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The Director General of the Securities and Exchange Commission (SEC), Dr. Emomotimi Agama, has stressed the importance of deploying blockchain technology to enhance efficiency and regulate the capital market. He made this statement during a meeting with a delegation from the Algorand Foundation at the Commission’s headquarters in Abuja.

According to Agama, blockchain technology is a decentralised system that boosts trust and security by allowing multiple parties to verify and validate transactions independently, eliminating the need for a central authority.

The SEC is committed to aligning with international best practices by collaborating with global regulatory bodies like the International Organisation of Securities Commissions (IOSCO). This ensures the commission’s regulatory framework remains robust, adaptive, and aligned with global standards, facilitating cross-border collaboration and fostering investor confidence.

Agama emphasised the significance of embracing blockchain technology in Africa, saying, “In this era of technological innovation, the question is not whether Africa will adopt blockchain, but how it will shape its adoption to maximise its benefits for all the people.

He further expressed his vision for the SEC, stating, “We want to activate the blockchain in our efficiency; we want to be able to use it to regulate our market. My dream is to have all of the information we need to do our work on a blockchain. We want to bring technology into our system for effectiveness where we can work seamlessly and everything that we do will be traceable.”

Agama also highlighted the benefits of blockchain technology, saying, “So wherever there is a toxin in the blockchain, we will find it and deal with it. We will extend it to the point where review of applications will be done on the blockchain, so whoever drops the ball will be seen.” He explained that each transaction is grouped into a block, and these blocks are linked together in a chronological chain, providing a transparent and tamper-proof record. “This structure ensures that once information is added to the blockchain, it cannot be altered or deleted,” Agama concluded

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