agama, Director General of the Securities and Exchange Commission (SEC), has emphasized that integrating blockchain technology will enhance efficiency and strengthen the regulation of the capital market.
Speaking during a meeting with a delegation from the Algorand Foundation at the SEC headquarters in Abuja, Agama highlighted the transformative potential of blockchain, particularly in addressing financial exclusion, transparency issues, and inefficiencies in both the public and private sectors across Africa. He explained that blockchain, as a digital ledger technology, securely records and verifies transactions across a decentralized network, ensuring transparency and trust.
Agama noted that the SEC is committed to aligning with international best practices by collaborating with global regulatory bodies like the International Organization of Securities Commissions (IOSCO). This approach, he said, ensures that Nigeria’s regulatory framework remains adaptable, fosters investor confidence, and enables seamless cross-border collaboration.
To harness these innovations responsibly, the SEC has introduced initiatives such as the Accelerated Regulatory Incubation Program (ARIP) and the Regulatory Incubation (RI) Program. These programs provide a controlled environment for digital asset firms to test new models, products, and services while ensuring regulatory compliance.
“We aim to leverage blockchain for efficiency and market regulation. My vision is to have all necessary information stored securely on the blockchain, allowing us to work seamlessly with complete traceability. Any irregularities can be detected and addressed instantly. We plan to extend this technology to application reviews, ensuring transparency and accountability in the process,” Agama stated.
He further explained that blockchain structures data into blocks linked in a chronological chain, making information immutable and tamper-proof once recorded.
Speaking at the meeting, Eric Wragge, Global Head of Business Development at the Algorand Foundation, reaffirmed the organization’s commitment to democratizing blockchain technology. He emphasized that blockchain is accessible to all and can be used freely to enhance operational efficiency.
“It’s an honor to be here. Our goal is to introduce blockchain technology and demonstrate how it can support your work. We travel worldwide to identify potential use cases and assist organizations in implementing it effectively,” Wragge said.