In order to detect and freeze illegal digital wallets used for money laundering and other financial crimes, the Securities and Exchange Commission (SEC) claims to be working with the Central Bank of Nigeria (CBN) and the Economic and Financial Crimes Commission (EFCC). During a seminar on “The Regulation of Digital Assets and Virtual Asset Service Providers in Nigeria” at the Abuja Journalists’ Academy, the Commission’s Director-General, Dr. Emomotimi Agama, revealed this information.Speaking on behalf of the SEC’s Head of External Relations Department, Mrs. Efe Ebelo, Agama stated that the collaboration was a significant step toward safeguarding investors and enhancing integrity in Nigeria’s rapidly expanding digital financial sector. “The SEC is collaborating closely with the Economic and Financial Crimes Commission and the Central Bank of Nigeria to recover criminal proceeds and freeze illicit digital wallets in order to bolster enforcement.” “We want to make sure that innovation promotes advancement rather than extinction,” he stated.
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