The Director General of the Securities and Exchange Commission (SEC), Dr. Emomotimi Agama, has once again reiterated his support for blockchain technology, outlining the critical needs required to make it a success in the African market.
Agama was speaking when paid a visit with a delegation from the Algorand Foundation at the SEC headquarters in Abuja.
According to Agama, Africa faces major challenges, including financial exclusion, lack of transparency, and inefficiencies in both public and private sectors can be resolved by blockchain technology.
Additionally, the SEC Director General stated that the commission is committed to aligning with international best practices by working closely with global regulatory organizations like the International Organization of Securities Commissions (IOSCO).
He emphasized that such collaborations help ensure the commission’s regulatory framework stays strong, adaptable, and in line with global standards. This not only facilitates cross-border cooperation but also strengthens investor confidence.
“We want to activate the blockchain in our efficiency; we want to be able to use it to regulate our market. My dream is to have all of the information we need to do our work in a blockchain. We want to bring technology into our system for effectiveness where we can work seamlessly and everything that we do will be traceable.
So wherever there is a toxin in the blockchain we will find it and deal with it. We will extend it to the point where a review of applications will be done on the blockchain so whoever drops the ball will be seen. Each transaction is grouped into a block, and these blocks are linked together in a chronological chain. This structure ensures that once information is added to the blockchain, it cannot be altered or deleted, providing a transparent and tamper-proof record.
We want to leave a legacy that each one of us will be proud of when we leave this Commission. But in getting that to happen, we must all be educated enough to drive that course,” Agama said.
The Director General, who has spearheaded crypto regulation in the West African country, also said that the Commission cannot afford to lag behind in technological advancements.
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This, he noted, is why it is essential to collaborate with the Algorand Foundation to assess the Commission’s needs and explore the potential applications and benefits of blockchain technology.
“It is very interesting that we have this opportunity to do this for our organization, this is a knowledge-based institution and I am leading from the front. All our staff must begin to retool themselves because as regulators, we have to be on top of our game.
As we begin our steps in moving the commission forward together, the foundation of everything that we do requires deep knowledge and understanding, without knowledge, we cannot get it done. No matter what I say, without you all being part of that train we cannot get the work done.
There is no way I can do everyone’s job; we all have to be equipped to regulate this market,” he added.
Mr. Eric Wragge, Global Head of Business Development at the Algorand Foundation, said that the team’s visit to Nigeria aims to make technology more accessible and support interested organizations and businesses in leveraging the wide-ranging benefits of integrating blockchain technology into their operations.
“It is an honour to be here. We are here to tell you what blockchain is all about and how it can help your work. We are here to democratize the technology, it’s free to use, and anybody can use it. Our job is to go round the world, discover where the technology can be used and help people implement it,” he stated.
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