SEC to track, freeze illicit digital wallets

The Securities and Exchange Commission (SEC) says it is engaging the Central Bank of Nigeria (CBN) and the Economic and Financial Crimes Commission (EFCC) to track and freeze illicit digital wallets used for money laundering and other financial crimes. The Director-General of the Commission, Dr. Emomotimi Agama, disclosed this in Abuja while addressing participants at […]

The Securities and Exchange Commission (SEC) says it is engaging the Central Bank of Nigeria (CBN) and the Economic and Financial Crimes Commission (EFCC) to track and freeze illicit digital wallets used for money laundering and other financial crimes.

The Director-General of the Commission, Dr. Emomotimi Agama, disclosed this in Abuja while addressing participants at the Abuja Journalists’ Academy during a lecture on “The Regulation of Digital Assets and Virtual Asset Service Providers in Nigeria.”

Represented by the Head External Relations Department of the SEC, Mrs. Efe Ebelo, Agama said the partnership marked a major step in protecting investors and strengthening integrity in Nigeria’s fast-growing digital finance ecosystem.

“To strengthen enforcement, the SEC is working closely with the Central Bank of Nigeria and the Economic and Financial Crimes Commission to freeze illicit digital wallets and recover criminal proceeds. Our goal is to ensure that innovation serves progress, not predation,” he said.

The SEC boss 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.

To address these challenges, the SEC 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.

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.