Economy
SEC, CBN, EFCC to Track, Freeze Illicit Digital Wallets
By Aduragbemi Omiyale
The Securities and Exchange Commission (SEC) has taken a significant step to ensure the digital asset space in Nigeria is clean and not used for money laundering.
The agency has collaborated with the Economic and Financial Crimes Commission (EFCC) and the Central Bank of Nigeria (CBN) to track and freeze digital wallets used for money laundering and other financial crimes.
“To strengthen enforcement, the SEC is working closely with the CBN and the EFCC to freeze illicit digital wallets and recover criminal proceeds.
“Our goal is to ensure that innovation serves progress, not predation,” the Director General of SEC, Mr Emomotimi Agama, said at the Abuja Journalists Academy.
In his address during a lecture on The Regulation of Digital Assets and Virtual Asset Service Providers in Nigeria, the capital market expert, represented by the Head External Relations Department of SEC, Mrs Efe Ebelo, said the partnership marked a major step in protecting investors and strengthening integrity in Nigeria’s fast-growing digital finance ecosystem.
He noted that Nigeria ranks among the world’s top adopters of digital assets, with more than one-third of the population involved in crypto-related activities, pointing out that it reflects the creativity of Nigerian youth, the spread of mobile technology, and the drive for financial inclusion.
However, he warned that the rapid growth of digital assets has also opened opportunities for abuse, listing common threats such as crypto scams, fake wallet applications, phishing attacks, and ransomware schemes, which have defrauded many unsuspecting citizens.
“Without strong regulation, innovation can quickly become vulnerability,” he cautioned, adding, “Regulation is not about restriction; it is about building trust and ensuring that innovation strengthens our economy rather than weakens it.”
To address these challenges, the agency has established a detailed regulatory framework for Virtual Asset Service Providers (VASPs) under its 2022 Rules on the Issuance, Offering, and Custody of Digital Assets.
The framework rests on three pillars of licensing, compliance and transparency.
Mr Agama said these measures were part of the Commission’s broader commitment to build a transparent and trustworthy digital asset market that protects investors and discourages criminal activities.
Beyond issuing regulations, he said the SEC is also deploying modern technology to monitor transactions in the digital space, saying the commission now uses blockchain analytics tools and artificial intelligence (AI) to trace transactions, detect fraud, and improve cybersecurity.
“We are leveraging blockchain analytics, AI, and advanced monitoring systems to strengthen our supervisory capacity,” he explained. “This will help us respond faster to suspicious transactions and protect market integrity.”
He added that the organisation’s partnership with the CBN and the EFCC would enhance coordination between financial regulators and law enforcement agencies, allowing them to act swiftly against cross-border financial crimes.
The SEC chief also placed Nigeria’s regulatory approach within a global context. He said the FATF, through its Recommendation 15, now requires all VASPs worldwide to implement AML and CFT controls.
He cited other jurisdictions such as the European Union, with its MiCA framework, and the United States, where enforcement against unregistered exchanges has intensified.
“The message globally is clear- digital finance must be as transparent, accountable, and investor-friendly as traditional finance,” the SEC DG stated.
According to Agama, the SEC is committed to maintaining a regulatory balance that supports innovation while safeguarding the financial system from abuse.
“If regulators clamp down too hard, innovation migrates offshore; if they regulate too softly, risks multiply,” he noted. “Our task is to find the right balance, one that encourages creativity while protecting Nigerians from exploitation.”
He stressed that digital assets were no longer a fringe concept but a structural pillar of modern finance, reshaping markets and redefining trust, ownership, and value exchange globally.
Mr Agama concluded by reaffirming the SEC’s commitment to building a digital finance ecosystem grounded in ethics and transparency.
“The future of finance is digital, but its foundation must remain ethical, transparent, and trustworthy,” he said. “Trust is the ultimate currency, and as regulators, our highest duty is to preserve it.”
He urged Nigerian innovators, fintech firms, and investors to embrace responsible innovation, assuring them that the SEC’s goal is to create a secure environment that promotes financial inclusion, investor protection, and national development.
By Adedapo Adesanya
The Nigeria Customs Service (NCS) is seeking a reduction in import duty exemptions, which rose to N34 trillion, limiting its ability to increase its revenue generation threshold.
The Comptroller-General of the Customs Service, Mr Adewale Adeniyi, disclosed that the value of import duty exemption certificate approvals increased to that level in 2025, describing the policy as one of the major factors restricting its revenue generation.
At an investigative session of the Senate Committee on Finance with revenue-generating agencies in Abuja on Monday, Mr Adeniyi explained that government fiscal policies have continued to impact the revenue-generating capacity of the Customs Service, both positively and negatively.
“The NCS would have generated significantly higher revenue over the years if not for government-approved import duty waivers and other external factors affecting collections,” he said.
He added that the Import Duty Exemption Certificate scheme, introduced in March 2020, accounted for about N34 trillion in approvals in 2025, with nearly 60 per cent covering duty-free importation of military hardware due to Nigeria’s prevailing security challenges.
Other government-backed duty waivers, he noted, covered the importation of Compressed Natural Gas (CNG), electric and hybrid vehicles, healthcare equipment and medical supplies, industrial machinery and manufacturing inputs, as well as food import intervention programmes.
While acknowledging the impact of the waivers on Customs revenue, Mr Adeniyi argued that fiscal policy should not be assessed solely on the basis of revenue generation but also on its broader economic and social objectives.
He, however, urged the federal government to establish stronger monitoring mechanisms to ensure beneficiaries of duty waivers deliver the intended economic outcomes, including lower consumer prices, increased local production and improved healthcare access.
The committee also expressed displeasure over the absence of several heads of government agencies invited to the hearing, including the Nigerian Civil Aviation Authority (NCAA), Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), Industrial Training Fund (ITF), and the Federal Medical Centre (FMC), Jabi.
The Chairman of the Senate Committee on Finance, Mr Sani Musa, warned that the affected chief executives must appear at the committee’s next sitting or face severe sanctions under the Senate’s rules.
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By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange rose by 0.40 per cent on Monday, July 13, buoyed by buying interest in 11 Plc, Central Securities Clearing System (CSCS) Plc and UBN Property Plc, which offset the profit-taking in Food Concepts Plc, the parent company of Chicken Republic.
11 Plc gained N20.69 to end at N227.64 per share compared with last Friday’s price of N206.95 per share, CSCS Plc grew by N1.83 to N91.48 per unit from N89.65 per unit, and UBN Property Plc added 1 Kobo to sell at N1.81 per share versus N1.80 per share.
On the flip side, Food Concepts Plc depreciated by 24 Kobo to close at N2.45 per unit, in contrast to the preceding session’s N2.69 per unit.
As a result, the market capitalisation increased by N9.2 billion to N2.587 trillion from N2.578 trillion, and the NASD Security Index (NSI) improved by 15.33 points to 4,311.67 points from 4,296.34 points.
Yesterday, the volume of securities traded by investors surged by 615.9 per cent to 9.1 million units from the previous 1.3 million units, and the value of securities rose by 997.1 per cent to N320.4 million from the preceding session’s N29.2 million, while the number of deals decreased by 12.5 per cent to 28 deals from last Friday’s 32 deals.
At the close of trades, Great Nigeria Insurance (GNI) Plc remained the most active stock by value on a year-to-date basis, with 3.4 billion units valued at N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units worth N6.5 billion, and CSCS Plc with 73.9 million units exchanged for N5.2 billion.
GNI Plc also closed the session as the most traded stock by volume on a year-to-date basis, with 3.4 billion units sold for N8.4 billion, followed by Infracredit Plc with 2.3 billion units traded for N6.5 billion, and Resourcery Plc with 1.1 billion units transacted for N415.7 million.
