Business

Some crypto applicants may be disqualified – Nigeria’s SEC

Published

1 year ago

December 24, 2024

Some crypto applicants may be disqualified – Nigeria’s SEC

The Director-General of the Securities and Exchange Commission (SEC), Dr. Emotimi Agama, has hinted that some crypto companies, that have applied to be registered by the Commission may not meet the requirements to get its approval.

Agama stated this at a meeting with applicants under its Regulatory Incubation (RI) and Accelerated Regulatory Incubation Programme (ARIP) its two regulatory windows for crypto players in Nigeria.

Nairametrics recalls that two crypto exchanges, Quidax and Busha were recently granted an approval-in-principle by the SEC to operate as legally recognised exchanges in Nigeria under its ARIP program.

At the time, the Commission also noted that there were several other applications under consideration.

While admitting that it would be difficult to assure that all the applicants would be registered, Agama at the meeting said:

“Certainly, not all of them will meet the requirements. The commission will keep providing clarity to some knotty areas to assist in the process.”

SEC committed to transparency

Agama at the meeting assured stakeholders in the crypto space of the SEC’s commitment to ensure transparency and integrity in crypto regulation, adding that the commission had provided a level playing field to all applicants.

Agama noted that SEC understood the anxiety and the need to be regulated, but being careful, even in its desire to be inclusive.
He said that the process of registration was very technical because registration was the hallmark of regulation.

“Registration goes beyond onboarding and registering, it requires monitoring, education, and surveillance, and all of these are continuous,” he said.

Agama stressed the importance of stakeholders’ input, adding that rules would be amended to include all valid points to make it an all-inclusive document.

Nigeria’s role in the crypto space

Emphasizing that the country is ready to lead crypto regulation, the SEC DG said:

“We are trying to ensure that at the end of the day, as a country we will stand out in the regulation of this space.

“Beyond any doubt, this space is the future and for us as Nigerians, we have embraced it.”

The SEC DG noted that the commission was not slow in its processes, but must be sure everything was in order to enable fairness in any pronouncements made.

“In the coming year, we will move faster in delivery and announcements, having learnt from this process. A new law has been passed and it is in the process of obtaining Presidential assent,” he said.

According to him, the law is replete with all of the ingredients legally required to properly regulate this space and give guidance to operators.

“All of these are efforts by the SEC to be as friendly as possible, protect the interest of the ecosystem and the interest of investors,” he said.

Some crypto applicants may be disqualified – Nigeria’s SEC

Business

Bottles of Death: SWAN rallies media to combat ₦472bn illicit alcohol crisis

Published

30 minutes ago

March 31, 2026

Trends Admin

Bottles of Death: SWAN rallies media to combat ₦472bn illicit alcohol crisis

The fight against Nigeria’s surging illicit alcohol trade took centre stage recently as Mr. Tony Okwoju, Director-General of the Spirits and Wine Association of Nigeria (SWAN), called on the media to help dismantle a criminal industry that is quite literally killing its customers.

Speaking at a Brand Journalists Association of Nigeria (BJAN) roundtable, Okwoju highlighted a grim reality: counterfeiters are no longer just cutting corners on quality; they are substituting ethanol with methanol—a toxic industrial chemical that causes permanent blindness, organ failure, and death.

The economic toll is equally devastating. Citing data from a Deloitte report, Okwoju revealed that Nigeria hemorrhages an estimated ₦472 billion annually to illicit trade.

This underground economy now commands a staggering 40% of the total market share, effectively starving the government of tax revenue and threatening billions of naira in legitimate private sector investments.

The SWAN boss described this as a “tripartite threat” that undermines public health, national security, and economic stability all at once.

One of the most insidious tactics used by these criminal syndicates, according to him, involves scavenging high-end bars and dumpsters for empty, branded glass bottles.

These authentic containers are then refilled with cheap, poisonous mixtures and resealed to look like the real thing.

To combat this, Okwoju noted that major manufacturers have been forced to adopt expensive countermeasures, including deploying specialized teams to nightclubs to retrieve and crush their own empty bottles.

By destroying the packaging, the industry hopes to starve counterfeiters of the primary tools they need to deceive the public.

Looking ahead, SWAN is preparing for a high-stakes stakeholder workshop scheduled for April 22, 2026.

The forum is designed to bring enforcement agencies and government regulators under one roof to forge a unified front against the counterfeiters.

Okwoju emphasized that without more stringent enforcement and a massive boost in public awareness, these dangerous commercial hubs will continue to thrive at the expense of Nigerian lives.

Supporting the call for action, BJAN Chairman Daniel Obi emphasized the media’s commitment to promoting responsibility within the beverage industry.

He noted that through collaborative storytelling and accurate reporting, journalists can amplify the dangers of illicit consumption and help protect consumers.

As the April stakeholder forum approaches, the message from the industry is clear: the era of silence regarding counterfeit spirits is over, as the cost of the trade is now being measured in both lost billions and lost lives.

Auto

Lagos NURTW Chairman Sego Distributes Exotic Cars, Luxury Items to Cabinet Members (Video)

Published

2 hours ago

March 31, 2026

Trends Admin

Lagos NURTW Chairman Sego Distributes Exotic Cars, Luxury Items to Cabinet Members (Video)

The Chairman of the Lagos State chapter of the National Union of Road Transport Workers (NURTW), popularly known as Sego, has distributed exotic cars, luxury items, and other valuables to members of his cabinet.

The development, which took place on Tuesday, drew attention across Lagos as beneficiaries reportedly received high-end vehicles and other expensive gifts as part of what insiders described as a reward and appreciation gesture.

Lagos NURTW Chairman Sego Distributes Exotic Cars, Luxury Items to Cabinet Members (Video)

Business

Naira Slides to ₦1,415 per Dollar in Parallel Market as Official Rate Weakens

Published

6 hours ago

March 31, 2026

Trends Admin

Naira Slides to ₦1,415 per Dollar in Parallel Market as Official Rate Weakens

The Nigerian Naira continued its downward trend yesterday, trading at ₦1,415 per US dollar in the parallel (black) market, up from ₦1,405 per dollar last Friday. This latest depreciation underscores ongoing pressure on the currency amid high demand for foreign exchange and limited supply.

Data from the Central Bank of Nigeria (CBN) showed that the naira also weakened in the Nigerian Foreign Exchange Market (NFEM), trading at ₦1,386.75 per dollar, a drop from ₦1,384.25 recorded last week. This reflects a modest ₦2.50 decline at the official window.