Nigerian SEC Partners With Police To Tackle Crypto Ponzi Schemes – Details

bitcoinistPublicado em 2026-01-18Última atualização em 2026-01-18

Resumo

Nigerian SEC Partners With Police To Tackle Crypto Ponzi Schemes – Details The Nigerian Securities and Exchange Commission (SEC) is intensifying its focus on the local cryptocurrency industry. It has formed an alliance with the Nigeria Police Force (NPF) to combat cryptocurrency fraud and other illegal operations. SEC Director-General Dr. Emomotimi Agama, meeting with the Inspector General of Police, expressed deep concern over malicious actors exploiting investors' trust through the "glamorous but misunderstood language of cryptocurrency and forex trading." He described these actions as a social menace that erodes public confidence. To close the enforcement gap, Dr. Agama proposed creating a specialized SEC-NPF team with financial and tactical intelligence to curb investment fraud. The IGP approved the collaboration. This initiative follows significant crypto scams in Nigeria, most notably the crash of the Crypto Bridge Exchange (CBEX) in April 2025, which resulted in over $916 million in lost user funds. Alongside this new partnership, the SEC has implemented other protective measures, including revised minimum capital requirements for Virtual Asset Service Providers (VASPs) and publishing a list of identified fraudulent businesses. This regulatory push is crucial for Nigeria, a fast-growing crypto hub where approximately 22 million people hold digital assets.

The Nigerian Securities and Exchange Commission (SEC) is maintaining an intense focus on the local cryptocurrency industry, as indicated by recent developments. While introducing minimum capital requirements for previously unregulated virtual asset service providers (VASPs), the securities regulator has also formed an alliance with the Nigeria Police Force (NPF) against cryptocurrency fraud, among other illegal operations.

Nigerian SEC Looks To Improve Crypto Investors’ Protection

According to local media Voice of Nigeria, the SEC is ramping up efforts aimed at investor protection and transparent market operations in the crypto ecosystem. In a recent meeting with the NPF, the Commission’s Director-General (DG), Dr. Emomotimi Agama, communicated to the Inspector General of Police (IGP), Kayode Egbetokun, concerns over malicious actors in the financial markets who exploit investors’ trust for personal gains.

Dr. Agama said:

They cloak their deceit in the glamorous but misunderstood language of cryptocurrency and forex trading. They target the vulnerable, the optimistic, and the simply unsuspecting, leaving behind a trail of shattered lives, depleted pensions, and broken trust. This is not just a financial crime; it is a social menace that erodes public confidence in our entire financial system.

Currently, there is a gap, a seam between identification and enforcement that these scammers exploit. Today, we aim to close that gap permanently.

In particular, the SEC DG is proposing the formation of a specialized SEC-NPF team with members who bring understanding of the financial principles and operations and the tactical intelligence to curb these investment frauds and protect the Nigerian cyberspace. The IGP approved the collaboration request while also stating a strong commitment to help the SEC achieve its aims.

Crypto Fraud In Nigeria

Notably, Nigerians have been victims of several cryptocurrency investment scams in the past few years. The most prominent of these is the Crypto Bridge Exchange (CBEX) platform, which crashed in April 2025, losing over N1.3 trillion ($916 million) in user funds.

The Nigerian SEC is strongly committed to reducing such menace as shown by the recent collaboration with the NPF alongside other measures such as a revised minimum capital requirements for VASPs and a published list of all identified fraudulent crypto and financial investment businesses.

Notably, Nigeria remains one of the fastest-growing crypto hubs globally. According to data from TripleA, approximately 10.34% of Nigeria’s population, i.e., 22 million people, hold one digital asset or the other, therefore indicating the need for an effective regulatory oversight and protection system.

Total crypto market cap valued at $3.18 trillion on the daily chart | Source: TOTAL chart on Tradingview.com

Perguntas relacionadas

QWhat is the Nigerian SEC doing to combat cryptocurrency fraud according to the article?

AThe Nigerian SEC is partnering with the Nigeria Police Force (NPF) to form a specialized team, introducing minimum capital requirements for virtual asset service providers (VASPs), and publishing a list of identified fraudulent crypto and financial investment businesses.

QWho is the Director-General of the Nigerian SEC and what did he express about crypto scammers?

AThe Director-General is Dr. Emomotimi Agama. He stated that crypto scammers 'cloak their deceit in the glamorous but misunderstood language of cryptocurrency and forex trading,' targeting vulnerable people and causing significant financial and social harm.

QWhat was the name of the prominent crypto platform that crashed in Nigeria, and what was the estimated loss?

AThe prominent platform was the Crypto Bridge Exchange (CBEX). It crashed in April 2025, resulting in an estimated loss of over N1.3 trillion ($916 million) in user funds.

QWhat percentage of Nigeria's population holds digital assets, according to data from TripleA?

AAccording to data from TripleA, approximately 10.34% of Nigeria's population, which is about 22 million people, hold one digital asset or another.

QWhat was the Inspector General of Police's (IGP) response to the SEC's proposal for collaboration?

AThe Inspector General of Police, Kayode Egbetokun, approved the collaboration request and stated a strong commitment to help the SEC achieve its aims of combating investment fraud.

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