Nigeria's President Appoints New SEC Chair to Oversee Capital Market and Boost Crypto Confidence

Nigeria's blockchain community is optimistic about the appointment of Emomotimi Agama, former managing director of the Nigerian Capital Market Institute (NCMI), as the new Chair of the Securities and Exchange Commission (SEC). Agama's background in cryptocurrency is seen as a positive development for the local crypto industry.

President Bola Ahmed Tinubu's decision to appoint Agama aims to regulate the capital market, instill trust among investors, and foster economic growth. In discussions with Cointelegraph, Nigerian crypto stakeholders shared their views on the appointment.

Nathaniel Luz, CEO of Flincap, an over-the-counter crypto exchange, expressed enthusiasm, anticipating positive changes in the crypto sector under Agama's leadership. Luz emphasized the importance of streamlining licensing procedures for crypto startups to ensure compliance and stability.

Likewise, Lucky Uwakwe, chair of the Blockchain Industry Coordinating Committee of Nigeria (BICCoN) and founder of SaBi Exchange, praised the appointment, citing Agama's extensive experience in blockchain and the capital market.

Stakeholders are eager for Agama's administration to affirm the legality of cryptocurrency in Nigeria, particularly amid recent regulatory uncertainties. Luz emphasized the need for clarity to demonstrate the benefits of the crypto industry and signal Nigeria's openness to crypto business.

In February, Nigerian authorities used telecommunication providers to block access to the websites of various crypto exchanges, alleging illegal fund transfers by Binance. Following this, two Binance staff members were detained and charged with money laundering offenses after meeting with Nigerian officials.