Securities and Exchange Commission (SEC) has given cryptocurrency exchanges and digital assets traders 30 days to re-register their businesses—or risk facing enforcement actions.

This announcement is part of Nigeria’s plan to regulate digital assets trading.

The SEC said the new registration is aimed at amending its rules on digital assets issuance, offering platforms, exchanges, and custody in regards to virtual asset service providers (VASPs).

“All operating and prospective VASPs are hereby directed to visit the SEC ePortal to complete the application process no later than 30 days from the date of this circular,” the commission said in a statement on its website.

Africa’s most populous country has a thriving cryptocurrency landscape.

In 2022, it ranked 11th on the Global Crypto Adoption Index by Chainalysis.

A Central Bank of Nigeria (CBN’S) ban prohibiting banks in the country from facilitating crypto trading was in place at the time.

The country jumped to the second position on the index in 2023, despite the clampdown that lasted more than two years.

A Nigerian agency has dropped tax evasion charges it brought against Binance executives Tigran Gambaryan and Nadeem Anjarwalla, leaving the crypto exchange as the only defendant in the case.

This comes after Nigeria’s Federal Inland Revenue Service (FIRS) charged Binance and the two named execs with tax evasion in mid-March.

The Economic Financial Crimes Commission (EFCC) also charged the pair with money laundering a week later.

Then, in May, Nigeria invited the executives to the African country…

Like CBN, the SEC is skeptical of digital assets. In a June 2023 circular directed at a fraudulent company using the name of crypto exchange Binance, it said that cryptocurrencies are “extremely risky and may result in total loss of their investment.”

Its skepticism grew earlier in the year when the Nigerian authorities accused exchanges like Binance of being conduits for money laundering and influencing foreign exchange.

It recently warned against investing in DAVIDO, a meme coin promoted by Nigerian Afrobeats star Davido.

The SEC itself is pivoting towards tokenization and plans to develop a pilot program for a permissioned liquidity pool comprising tokenized bonds and deposits.

Its current push for regulation, it said, is “in line with the current realities.”

Source: decrypt.co

There is no gainsaying that having a vision and purpose, gives direction to ones hustle as well as gives flight to dreams.

To put in perspective, It helps you focus on what you want to achieve and the steps you need to take, to get you there.

Without a clear vision, you may end up going in different directions, wasting time and resources.

For a number of individuals and institutions who have passionately followed this principle, the outcome has been, that of enviable success.

Individuals and organisations who get better at what they do, all over the world have constantly shown and proven that when you go at your dream  relentlessly even when it seems daunting, eventually it all comes together.

That is consistency. It helps you gain mastery of a particular skill or set of skills. Consistency opens the door to expertise and eventual greatness.

Today, the iconic success story of UBA since coming into existence 75 years ago, typifies this and is indeed an exceptional one which is a testament to vision and sheer determination and truly deserves commendation.

Whether it’s in its  first rate customers service, passion to overall wellbeing, customer satisfaction, business growth, the ability to maintain a steady course over time from generation to generation as evidenced in the overwhelming testimonials of UBA generational customers, is one that has kept the bank constantly leap-frogging competition in bounds which is why UBA continues to enjoy enduring success.

This principle is brilliantly exemplified in what  the United Bank for Africa (UBA) PLC, a financial institution which has not only survived but thrived for 75 years stands for.

Let’s look at how UBA’s unwavering commitment to excellence has allowed it to keep getting better with age.

Adapting to Change and Innovation

UBA has stayed relevant for 75 years by embracing technological advancements. From launching the first chat banking bot in Africa, the first cash deposit ATMs in Nigeria to launching the Braille account opening form for the visually impaired, The bank has continued to balance reliability with innovation.

A Legacy of Trust

While speaking during a global press conference as part of its 75th anniversary celebration, Group Managing Director, United Bank for Africa Plc (UBA), Mr. Oliver Alawuba, said: “Since 1949, UBA has continued to support and transform businesses across Africa, especially in the critical SME space. One such transformed business is Destination Global Investment, a beverage distribution company that was able to expand its business into major distributorship, through the support of UBA”.

“This he attested to the bank’s huge contribution to the growth of businesses and the bank’s unwavering dedication to its customers (C1st Philosophy) which has made it easy to build this legacy of trust and reliability”.

Alawuba also applauded the Group Chairman of UBA Group, Mr. Tony Elumelu for his visionary leadership and tutelage without which, he said the bank’s success would have been impossible.

Also, Alawuba noted that the bank remains committed to improving and facilitating intra-Africa trade, adding that the $6 billion it pledged for that purpose would be used to finance it and as well as support from Development Finance Institutions (DFIs).

“we are committed to developing Africa. We are committed to supporting the key sectors that are pushing African economies. And it is showing even in our performances and our businesses. If you look at our accounts and performance, you will see that our performance has continued to improve, reflecting clearly what we are doing.

“We don’t just support these businesses; we support all the value-chain that are tied to these businesses so that the SMEs will continue to thrive. SMEs are the future of Africa and will continue to provide support to SME businesses,” he said.

“We are committed to expanding our presence, seizing growth opportunities, and delivering value to all stakeholders. Collaboration and partnerships as exemplified by the $6 billion SME funding agreement signed with the African Free Trade Area (AfCFTA) will be instrumental in achieving our strategic objectives. We are dedicated to deepening relationships with customers, employees, regulators, and other stakeholders for mutual benefit and long-term success.

“As we embark on the next phase of our journey, I urge all stakeholders to continue their support and collaboration. Together, we will write the next chapter of success for United Bank for Africa Plc.”

Watch this space for more updates on our 75th anniversary.

Emomotimi Agama, Director General, Securities and Exchange Commission (SEC) and Temi Popoola, Group Managing Director/Chief Executive Officer, Nigerian Exchange Group Plc have reiterated the commitment of both institutions to the digital transformation of the capital market.

At the stakeholder engagement and press briefing held in Lagos on Wednesday, Agama and Popoola spoke on recent efforts to introduce an innovative digital solution for the capital raising process in the market with a focus on public offers and rights issues.

Subject to SEC approval, this innovative platform represents a significant advancement in digitising the capital-raising process for Issuers. Stakeholders are expected to benefit from enhanced efficiency, streamlined due diligence capabilities, ease of use and accessibility, faster information dissemination, and seamless compliance with regulatory requirements, among other features.

This partnership between the SEC and NGX Group represents a major advancement in the modernisation of Nigeria’s capital market infrastructure, aiming to improve efficiency, transparency, and accessibility for all participants in the market.

Agama addressed stakeholders stating: “I would like to commend NGX Group and all partners on this development. This digital transformation initiative is a testament to our shared commitment to fostering an innovative, efficient, and reliable capital market, embedded in the Capital Market Masterplan.

“By leveraging technology, we can attract the younger generation of investors, enhance regulatory oversight and create a world-class market. This digitisation will play a crucial role in setting a new standard for capital raising in Nigeria and enable the capital market to support the achievement of the $1 trillion economy target of the current administration,” Agama said.

Popoola emphasised the platform’s significance, stating, “This platform marks a pivotal moment in the evolution of the Nigerian capital market. With the support of the regulator and our stakeholders, we have developed an end-to-end digitised market infrastructure platform for distributing financial products, in this case, public offers and rights issues.

“I can assure the investing public that robust payment systems, comprehensive Know Your Customer protocols, and strong fraud and risk management measures are fully integrated, also ensuring standard capital market intermediation is upheld without compromise.”

The digital platform is designed to increase retail engagement in the capital market, enhance financial inclusion, and expand the available capital pool. As banks aim to fulfil their revised minimum capital requirements via primary markets, the SEC and NGX Group have committed to facilitating a seamless process to help banks and other issuers meet their business objectives.