The Director General of the Securities and Exchange Commission, Emomotimi Agama, has expressed his enthusiasm for cryptocurrency, emphasizing that the Nigerian capital market is actively exploring crypto assets.
Speaking on the sidelines of the Africa Financial Industry Summit 2024 in Casablanca, Agama noted that the SEC is committed to embracing cryptocurrency innovation.
“You will first give credit to the president of Nigeria, Bola Tinubu. I have been an enthusiast of cryptocurrency. The president deemed it fit to pick me as DG of the SEC,” Agama said.
Highlighting the commission’s efforts, he stated: “We have been in the forefront, and that is why we created what we called the regulatory incubation and the accelerated regulatory incubation programme. The idea is to bring all of these cryptocurrency exchanges into a box to understand what they are doing, the mix we have in them, and the risks involved.”
Agama described the capital market as a critical barometer for Nigeria’s economy and acknowledged challenges in integrating markets and raising capital across Africa.
He emphasized the importance of listings on the Nigerian Exchange (NGX) and other African exchanges, saying, “It is the most necessary thing to developing the African economy. Getting listings on the NGX and any other exchange for that matter in Nigeria and Africa is a critical point to deal with. What we are doing at the SEC is trying to provide clarity to issues that have bedeviled the market for a long time. A major concern to deal with is regulation.”
He also mentioned that the Nigerian Senate’s passage of the Investment and Securities Act, 2024 bill, is a significant step forward for the market.
“That is a major milestone. We are hoping and believing that the House of Representatives will pass it, followed by the President’s assent. The bill is robust and copious, and it addresses everything we need to drive more listings into the Nigerian capital market.”
Agama concluded by noting improvements in market efficiency, “We have reduced the time-to-market to 14 days historically, which has significantly improved the market climate. This has supported the bank recapitalisation exercise, enabling us to raise at least N1.7trn. In total, we have raised about N3trn in the last seven months from the Nigerian capital market.”