Nigerian SEC Partners With Police To Tackle Crypto Ponzi Schemes - Details | Bitcoinist.com

Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure 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.

Related Reading: A New Bitcoin Market Regime: Spot Absorption Offsets Futures Noise## 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.

Related Reading: Mass Protests Fuel Iran’s Crypto Boom, Shattering $7.8 Billion Mark## 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.comFeatured image from Oriental News Nigeria, chart from Tradingview Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.