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
It was green for the NASD Over-the-Counter (OTC) Securities Exchange on Monday, April 20, as it recorded a 0.52 per cent appreciation.
During the session, the NASD Unlisted Security Index (NSI) added 20.31 points to close at 3,913.46 points compared with last Friday’s 3,893.15 points, and the market capitalisation went up by N12.15 billion to close at N2.341 trillion versus the previous N2.329 trillion.
Yesterday, there were five price gainers led by MRS Oil Plc, which added N19.75 to sell at N217.50 per share compared with the previous price of N197.75 per share. Central Securities Clearing System (CSCS) Plc appreciated by N1.02 to trade at N59.02 per unit versus N58.00 per unit, IPWA Plc grew by 66 Kobo to N7.27 per share from N6.61 per share, Lighthouse Financial Services Plc increased by 7 Kobo to 79 Kobo per unit from 72 Kobo per unit, and Industrial and General Insurance (IGI) Plc chalked up 3 Kobo to sell at 66 Kobo per share versus 63 Kobo per share.
Data from Monday’s trading session showed that the volume of securities traded rose by 86.4 per cent to 245,830 units from 131,870 units, but the value of securities slowed by 37.2 per cent to N11.1 million from N17.8 million, while the number of deals remained unchanged at 24 deals.
The most traded stock by value on a year-to-date basis was Great Nigeria Insurance (GNI) Plc with 3.4 billion units worth N8.4 billion, followed by CSCS Plc with 58.8 million units sold for N4.0 billion, and Okitipupa Plc with 27.8 million units transacted for N1.9 billion.
Similarly, the traded stock by volume on a year-to-date basis was GNI Plc with 3.4 billion units traded for N8.4 billion, trailed by Resourcery Plc with 1.1 billion units valued at N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units exchanged for N1.2 billion.
By Adedapo Adesanya
The Naira depreciated against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Monday, April 20, by N6.03 or 0.45 per cent to close at N1,349.67/$1, in contrast to the previous session’s N1,343.64/$1.
In the same vein, the local currency also fell against the Pound Sterling in the trading first session of the week by N2.39 in the official FX market to trade at N1,826.78/£1 compared with the N1,824.39/£1 it was exchanged for last Friday, but appreciated against the Euro by N1.76 to finish at N1,589.38/€1 versus N1,591.14/€1.
A look at the black market window showed that the Nigerian Naira traded flat against the US Dollar yesterday at N1,375/$1, but appreciated by N1 at the GTBank forex counter to sell at N1,354/$1 compared with the preceding session’s N1,355/$1.
The Naira is under pressure from surging international payments at the start of the week, which is expected to put further pressure on the country’s foreign reserve. The reserve is expected to decline further amid fluctuations in crude oil prices in the global commodity market.
The US Dollar is showing slight strength globally due to rising tensions between the US and Iran. Investors are moving towards safer assets like the Dollar because of uncertainty in the Middle East. The situation is tense as Iran has pulled out of talks with the US, and concerns remain about the Strait of Hormuz, an important route for global oil supply.
As for the cryptocurrency market, digital assets were largely up as markets bet on progress in cease-fire talks between Iran and the US, even as the current two-week truce nears its Wednesday deadline.
US President Donald Trump said on Monday that he is not likely to extend it, and market analysts noted that that’s the deadline markets are now trading on.
Solana (SOL) gained 2.0 per cent to sell at $85.64, Bitcoin (BTC) jumped by 1.9 per cent to $75,791.24, Ripple (XRP) increased by 1.9 per cent to $1.43, and Binance Coin (BNB) rose by 1.8 per cent to $630.76.
Further, Ethereum (ETH) improved by 1.7 per cent to $2,311.60, Cardano (ADA) soared by 1.6 per cent to $0.2490, and Dogecoin (DOGE) expanded by 1.3 per cent to $0.0954, while TRON (TRX) depreciated by 0.9 per cent to $0.3286, with the US Dollar Tether (USDT) and the US Dollar Coin (USDC) unchanged at $1.00 apiece.
By Dipo Olowookere
The continued strong appetite for local stocks further strengthened the Nigerian Exchange (NGX) Limited by 0.44 per cent on Monday.
The domestic bourse remained in green territory yesterday despite a weakened activity level, which saw the trading volume and value down 24.31 per cent and 6.62 per cent, respectively, while the number of deals increased by 34.23 per cent.
According to trading data from Customs Street, investors transacted 984.0 million shares worth N50.8 billion in 76,410 deals on the first trading day of this week compared with the 1.3 billion shares valued at N54.4 billion traded in 56,923 deals last Friday.
Access Holdings returned to the top of the activity log with 91.7 million equities sold for N3.0 billion, First Holdco exchanged 70.2 million stocks worth N4.8 billion, Zenith Bank traded 54.9 million shares valued at N7.0 billion, Lasaco Assurance transacted 53.8 million equities worth N107.5 million, and UBA recorded a turnover of 52.6 million stocks valued at N2.7 billion.
Business Post reports that investor sentiment was weak on Monday despite the positive outcome, as there were 27 appreciating stocks and 46 depreciating stocks, implying a negative market breadth index.
Bargain-hunting in NAHCO, which went up by 10.00 per cent to N242.00, and others ensured that the NGX remained in green territory. Union Dicon also gained 10.00 per cent to trade at N18.15, Fidelity Bank improved by 9.98 per cent to N22.05, Trans-Nationwide Express expanded by 9.92 per cent to N6.65, and Access Holdings rose by 9.87 per cent to N32.85.
On the flip side, Living Trust Mortgage Bank lost 10.00 per cent to quote at N3.69, Stanbic IBTC also declined by 10.00 per cent to finish at N169.70, Transcorp Power gave up 9.97 per cent to close at N272.70, Abbey Mortgage Bank crashed by 9.88 per cent to N7.30, and Guinea Insurance dropped 8.80 per cent to settle at N1.14.
It was observed that all the major sectors of the market were bullish yesterday, with the banking index growing by 2.56 per cent. The energy space appreciated by 0.75 per cent, the consumer goods counter improved by 0.38 per cent, and the industrial goods sector gained 0.35 per cent, while the insurance segment closed flat.
At the close of business, the market capitalisation went up by N609 billion to N140.436 trillion from N139.827 trillion, and the market capitalisation soared by 946.27 points to 218,113.84 points from 217,167.57 points.
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