Nigeria’s Securities and Exchange Commission has teamed up with the Central Bank and the Economic and Financial Crimes Commission to trace and freeze illicit digital wallets linked to money laundering, scams, and other cybercrimes. SEC Director-General, Mr. Emomotimi Agama, said the move aims to protect investors and restore trust in the fast-growing digital finance space.
Speaking in Abuja, Mr. Agama warned that while Nigeria ranks among the world’s leading adopters of crypto assets, the boom has fuelled fake wallets and Ponzi schemes that have cost citizens over ₦174 billion.
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He said the SEC is deploying artificial intelligence and blockchain analytics to detect fraud and enforce compliance under the 2025 Investment and Securities Act, stressing that regulation must balance innovation with investor protection.
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