From Resistance to Revolution
SEC, Quidax Lead Banks into the Future of Digital Assets in Nigeria
In a strategic move to modernize Nigeria’s financial system, the Securities and Exchange Commission (SEC) and Quidax, a leading digital assets exchange, have joined forces to usher in a new era of digital asset adoption among banks and financial institutions.
The two-day event, hosted at Capital Club in Victoria Island, Lagos, brought together top executives from commercial banks, asset management firms, pension administrators, and capital market operators. It was designed as a capacity-building initiative to educate stakeholders on how to operate confidently within Nigeria’s evolving digital assets framework.
The Mission: Education Before Integration
Abdulrasheed Dan Abu, Head of FinTech and Innovation at the SEC, emphasized the Commission’s dual mandate—not just to regulate the capital market but to nurture its evolution. He noted that traditional banks must understand digital assets if they are to remain relevant and aligned with global financial shifts.
“The banks hold fiat currency. If they don’t understand what is going on, it creates a disconnect in the value chain. The more banks that understand digital assets, the better the playing field for users,” Dan Abu stated.
The programme is part of SEC’s broader strategy to integrate innovation with responsible regulation, especially since the passage of the Investments and Securities Act 2025, which officially recognizes cryptocurrencies and virtual assets as securities under its jurisdiction.
Pan-African Vision with a Local Foundation
Buchi Okoro, Co-founder and CEO of Quidax, revealed that the company is committed to solving Africa-specific problems through tailored blockchain solutions. Quidax already operates in nine African countries and has plans to expand across all 54 nations.
“Adoption starts with education. This session caters to people at different knowledge levels, from total beginners to those who have conducted blockchain pilots,” Okoro said.
By working closely with the SEC, Quidax ensures that its growth and expansion adhere to Nigeria’s emerging regulatory guardrails—a win-win for innovation and compliance.
Industry Voices: Blockchain as a Solution
Ajibade Laolu Adewale, Chairman of the Committee of E-Business Heads in Nigerian Banks and Chief Partnership Officer at Wema Bank, spoke on the urgent need for banks to embrace change:
“Today, moving money internationally still takes days and depends on informal channels. With blockchain, you can transfer value instantly and securely.”
His comment highlights how blockchain could eliminate inefficiencies in traditional banking systems, making transactions faster and more secure.
Another voice at the event, Sunday Olaniyan, Head of E-Business at SunTrust Bank, echoed a shift in perception:
“There used to be this orientation that digital assets were not welcome in Nigeria. But that has clearly changed… We don’t want to be left behind.”
He underscored that education-driven initiatives like this are vital in demystifying digital assets and positioning banks to take full advantage of the evolving global financial system.
Regulatory Milestones Fueling Momentum
Nigeria has made significant strides in the digital finance space over the last 18 months:
• March 29, 2025: President Tinubu signed the Investments and Securities Act, giving legal status to cryptocurrencies and virtual assets.
• ⚖️ June 2024: The SEC released formal rules for Virtual Asset Service Providers (VASPs)—paving the way for licensed operations and investor protection.
These milestones have created a regulatory foundation that supports innovation while protecting the financial ecosystem from potential risks.
The Big Picture: Building Nigeria’s Digital Finance Future
This initiative marks a turning point in Nigeria’s digital finance journey. By bringing banks into the conversation, the SEC and Quidax are not only fostering industry alignment but also future-proofing the financial system.
Banks and financial professionals are beginning to see digital assets not as threats, but as tools for transformation. With education as the entry point and regulation as the backbone, Nigeria is taking bold steps toward embracing blockchain-based finance in a way that is safe, inclusive, and forward-thinking.
SEC, Quidax Lead Banks into the Future of Digital Assets in Nigeria
In a strategic move to modernize Nigeria’s financial system, the Securities and Exchange Commission (SEC) and Quidax, a leading digital assets exchange, have joined forces to usher in a new era of digital asset adoption among banks and financial institutions.
The two-day event, hosted at Capital Club in Victoria Island, Lagos, brought together top executives from commercial banks, asset management firms, pension administrators, and capital market operators. It was designed as a capacity-building initiative to educate stakeholders on how to operate confidently within Nigeria’s evolving digital assets framework.
The Mission: Education Before Integration
Abdulrasheed Dan Abu, Head of FinTech and Innovation at the SEC, emphasized the Commission’s dual mandate—not just to regulate the capital market but to nurture its evolution. He noted that traditional banks must understand digital assets if they are to remain relevant and aligned with global financial shifts.
“The banks hold fiat currency. If they don’t understand what is going on, it creates a disconnect in the value chain. The more banks that understand digital assets, the better the playing field for users,” Dan Abu stated.
The programme is part of SEC’s broader strategy to integrate innovation with responsible regulation, especially since the passage of the Investments and Securities Act 2025, which officially recognizes cryptocurrencies and virtual assets as securities under its jurisdiction.
Pan-African Vision with a Local Foundation
Buchi Okoro, Co-founder and CEO of Quidax, revealed that the company is committed to solving Africa-specific problems through tailored blockchain solutions. Quidax already operates in nine African countries and has plans to expand across all 54 nations.
“Adoption starts with education. This session caters to people at different knowledge levels, from total beginners to those who have conducted blockchain pilots,” Okoro said.
By working closely with the SEC, Quidax ensures that its growth and expansion adhere to Nigeria’s emerging regulatory guardrails—a win-win for innovation and compliance.
Industry Voices: Blockchain as a Solution
Ajibade Laolu Adewale, Chairman of the Committee of E-Business Heads in Nigerian Banks and Chief Partnership Officer at Wema Bank, spoke on the urgent need for banks to embrace change:
“Today, moving money internationally still takes days and depends on informal channels. With blockchain, you can transfer value instantly and securely.”
His comment highlights how blockchain could eliminate inefficiencies in traditional banking systems, making transactions faster and more secure.
Another voice at the event, Sunday Olaniyan, Head of E-Business at SunTrust Bank, echoed a shift in perception:
“There used to be this orientation that digital assets were not welcome in Nigeria. But that has clearly changed… We don’t want to be left behind.”
He underscored that education-driven initiatives like this are vital in demystifying digital assets and positioning banks to take full advantage of the evolving global financial system.
Regulatory Milestones Fueling Momentum
Nigeria has made significant strides in the digital finance space over the last 18 months:
• March 29, 2025: President Tinubu signed the Investments and Securities Act, giving legal status to cryptocurrencies and virtual assets.
• ⚖️ June 2024: The SEC released formal rules for Virtual Asset Service Providers (VASPs)—paving the way for licensed operations and investor protection.
These milestones have created a regulatory foundation that supports innovation while protecting the financial ecosystem from potential risks.
The Big Picture: Building Nigeria’s Digital Finance Future
This initiative marks a turning point in Nigeria’s digital finance journey. By bringing banks into the conversation, the SEC and Quidax are not only fostering industry alignment but also future-proofing the financial system.
Banks and financial professionals are beginning to see digital assets not as threats, but as tools for transformation. With education as the entry point and regulation as the backbone, Nigeria is taking bold steps toward embracing blockchain-based finance in a way that is safe, inclusive, and forward-thinking.