SEC Warns Against Infractions in Capital Market

The Director General of the Securities and Exchange Commission (SEC), Dr. Emomotimi Agama, has emphasized that the Commission will enforce the law against individuals and entities that violate regulations within Nigeria’s capital market. Speaking in Abuja over the weekend, Agama reaffirmed the SEC’s commitment to protecting investors, including those involved in the cryptocurrency sector.

“We are certainly going to commence enforcement actions on anyone who wants to operate in this market and does not have the intention of being regulated,” Agama stated. He highlighted that the SEC aims to provide a safe, regulated environment for market participants, particularly as interest in the digital and crypto space continues to grow, especially among Nigerian youths.

The SEC recently granted Approval-in-Principle to two crypto exchanges, aiming to provide regulatory clarity and investor protection without stifling innovation. Agama stressed that compliance with international guidelines, including Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) requirements, is a priority for the Commission.

He also warned that the activities of crypto exchanges must be closely monitored to prevent any adverse effects on the national economy, urging all market participants to operate by the rules.

Agama further revealed that the SEC is enhancing the education and training of its staff to meet the challenges of regulating the evolving capital market, with a focus on global best practices in securities regulation.