The Director-General of the Securities and Exchange Commission (SEC), Emomotimi Agama, has stated that the recent approval-in-principle granted to two cryptocurrency exchanges will significantly boost youth engagement in Nigeria’s capital market.
According to Agama, the approvals given to Busha Digital Limited and Quidax Technologies Limited align with President Bola Tinubu’s commitment to engaging the country’s youth population.
The SEC DG stated:
“A lot of young Nigerians are involved in digital assets. It is essential to include them in the capital market rather than exclude them. We are ensuring that proper regulations are in place to protect investors and encourage participation.
The idea behind the Regulatory Incubation Programme is to observe and evaluate these companies in real-time. By doing so, we can understand the risks they pose, not only to investors but also to the broader financial system. It is important that they meet the necessary regulatory guidelines before full approval is granted.
We don’t want to stifle innovation. However, we must regulate these platforms to ensure they contribute positively to our economy without causing chaos. The SEC’s primary responsibility is to protect investors and promote market development.
In addition to encouraging youth participation, the SEC’s approval of digital exchanges is expected to build greater confidence in Nigeria’s capital market, which has struggled to attract younger investors. The regulatory incubation will allow the SEC to guide these exchanges and ensure they operate in line with international best practices.”
