SEC’s NCMI Compliance Summit: A Bold Step Towards Enhancing Nigeria’s Capital Market

SEC’s NCMI Compliance Summit: A Bold Step Towards Enhancing Nigeria’s Capital Market

In a remarkable demonstration of leadership by the Director General of the SEC, Dr. Emomotimi Agama, and his team, the Securities and Exchange Commission (SEC) of Nigeria is set to host the National Capital Market Institute (NCMI) Compliance Summit on the 21st and 22nd of October. The summit, aimed at capital market operators, is a strategic initiative by the SEC to foster education, enhance compliance, and strengthen Nigeria’s financial system. By including the digital assets sector, following the issuance of provisional licenses, the event showcases the SEC’s forward-thinking approach in positioning Nigeria as a compliant and competitive player on the global stage.

One of the summit’s key focus areas will be the fight against money laundering and terrorist financing (ML/TF) within the ECOWAS region. This is of particular significance as Nigeria continues its efforts to remove itself from the Financial Action Task Force (FATF) grey list. Buno Nduka, former Director of Evaluation and Compliance at the Intergovernmental Action Group against Money Laundering in West Africa (GIABA), will lead discussions on GIABA’s role in establishing frameworks to combat ML/TF and enhance cross-border cooperation within the ECOWAS region. These initiatives underscore the importance of a regional approach in tackling financial crimes, reinforcing the SEC’s commitment to global standards.

In another vital session, experts will explore the implications of the new FATF standards on Virtual Asset Service Providers (VASPs), a rapidly growing sector within the capital market. With anti-money laundering (AML) and counter-terrorism financing (CFT) regulations at the forefront, stakeholders will be equipped with the tools needed to navigate the evolving regulatory landscape. “The digital assets market is a dynamic and fast-paced environment. This summit is a crucial step towards ensuring that Nigeria stays ahead in regulatory compliance,” said Mr. Obinna Iwuno, President of the Stakeholders in Blockchain Association of Nigeria (SiBAN) and panelist.

The SEC’s leadership is receiving praise for incorporating the digital assets sector into its regulatory fold. Dr. Pattison Boleigha, President of Compliance Institute, Nigeria, applauded the initiative, stating, “Dr. Emomotimi Agama is a thoroughbred and highly professional regulatory supervisor. His depth of professional knowledge and remarkable ability to be fair and firm is unparalleled. Once he focuses on an objective, it will be accomplished. He is the epitome of honesty and integrity.”

A significant highlight of the summit will be the dialogue on tax implications for digital assets, featuring key figures such as Zacch Adedeji, Executive Chairman of the Federal Inland Revenue Service (FIRS). This session is expected to clarify tax complexities and provide guidance on the regulatory uncertainties surrounding the digital assets market. As digital assets like cryptocurrencies, NFTs, and decentralised finance (DeFi) become more prevalent, understanding their tax implications is crucial for market operators and businesses alike.

In line with these discussions, another session will focus on conducting self-assessments for FATF compliance standards. This segment will guide organisations on how to evaluate their own AML/CFT systems, helping to identify gaps and areas for improvement. It is a timely intervention, particularly for capital market operators seeking to avoid penalties and maintain reputational integrity. The importance of FATF compliance cannot be overstated, especially as Nigeria works to restore confidence in its financial systems internationally.

Commenting on the SEC’s efforts, Mr. Olaniyi Atose, KoinKoin’s CEO, mentioned, “Dr. Emomotimi Agama, SEC Director-General, is revolutionising Nigeria’s financial landscape through innovative compliance and digital asset initiatives. His leadership promotes investor protection, financial inclusion, and economic growth. We at KoinKoin commend his vision and commitment to harnessing digital assets for Nigeria’s prosperity.”

Mr. Oluwasegun, Chief Bitcoin Officer of Botmeqash Limited (Botmecash™️), said, “The SEC is making impressive progress in a clear direction. Genuine results arise when tasks are completed accurately and punctually; observe how novice Bitcoin startups evolve into successful enterprises under the VASP regulation led by Dr. Timi Agama and his team.”

CEO of SEC Licensed VASP Quidax, Mr. Buchi Okoro, commented, “I commend the SEC for its leadership in organising the NCMI Compliance Summit. Including Virtual Asset Service Providers (VASPs) in these critical discussions is a significant step toward fostering transparency and security in Nigeria’s financial ecosystem. The focus on aligning with FATF standards ensures that the digital asset industry grows responsibly while protecting against risks like money laundering. At Quidax, we remain fully committed to upholding compliance standards and working closely with regulators to ensure the growth of a safe, secure, and innovative digital economy in Nigeria.”

COO of SEC Licensed VASP Busha, Moyo Sodipo, added, “Busha is proud to participate alongside other esteemed capital market operators in this very timely summit, discussing Nigeria’s efforts towards compliance with FATF expectations. The SEC has made tremendous progress formalising the digital assets industry, and as regulated stakeholders, Busha is fully committed to supporting the government’s efforts to sanitise the space and expand participation in a safe and compliant environment that meets globally accepted standards.”

Mr. Oluwaseun Dania, CEO of Crello Ltd., remarked, “The SEC leadership’s commitment to educating and assisting operators in achieving compliance is praiseworthy. This summit represents an essential step in our mission to align Nigeria’s financial system with global standards.”

By fostering a collaborative approach to regulatory challenges, the SEC aims to build trust between regulators and market operators, ensuring a stable and compliant capital market. The summit’s emphasis on regional cooperation, compliance, and market integrity is a testament to the SEC’s unwavering commitment to positioning Nigeria as a global leader in the financial space.

As Nigeria continues its journey toward full FATF compliance, the NCMI Compliance Summit represents an essential step in the nation’s quest to be removed from the grey list. With a robust agenda and participation from key stakeholders across the financial spectrum, the SEC is sending a clear message: Nigeria is ready to lead the charge in compliance, innovation, and market stability.