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The Securities and Exchange Commission (SEC) has partnered with blockchain analytics firm Chainalysis to enhance its ability to detect and combat cryptocurrency-related fraud, signalling a stronger regulatory push in Nigeria’s digital asset market.
Speaking at a joint webinar on Monday themed “Combating Scams with Blockchain Intelligence,” SEC Director-General Dr. Emomotimi Agama said transparency in crypto transactions must underpin the country’s enforcement framework.
“If fraudulent practices are already rising at this pace, what will the future hold if we do nothing?” Agama asked. “Without coordination and collaboration, we risk enabling a dangerous future.”
The SEC plans to leverage blockchain’s immutable ledgers to trace illicit transactions, identify wallet clusters, and track fund flows across major networks like Bitcoin and Ethereum. Agama emphasised the need for deep data analysis to uncover connections between seemingly separate transactions.
Chainalysis’ 2025 Crypto Crime Report underscores the urgency: illicit crypto addresses received $178 billion globally over the past five years, peaking at $54.3 billion in 2022, with $40.9 billion recorded in 2024.
Agama also highlighted the Investment and Securities Act (ISA) 2025 as a landmark reform that provides legal clarity for digital assets in Nigeria. The new law enables greater domestic and international cooperation without stifling innovation.
“With all the tools available, we must brace for the challenges ahead,” he said. “Our goal should be to stop these crimes at the source.”
The collaboration with Chainalysis is expected to bolster investor protection, strengthen market integrity, and position Nigeria as a regional leader in regulated digital finance.
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