Nigeria is warning West Africa about rising crypto crime as $2.1 billion in shady transactions shake investor confidence.
Nigeria’s Securities and Exchange Commission (SEC) has raised alarm after a report revealed $2.1 billion in suspicious cryptocurrency transactions across West Africa in 2024.
Speaking at the West Africa Compliance Summit in Cape Verde, SEC Director-General Emomotimi Agama highlighted key concerns:
✓ DeFi rug pulls, fake market crashes, and unregistered crypto exchanges are costing investors millions.
✓ Terrorist groups are using privacy coins to hide illicit transactions.
✓ Regulatory loopholes are being exploited—criminals banned in one country simply move to another, like from Nigeria to Ghana.
To fight back, Agama called on ECOWAS nations to:
✓ Create a Unified VASP Licensing System
✓ Improve blockchain monitoring with AI tools
✓ Enforce stricter compliance and transparency checks
He also announced:
✓ A Ponzi scheme awareness campaign in cities like Lagos and Abuja
✓ A crackdown after the CBEX fraud, which falsely claimed ties to the China Beijing Equity Exchange and cost Nigerians ₦1.3 trillion ($840M)
Agama concluded, “We must harmonize regulations, share intelligence, and adopt global best practices to block crypto crime in West Africa.”
Nigeria Flags $2.1B in Suspicious Crypto Deals Across West Africa
