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The Securities and Exchange Commission (SEC) Nigeria, in partnership with digital asset exchange Quidax, has launched an educational initiative aimed at accelerating the adoption of digital assets within the country’s financial ecosystem.
The exclusive two-day workshop, held at the Capital Club in Victoria Island, Lagos, brought together senior representatives from commercial banks, asset management companies, pension fund administrators, and securities trading firms. The programme is part of broader efforts to deepen market understanding of blockchain technologies and responsibly integrate digital assets into Nigeria’s financial architecture.
Abdulrasheed Abu, Head of FinTech and Innovation at the SEC, emphasized that the initiative aligns with the Commission’s dual mandate—to regulate and develop Nigeria’s capital markets.
“Banks remain the custodians of fiat currency. If they lack understanding of the digital asset ecosystem, it creates a disconnect in the financial value chain. Our goal is to ensure that banks and other traditional institutions are equipped to participate meaningfully,” Abu explained.
The event follows a series of landmark regulatory developments. Notably, the signing of the Investments and Securities Act (ISA) 2025 by President Bola Tinubu has formally recognized cryptocurrencies and virtual assets as securities, bringing them under SEC regulation. Additionally, in June 2024, the SEC issued operational guidelines for Virtual Asset Service Providers (VASPs), offering much-needed regulatory clarity to exchanges and related entities.
Quidax CEO and Co-founder, Buchi Okoro, underscored the importance of education in driving adoption across the financial services sector.
“Adoption begins with awareness. This workshop is tailored to meet participants at varying levels of understanding—from newcomers to institutions already exploring blockchain solutions,” Okoro said.
He noted that Quidax’s mission extends beyond Nigeria, with the exchange currently operating in nine African countries and targeting expansion across all 54.
“We’re building for Africa by Africans. Our collaboration with the SEC is proof that innovation can thrive under proper regulatory oversight,” he added.
Industry leaders at the event echoed these sentiments. Ajibade Laolu Adewale, Chairman of the Committee of E-Business Heads in Nigerian Banks and Chief Partnership Officer at Wema Bank, highlighted the structural inefficiencies in traditional finance as a key reason to embrace digital assets.
“Cross-border payments remain slow and cumbersome. Blockchain can offer speed, transparency, and cost-efficiency that legacy systems struggle to deliver,” Adewale said.
Similarly, Sunday Olaniyan, Head of E-Business at SunTrust Bank, noted the shift in regulatory posture toward digital assets in Nigeria.
“There was a time when the digital asset space lacked regulatory clarity, leading to hesitation among institutional players. But that’s changed. The financial world is evolving rapidly, and Nigeria is now moving in tandem,” he remarked.
The SEC-Quidax partnership marks a pivotal moment in Nigeria’s digital finance journey, as regulators and private-sector leaders align to foster innovation while safeguarding market integrity. The initiative is expected to catalyse more informed participation from banks and institutional players in the country’s growing digital asset sector.
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