Nigeria's SEC and Quidax team on digital asset education
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The exclusive two-day event, held at the prestigious Capital Club in Victoria Island, Lagos, convened representatives from commercial banks, asset management firms, pension fund administrators, and securities traders. Some of the participants at the event were from Zenith Bank, ARM, Investment One, FBNQuest, Interswitch, Ecobank, Africa Prudential, Meristem, Wema Bank, Capitafield, Sterling Bank, and several other companies.
Driving Adoption Through Education and Regulation
Speaking at the event, Abdulrasheed Dan Abu, Head of FinTech and Innovation at the Securities and Exchange Commission, underscored the programme's significance. He stated that the initiative reflects the commission's statutory responsibility not only to regulate the capital market but also to actively develop it.
Dan Abu emphasized the integral role of traditional financial institutions in the growth of the digital asset ecosystem. 'The banks hold fiat currency. If they don't understand what is going on, it creates a disconnect in the value chain. The more banks that understand digital assets, the better the playing field for users,' he explained.
This educational series builds on a series of significant regulatory milestones in Nigeria's digital finance space. On 29 March 2025, President Bola Tinubu signed into law the Investments and Securities Act (ISA) 2025, which formally classifies cryptocurrencies and other virtual assets as securities, thereby placing them under the SEC's purview. Prior to this, in June 2024, the commission issued rules for Virtual Asset Service Providers, providing crucial regulatory backing to exchanges and other entities operating in the space.
Quidax's Pan-African Mission and the Importance of Collaboration
Buchi Okoro, Co-founder and Chief Executive Officer of Quidax, highlighted the event's core purpose: supporting adoption by educating both beginners and advanced participants within the financial industry. 'Adoption starts with education. This session caters to people at different knowledge levels, from total beginners to those who have conducted blockchain pilots,' he said.
Okoro reiterated Quidax's ambitious Pan-African mission, noting that the exchange already operates in nine countries and plans to expand to all 54 African nations. 'We're solving African problems for Africans, and this event partnership with the SEC helps us do that within regulatory guardrails,' he added.
Industry Leaders Endorse the Initiative
The event garnered strong support from other key industry players, reinforcing the collaborative spirit essential for digital asset integration.
Pascal Maguire, Sales Director for Africa at Fireblocks, stressed the need for such forums: 'We need more finance and payments experts and decision makers to attend such forums as this enables them to see that they have trusted partners in firms like Quidax, Fireblocks, and the SEC who can both educate them and guide them on their adoption and innovation journey.'
Ajibade Laolu Adewale, Chairman of the Committee of E-Business Heads in Nigerian Banks and Chief Partnership Officer at Wema Bank, a panelist at the event, highlighted the pressing need for digital assets due to inefficiencies in traditional banking. 'Today, moving money internationally still takes days and depends on informal channels. With blockchain, you can transfer value instantly and securely,' he stated.
Attendees also expressed their positive reception. Sunday Joseph Olaniyan, Head of E-Business at Sun Trust Bank, remarked, 'Events like these bring such awareness even closer to us as institutions here in Nigeria and presents us with the opportunity to not be left out of this wave of change. People like myself who have been aware of digital assets are now even more sensitized to the global trend and I sure do not want to be left behind at all.'
Adding to the sentiment, Bukola James-Cole, Director of Capital Market at Africa Prudential PLC, spoke about the natural evolution of money. She emphasized, 'Whether we like it or not it will happen so the earlier we start getting educated about digital assets the better for the industry.'
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