The president of Nigeria has appointed a new chair for the Securities and Exchange Commission (SEC) with a mandate to oversee the capital market, bolster investor confidence, and foster economic growth.
The appointment of Emomotimi Agama, former managing director of the Nigerian Capital Market Institute (NCMI), to lead the SEC has garnered positive attention from the blockchain community in Nigeria. Agama’s background in supporting crypto initiatives is viewed as a promising sign for the local crypto industry.
President Bola Ahmed Tinubu’s decision to appoint Agama reflects a strategic move to regulate the capital market effectively and promote a supportive environment for economic development.
Nathaniel Luz, CEO of Flincap, an over-the-counter crypto exchange, praised the decision, expecting that Agama’s stance on crypto will bring about favorable changes in the sector. Luz emphasizes the importance of streamlining the licensing process for crypto startups, which will facilitate compliance and operational stability for exchanges operating in Nigeria.
Similarly, Lucky Uwakwe, chair of the Blockchain Industry Coordinating Committee of Nigeria (BICCoN) and founder of SaBi Exchange, commended the appointment, citing Agama’s extensive experience in both blockchain and the capital market.
Stakeholders are urging the new SEC chair to clarify the legal status of cryptocurrency in Nigeria. Given recent regulatory uncertainties and actions by the government, such as restricting access to crypto exchange websites and alleged platforms of illegal activities, there is a pressing need for clear guidance from regulatory authorities.
In a notable incident, Nigerian officials detained and charged two employees of Binance, a major crypto exchange, with money laundering committed. The unfolding events underscore the urgency for regulatory clarity and cooperation between the government and the crypto industry.
As Nigeria navigates its regulatory landscape, the appointment of Agama signals a commitment to embrace innovation while ensuring responsible oversight of the crypto sector.
