By Chukwuma Umeorah
The Director General of the Securities and Exchange Commission (SEC), Emomotimi Agama, has emphasised that blockchain technology will improve regulatory efficiency and transparency in Nigeria’s capital market.
Speaking during a session with a delegation from Algorand Foundation at the Commission’s headquarters in Abuja recently, Agama highlighted the transformative potential of blockchain in addressing financial exclusion, lack of transparency, and inefficiencies in both public and private sectors.
“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 blockchain,” he said.
Blockchain is a decentralised system that enhances trust and security by enabling multiple parties to verify and validate transactions independently, eliminating the need for a central authority. Agama noted that the Commission was committed to aligning with global regulatory standards by collaborating with international bodies such as the International Organization of Securities Commissions (IOSCO) to ensure a robust and adaptive regulatory framework.
Agama disclosed that the SEC had introduced measures such as the Accelerated Regulatory Incubation Program (ARIP) and Regulatory Incubation (RI) Program to onboard digital asset firms and create a controlled environment for testing new models, products, and services. He added that the recent approval-in-principle granted to two digital asset exchanges and five firms under these programs underscored the SEC’s commitment to fostering innovation while ensuring consumer protection.
According to him, blockchain’s immutable structure ensures transparency and accountability. “So wherever there is a toxin in the blockchain, we will find it and deal with it. We will extend it to the point where review of applications will be done on the blockchain, so whoever drops the ball will be seen,” he stated.
Agama stressed that for the SEC to remain relevant in an evolving financial ecosystem, its staff must be well-equipped with technological knowledge. “This is a knowledge-based institution, and I am leading from the front. All our staff must begin to retool themselves because as regulators, we have to be on top of our game,” he said.
Speaking on behalf of Algorand Foundation, Eric Wragge, Global Head of Business Development, noted that the team is in Nigeria to help businesses and organizations leverage blockchain technology.
“We are here to tell you what blockchain is all about and how it can help your work. We are here to democratize the technology. It is free to use, anybody can use it,” he said.