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.” 

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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

NNPC reduces petrol price to N965/litre in Abuja

NNPC Limited has reduced the pump price of petrol at its retail outlets in Abuja to N965 per litre, down from N1,030 per litre.

Visits to NNPC retail outlets in the Central Area and Nyanya suburb of the nation’s capital confirmed that the new rates are now in effect.

This marks the second price cut by the national oil company within two weeks, following a reduction from N1,060 to N1,030 per litre, as competition with Dangote Refinery’s products intensified.

Motorists have welcomed the price adjustment, expressing hope for further reductions.

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Mr. Adamu Shuaibu, a commercial driver operating on the Nyanya-Zuba route, said: “I noticed the new price yesterday. The government is trying, but they should do more. The price should return to N530 per litre so that the cost of other goods can decrease too.”

Similarly, Mr. Taofeek Adetunji, a private car owner, commended the development, linking it to ongoing economic reforms by President Bola Tinubu.

“When the President promised his reforms would yield results, many doubted him. But now you can see it. We are optimistic that prices will keep dropping. Petrol is vital to the economy, and this reduction will soon reflect in the cost of goods and services.”

Both drivers urged the Federal Government to sustain efforts to make petrol more affordable.

NNPC reduces petrol price to N965/litre in Abuja

Lagos to get new rolling stock for blue, red rail lines in 2025

The Lagos State government is set to receive new rolling stock to bolster train operations on the Red and Blue Line corridors in 2025.

Engr. Mrs. Abimbola Akinajo, Managing Director of the Lagos Metropolitan Area Transport Authority (LAMATA), outlined these plans, along with the agency’s season’s greetings to Lagosians, in a video clip.

The video, posted on the Authority’s X (formerly Twitter) page, also highlighted her plans for new buses to join the regulated fleet operated under LAMATA to better serve the transport needs of Lagos residents.

“In 2025, we promise to serve you better. New buses will join our regulated fleet. New railing stock are expected to join our train operations,” Akinajo stated.

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The Managing Director of LAMATA also revealed that the Lagos State government, under Governor Babajide Sanwo-Olu, is working towards the realization of the Lagos Rail Mass Transit (LRMT) Green and Purple Lines.

The LRMT Green Line is a proposed 68km metro rail project that will span from the Lekki Free Zone to Marina, while the Purple Line is planned to connect Redemption Camp to Ojo, near Lagos State University (LASU).

Other plans she outlined for next year include exploring ways to reduce emissions through the use of eco-friendly fuels and improving the payment system for Lagos State’s regulated transport services.

Lagos to get new rolling stock for blue, red rail lines in 2025