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The Director General of the Securities and Exchange Commission (SEC), Dr. Emomotimi Agama, has reaffirmed the commission’s commitment to creating a secure and resilient digital environment aimed at bolstering investor confidence, promoting economic growth, and ensuring the integrity of Nigeria’s financial markets. He emphasized that leveraging advanced technologies like Artificial Intelligence (AI) is central to these efforts.
Speaking during his goodwill message at the Central Securities Clearing System (CSCS) Cybersecurity Conference in Abuja, themed Cybersecurity: Synergising Artificial Intelligence (AI) and Infrastructure, Agama highlighted the SEC’s dedication to using AI to protect investors and enhance market integrity.
“In today’s interconnected world, cybersecurity is no longer an isolated issue. It is fundamental to the structure of our economic and social systems,” Agama stated, stressing the growing reliance on digital platforms for personal and organizational activities. He pointed out that the COVID-19 pandemic accelerated the use of digital technologies, underscoring the need for robust cybersecurity measures to defend against escalating cyber threats.
Dr. Agama expressed concerns about the growing risks to the financial sector, noting that cyber-attacks on financial institutions often target sensitive information, potentially causing systemic disruptions that could impact the broader economy. “Cybersecurity must be regarded as a critical component of financial stability and national security,” he said.
He also underscored the role of AI in enhancing cybersecurity defenses. “AI-driven intelligence systems offer the capability to monitor vast datasets in real-time, detect anomalies, and predict potential threats with impressive speed and accuracy,” he explained. For Nigeria, where digitalization is advancing across key sectors such as finance, healthcare, and telecommunications, AI represents a key tool not only for boosting efficiency but also for securing the nation’s digital economy.
Agama noted that in the capital markets, AI-driven systems could significantly improve surveillance, fraud detection, and risk management. “At SEC Nigeria, we are actively exploring ways to integrate AI technologies to safeguard investor interests and ensure the stability of the market,” he stated. He further added that automated response mechanisms, such as patch management and incident response, could drastically reduce the time between the identification of a cyber threat and the deployment of countermeasures.
As the apex regulator of Nigeria’s capital market, the SEC is determined to implement strong cybersecurity frameworks that encourage innovation while upholding accountability. Agama stressed that while AI holds immense potential, its success hinges on a secure and adaptable digital infrastructure, warning that even the most sophisticated AI systems can be compromised without resilient infrastructure.
During the conference, CSCS Managing Director, Haruna Jalo-Waziri, also spoke on the challenges and opportunities presented by digital transformation. “The shift from the information age to the digital age has brought unprecedented advancements but also exposed us to sophisticated cyber threats,” Jalo-Waziri said. He emphasized the importance of collaboration in addressing these multifaceted risks, noting that Nigeria’s Office of the National Security Adviser (ONSA) plays a critical role in guiding national cybersecurity policies.
Jalo-Waziri urged the country to deepen its understanding of emerging cyber threats and to respond swiftly and decisively. “Cybersecurity is no longer just an IT issue; it is a national priority that directly impacts our economic stability and public trust,” he remarked, reminding participants of the enduring importance of human intelligence, judgment, and creativity even as AI tools become more prevalent.
The conference concluded with calls for continued collaboration between regulators, private institutions, and cybersecurity experts to build a safer digital landscape that supports Nigeria’s financial and economic goals.
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