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The Director-General of the Securities and Exchange Commission, Emomotimi Agama, has expressed concern over the growing number of suspicious cryptocurrency transactions in West Africa. According to Agama, the Inter-Governmental Action Group against Money Laundering in West Africa reported $2.1 billion in such transactions across the region in 2024.
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Speaking at the West Africa Compliance Summit in Praia, Cape Verde, Agama noted that the rapid adoption of virtual assets has attracted malicious actors. “DeFi ‘rug pulls’ continue to defraud unsuspecting users,” he said. “GIABA reported $2.1 billion in suspicious crypto-linked transactions in West Africa in 2024, with terror groups exploiting privacy coins to evade detection.”
Agama highlighted the need for regional cooperation to close loopholes exploited by criminals. “We must harmonise our regulatory frameworks, share intelligence, and adopt best practices to close loopholes exploited by bad actors,” he emphasised. “A trader banned in Nigeria simply relocates to Ghana. ECOWAS must adopt a unified VASP licensing system.”
The SEC is intensifying efforts to monitor activities in the digital asset space, including plans to deploy AI surveillance tools for blockchain analytics to trace illicit activity and ensure consumer protection. Agama also disclosed that the SEC has launched a Ponzi awareness campaign following the collapse of the CBEX scheme, which defrauded many investors. The campaign has already been conducted in Abuja and Lagos, with plans to extend to other states
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Jonathan Nwokpor
