Nigeria SEC confirms 33% population active in crypto, unveils new rules to combat ₦1 trillion Ponzi scheme losses.
The Securities and Exchange Commission (SEC) Nigeria has confirmed that over one-third of the country’s 220 million citizens actively use digital assets, cementing Nigeria’s place as the world’s second-largest crypto market after India.
“This is not a fad. The statistics don’t lie,” said SEC Director General Dr. Emomotimi Agama, stressing that most users are under 30.
While adoption surges, SEC revealed Nigerians have already lost more than ₦1 trillion ($625 million) to Ponzi schemes and fraudulent projects.
To restore trust, the regulator is enforcing the 2025 Investment and Securities Act, which licenses service providers, enforces customer protection, and mandates transparency. SEC is also partnering with the Central Bank, EFCC, and security agencies to strengthen oversight.
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