Blockchain: A Game Changer for Market Regulation – SEC DG Agama

Director General, Securities and Exchange Commission, Dr. Emomotimi Agama (2nd r); Global Head of Business Development, Algorand Foundation, Eric Wragge (m); Director of Social Impact, Algorand foundation, Matt Keller (r) Executive Commissioner, Operations SEC, Bola Ajomale (2nd l) and County Director Head, Nigeria, Algorand foundation, Ben Onuoha during the Nigeria blockchain partnership for real world impact with SEC in Abuja yesterday.

Blockchain technology is poised to revolutionize Nigeria’s capital market, enhancing efficiency, transparency, and regulatory oversight. The Director General of the Securities and Exchange Commission (SEC), Dr. Emomotimi Agama, underscored this during a strategic meeting with a delegation from the Algorand Foundation at the Commission’s headquarters in Abuja.

Reflecting on the regulatory landscape, Agama emphasized that blockchain’s decentralized nature offers a trust-based system where transactions are independently verified without a central authority. This, he noted, is particularly relevant for Africa, where financial exclusion, lack of transparency, and inefficiencies persist. Blockchain’s potential to securely record and verify transactions could address these gaps, fostering a more inclusive and accountable market.

Agama’s vision is clear: a regulatory framework where every transaction is seamlessly tracked and recorded on a blockchain, ensuring real-time oversight. “We want to integrate blockchain into our regulatory processes to enhance market efficiency. My dream is to have all the information we need on a blockchain, ensuring that every action is traceable. If there’s a flaw in the system, we will find it and address it immediately,” he stated.

To achieve this, SEC has implemented forward-thinking initiatives such as the Accelerated Regulatory Incubation Program (ARIP) and the Regulatory Incubation (RI) Program. These programs provide a controlled environment for digital asset firms to test new models, products, and services while maintaining strong consumer protections. The recent approval-in-principle granted to two digital asset exchanges and five firms participating in these initiatives underscores SEC’s commitment to responsible innovation.

However, Agama recognizes that successful implementation of blockchain-driven regulation requires deep institutional knowledge. “This is a knowledge-based institution, and as regulators, we must be ahead of the curve. Every member of the SEC team must retool and embrace technological advancements to effectively regulate this evolving market,” he affirmed.

The engagement with the Algorand Foundation marks a pivotal moment in SEC’s transformation journey. Global Head of Business Development at Algorand, Mr. Eric Wragge, highlighted blockchain’s accessibility and its potential to democratize technology. “Blockchain is free to use, and its benefits are immense. Our mission is to help organizations integrate it into their operations seamlessly,” he noted.

As SEC continues to explore blockchain’s regulatory applications, Agama’s leadership signals a bold step toward a future where transparency, accountability, and efficiency define Nigeria’s capital market. The question is no longer whether Africa will adopt blockchain, but how effectively it will harness its potential to shape a more resilient financial ecosystem.