SEC Boss Declares Nigeria Open for Regulated Stablecoin Operations
Dr. Emomotimi Agama, the Director-General of the Securities and Exchange Commission (SEC), has declared Nigeria’s readiness to accommodate stablecoin operations that align with established regulations.
He made this known during his keynote address at the Nigeria Stablecoin Summit held in Lagos on Thursday, an event organised by the Africa Stablecoin Network.
Speaking on the theme “Building a Regulatory Framework for Stablecoin Innovation: The Nigerian Perspective,” Agama emphasised that crafting guidelines for stablecoins is a necessary step toward national progress.
“When the history books document Africa’s financial revolution, today will be remembered as the moment we moved from potential to action,” he said.
“I stand before you as both a regulator and an advocate for responsible innovation. My message today is clear: Nigeria is open for stablecoin business, but on terms that protect our markets and empower Nigerians.”
Dr. Agama described stablecoins as a key driver in Nigeria’s dynamic and fast-changing digital financial space, citing growing adoption among local freelancers, merchants, and businesses looking to shield themselves from currency volatility, particularly in light of the naira’s instability. This shift, he noted, has led to a sharp rise in the use of dollar-backed digital assets.
While acknowledging how different countries approach stablecoin regulation, Agama insisted that Africa must adopt frameworks tailored to its realities.
“However, Africa needs African solutions, regulatory frameworks that reflect our market conditions, demographic realities, and development priorities,” he said.
He noted that Nigeria’s recently signed Investment and Securities Act (ISA 2025) plays a central role in this evolving framework. The act includes updated clauses designed to cover digital assets, offering the legal backing necessary to oversee stablecoin operations in the country.
Addressing apprehensions that regulation might limit innovation, Agama dismissed those fears with evidence of progress.
“Are we stifling innovation? The evidence says no. Our regulatory sandbox attracts interest from local and international startups.”
He added that some of these startups are already working on stablecoin-based applications under regulatory observation, ensuring they follow risk management protocols.
Looking ahead, Agama painted a hopeful picture of Nigeria’s future as a major player in the global digital finance ecosystem.
“Five years from today, I want to see a Nigerian stablecoin powering cross-border trade from Dakar to Dar es Salaam.
“I want to see global capital flowing into Lagos as the stablecoin hub of the global South. This is not just finance. This is nation-building.”
Meanwhile, Mr. Nathaniel Luz, President of the Africa Stablecoin Network, applauded the Nigerian government for fostering an environment that embraces stablecoin technology.
“This move is a significant step toward fostering a thriving and regulated digital asset ecosystem across Africa. The conference is the first of its kind in Africa, and its goal is to bring together players and regulators for a brighter and more regulated space.
“We thank the government for the friendly regulation. Nigeria stands to benefit a lot from stablecoin as an emerging market.”
