Securities and Exchange Commission (SEC) has vowed to combat fraud, money laundering, and market manipulation in the country’s rapidly evolving cryptocurrency sector.

Emomotimi Agama, director general, SEC, who stated this during the opening of the International Organisation of Securities Commissions World Investor Week in Lagos, said, “As the aforementioned framework continues to evolve, enforcement action against illegal crypto platforms will significantly increase in severity.

“As financial products become more complex and technology-driven, from fintech innovations to cryptocurrency trading, it is critical and responsible for stakeholders to commit to equipping investors with the knowledge to navigate these markets confidently and responsibly.”

To address the unique challenges posed by the crypto landscape, he disclosed that the SEC had developed and released comprehensive frameworks aimed at regulating Virtual Asset Service Providers.

Agama emphasised that those frameworks were designed to maintain market integrity while encouraging innovation.

He noted, “Through this approach, we have created a Regulatory Incubation Programme within which new technologies and digital assets can be tested and approved for public use.”

Babajide Sanwo-Olu, governor of Lagos State, backed the SEC’s efforts, emphasising that Lagos stood at the intersection of innovation, technology, and finance.

“The emergence of digital assets and the increasing role of technology in finance present both unprecedented opportunities and challenges. We must engage thoughtfully and strategically with these developments,” he stated.

He underscored the need for comprehensive regulation, stating, “While the potential of cryptocurrencies to democratise finance is significant, we must also be mindful of the risks they introduce, particularly in areas of regulation, security, and investor protection.”

Sanwo-Olu reinforced the importance of sustainable finance, noting, “As we seek to address global challenges such as climate change and economic instability, it is clear that finance must be a force for good. Investments in responsible businesses are sound strategies for long-term value creation.”

A student of The Ambassadors’ College, Ota, Ogun State, Miss Iremide Ogunyemi, has won N2 million cash, a publishing deal worth N2 million and another N2 million to upgrade her school’s library after emerging the star prize winner of the inaugural edition of the Fidelity Bank organized Read2Lead writing competition. This was disclosed at the competition’s prize presentation event held in Lagos over the weekend.

Welcoming guests to the event, Mrs. Pamela Shodipo, the Executive Director of South Directorate, Fidelity Bank Plc, who represented Dr. Nneka Onyeali-Ikpe,OON, the bank’s Managing Director/Chief Executive Officer, said the initiative was created to unlock the creative potentials of students and help them become better positioned for successful careers.

“All over the world, young people are driving change through innovation and Nigeria is no exception. As a Bank, we believe in the transformative power of education in changing the fortunes of any nation. It is this belief that led us to organize the Read2Lead initiative. By fostering the fundamental yet crucial skill of reading and writing from a young age, we aim to empower children to face academic challenges confidently and solve life problems skillfully.

“The Read2Lead initiative, therefore, encapsulates our approach to instilling a culture of reading and writing among young people. As highlighted by the esteemed American journalist, critic, and social reformer, Margaret Fuller, “Today a reader, tomorrow a leader”; we believe that igniting our youths’ imagination early can unlock their potential and set them on a path to success”, explained Onyeali-Ikpe.

The prize presentation ceremony had in attendance the representative of the Ogun State Commissioner of Education, management staff of Fidelity Bank Plc, the top 30 students from the competition, their parents, teachers, colleagues and media personalities.

“When I started, I didn’t know I would emerge a finalist in the competition. I just decided to participate because I love writing. This was the first competition that I saw that asked for a fictional essay. As that is what I like, I decided to write. I want to thank Fidelity Bank for coming up with this initiative as it is a really good and creative competition”, disclosed an elated Miss Ogunyemi.

In a surprising twist of events, Miss Mfeheke Okoko and Miss Daniella Orji, also of The Ambassadors’ College, Ota, Ogun State, took home cash prizes for N1.5million and N1million for emerging the first and second-runners up respectively in the competition which saw students from across Nigeria compete in three phases of writing challenges.

In the first stage of the initiative, tagged, “The National Writing Showdown”, over 3,000 students were tasked with a creative writing task for a spot among the top 150 writers.

In the second stage known as “The Sweeta Writing Mastery”, the top 150 participants were given a novel to read and requested to write an alternate ending for the book for chance to join the top 30 finalists.

In the third and final stage themed, “The Author’s Workshop”, the top 30 students were enrolled in an immersive writing boot camp anchored by experienced writers and facilitators who selected the top three finalists.

Union Bank of Nigeria, in continuation of its on-going efforts to improve the standard of Nigerian education, has partnered with Nigeria Breweries, makers of Maltina malt drink, as the official financial sponsor of the 10th-anniversary edition of the Maltina Teacher of the Year Award.

The bank is supporting this year’s anniversary edition, themed ‘A decade of inspiring excellence in teaching’, as part of its corporate strategy and vision to improve three core aspects of education in Nigeria: improving access, improving quality, and optimising learning outcomes through cross-industry partnerships.

Union Bank, an advocate dedicated to ensuring the bright educational future of Nigerian youngsters, wants to succeed in this noble endeavour by achieving its objectives by leveraging the United Nations Sustainable Development Goals (SDGs), notably SDG 4—Quality Education.

This dedication has led to the Bank developing its own unique educational assistance platform, Edu360. The Edu360 program is an initiative targeted at facilitating much needed investments in the educational sector through capacity building for teachers while developing collaborations between parents and educators regarding child development and curriculum.

According to Nigerian Breweries, the Maltina Teacher of the Year Award, which is in its tenth run since its launch in 2015, is an initiative aimed at recognising and celebrating exceptional teachers whose performances have impacted and positively improved the academic growth of students in Nigeria.

Speaking on the Bank’s support towards the 10th Anniversary of the Teacher of the Year Award Ceremony, Union Bank’s Chief Brand and Marketing Officer, Olufunmilola Aluko said “Union Bank is delighted to partner with a laudable initiative like the Maltina Teacher of the Year that seeks to spotlight and acknowledge incredible educators who have positively shaped the minds of Nigerian students.

“This collaboration closely aligns with the bank’s overall aim of improving the standard of education within the country while also ensuring there’s equal access to every child, male or female, seeking to acquire life-changing knowledge that will benefit not only themselves and their immediate family but also the wider society”.

Union Bank remains steadfast in its commitment to promoting education, viewing it not only as a Sustainable Development Goal but also as a value-adding enterprise within its chain of business interventions.

They firmly believe in investing in Nigeria’s future and recognise the strategic importance of quality education in the nation’s development.