Nigerian SEC Partners With Police To Tackle Crypto Ponzi Schemes – Details

The Nigerian Securities and Change Fee (SEC) is sustaining an intense give attention to the native cryptocurrency trade, as indicated by latest developments. Whereas introducing minimal capital necessities for beforehand unregulated digital asset service suppliers (VASPs), the securities regulator has additionally shaped an alliance with the Nigeria Police Pressure (NPF) towards cryptocurrency fraud, amongst different unlawful operations.

Nigerian SEC Seems to be To Enhance Crypto Buyers’ Safety

In line with native media Voice of Nigeria, the SEC is ramping up efforts geared toward investor safety and clear market operations within the crypto ecosystem. In a latest assembly with the NPF, the Fee’s Director-Basic (DG), Dr. Emomotimi Agama, communicated to the Inspector Basic of Police (IGP), Kayode Egbetokun, considerations over malicious actors within the monetary markets who exploit traders’ belief for private beneficial properties. 

Dr. Agama stated:

They cloak their deceit within the glamorous however misunderstood language of cryptocurrency and foreign currency trading. They aim the susceptible, the optimistic, and the merely unsuspecting, abandoning a path of shattered lives, depleted pensions, and damaged belief. This isn’t only a monetary crime; it’s a social menace that erodes public confidence in our whole monetary system.

At present, there’s a hole, a seam between identification and enforcement that these scammers exploit. At present, we intention to shut that hole completely.

Specifically, the SEC DG is proposing the formation of a specialised SEC-NPF staff with members who deliver understanding of the monetary rules and operations and the tactical intelligence to curb these funding frauds and defend the Nigerian our on-line world. The IGP authorized the collaboration request whereas additionally stating a powerful dedication to assist the SEC obtain its goals.

Crypto Fraud In Nigeria

Notably, Nigerians have been victims of a number of cryptocurrency funding scams prior to now few years. Probably the most outstanding of those is the Crypto Bridge Change (CBEX) platform, which crashed in April 2025, shedding over N1.3 trillion ($916 million) in consumer funds. 

The Nigerian SEC is strongly dedicated to decreasing such menace as proven by the latest collaboration with the NPF alongside different measures similar to a revised minimal capital necessities for VASPs and a printed record of all recognized fraudulent crypto and monetary funding companies. 

Notably, Nigeria stays one of many fastest-growing crypto hubs globally. In line with information from TripleA, roughly 10.34% of Nigeria’s inhabitants, i.e., 22 million individuals, maintain one digital asset or the opposite, due to this fact indicating the necessity for an efficient regulatory oversight and safety system. 

Featured picture from Oriental Information Nigeria, chart from Tradingview

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