Lagos, Nigeria – SEC and Quidax Collaboration
The Securities and Exchange Commission (SEC) of Nigeria has teamed up with Quidax, a notable digital assets exchange, to provide critical educational training aimed at empowering finance professionals in navigating the complex landscape of digital assets. This exclusive, two-day event took place at the esteemed Capital Club located on Victoria Island, attracting a diverse group of representatives from prominent financial institutions like Zenith Bank, ARM, FBNQuest, and many others.
Importance of the Initiative
During the event, Abdulrasheed Dan Abu, who heads the FinTech and Innovation division at the SEC, articulated the importance of this initiative. He indicated that the event is a testament to the SEC’s dual mandate: not only to regulate the capital market but also to enhance its development. Dan Abu argued that the engagement of traditional banks is vital for the maturation of the digital asset marketplace. He noted,
“If banks are not well-versed in digital assets, it creates gaps in the value chain. Enhancing the banks’ understanding will foster a stronger environment for all stakeholders involved.”
Legislative Advancements
This educational initiative follows recent legislative advancements in Nigeria’s digital finance sector. Notably, President Bola Tinubu enacted the Investments and Securities Act (ISA) 2025 on March 29, 2025. This significant legislation categorizes cryptocurrencies and virtual assets as securities, thus falling under the SEC’s regulatory oversight. Before this, in June 2024, the SEC had already established regulations specifically for Virtual Asset Service Providers (VASPs), bolstering the legal framework for digital asset exchanges and other related entities.
Advancing Adoption through Education
In his address, Buchi Okoro, CEO and Co-founder of Quidax, underscored the event’s primary objective: to advance adoption by providing tailored educational resources suitable for both novices and experienced practitioners in the finance sector. He remarked,
“Education is the first step toward adoption. Our sessions are designed to cater to everyone, from those new to blockchain to those who have initiated pilot programs in this domain.”
Okoro emphasized Quidax’s mission to address African challenges through local solutions, announcing their operation in nine African countries with aspirations to extend their services to all 54 nations. He concluded by affirming that the partnership with the SEC facilitates this goal within established regulatory frameworks.
Industry Endorsements
The event received robust endorsements from industry stakeholders, who underscored the significance of such gatherings. Pascal Maguire from Fireblocks highlighted the necessity of these forums for decision-makers in the finance and payments sectors, stating,
“These discussions are crucial for establishing trust and partnership necessary for driving innovation in digital asset adoption.”
Ajibade Laolu Adewale, who chairs the Committee of E-Business Heads among Nigerian banks, noted the urgent necessity for digital asset integration, given traditional banking’s limitations in terms of speed and efficiency. He articulated,
“International money transfers still face delays and reliance on informal systems. Blockchain offers a way to exchange value instantly and securely.”
Feedback from Attendees
Feedback from attendees reflected enthusiasm toward the knowledge gained during the sessions. Sunday Joseph Olaniyan from Sun Trust Bank expressed,
“Events like these significantly enhance our institutional awareness and ensure we are aligned with the changes in the financial landscape regarding digital assets. I feel more informed about the global trends and readiness for the inevitable shift.”
Bukola James-Cole of Africa Prudential PLC also shared her thoughts on the evolution of money, stating,
“The shift towards digital assets is inevitable. The sooner we educate ourselves, the better positioned the industry will be.”
Quidax’s Role in the Cryptocurrency Landscape
Quidax, initiated in 2018, has quickly established itself as a convenient platform for buying, selling, storing, and transferring cryptocurrencies, thus enabling other fintechs to offer crypto services through a dedicated API. With over 70 countries served, Quidax continues to make strides in advancing the cryptocurrency landscape on the continent.
This initiative showcases the growing importance of digital assets and the collaborative efforts required to foster a robust financial ecosystem in Nigeria.
