Nigeria’s blockchain community is optimistic about the appointment of Emomotimi Agama as the new Director-General of the Securities and Exchange Commission (SEC). Agama, the former managing director of the Nigerian Capital Market Institute (NCMI), brings a pro-crypto background to the position, which is seen as a significant advantage for the local crypto industry.
President Bola Ahmed Tinubu appointed Agama with the aim of regulating the capital market, boosting investor confidence, and promoting economic development. Local crypto stakeholders have expressed their opinions on the appointment, with Nathaniel Luz, CEO of Flincap, an over-the-counter crypto exchange, expressing excitement and optimism. Luz believes that the new SEC Chair’s favorable views on crypto will bring positive changes to the sector. He also hopes that the new chair will work closely with startups to simplify the licensing process for crypto platforms in Nigeria.
This year, the Nigerian government started issuing licenses for crypto organizations, and Luz emphasizes the importance of helping crypto startups obtain these licenses to ensure compliance and operational stability for exchanges in the country. Lucky Uwakwe, chair of the Blockchain Industry Coordinating Committee of Nigeria (BICCoN) and founder of SaBi Exchange, also praises the appointment, highlighting Agama’s experience in blockchain and the capital market.
Luz emphasizes the need for the new SEC Chair to make a clear statement that cryptocurrency is not prohibited in Nigeria. The country has recently seen uncertainties and developments regarding crypto regulations, and stakeholders seek a clear declaration from the leadership to confirm the legality of crypto activities.
In February, the Nigerian government used telecommunication providers to block access to various crypto exchanges’ websites, including Binance and OctaFX, accusing Binance of illegally moving $26 billion out of the country. Binance representatives were invited to discuss the issue and two staff members were detained and charged with money laundering. One of them, Nadeem Anjarwalla, escaped custody and was later tracked down in Kenya, facing extradition.
Overall, Nigeria’s blockchain stakeholders have high hopes for the new SEC Chair and believe that his appointment will bring positive changes and support the growth of the local crypto industry.