Nigeria’s leadership in blockchain adoption is undisputed. Ranking second in the world and first in Africa for cryptocurrency adoption, with blockchain transactions exceeding $59 billion, the country stands at the threshold of an unprecedented opportunity. To fully harness this potential, however, enabling legal frameworks are essential.
It is within this context that the Stakeholders in Blockchain Technology Association of Nigeria (SiBAN) recently engaged the Senate Committee on Capital Market, chaired by Senator Osita Izunaso (Imo West) in a high-level session at the National Assembly. The meeting marked a significant step toward building a sustainable framework for blockchain technology in Nigeria, particularly in areas such as tokenization, investor protection, and digital asset operations.
Nigeria Must Not Take the Back Seat
Addressing the lawmakers, SiBAN President, Obinna Iwuno, stressed the urgency of positioning Nigeria as a leader not only in adoption, but in creating the right environment for innovation to thrive:
“Here in Nigeria, we cannot afford to take the back seat after ranking second globally in crypto adoption. In Africa, we take the lead. We contribute over 60 percent of Africa’s adoption and activities on the blockchain. From Chainalysis data, transactions done on the blockchain amounted to a staggering $59 billion. And that is even a tip of the iceberg of the potential that we can harness if we have the proper legal framework, structure, regulation, policy, and support.”
Iwuno further emphasized that SiBAN, as a self-regulatory body, has long been working with key institutions such as the Securities and Exchange Commission (SEC) and the Nigerian Financial Intelligence Unit (NFIU) to promote compliance, enhance accountability, and ensure Nigeria’s blockchain operators align with global best practices.
Senate’s Commitment to Blockchain Development
In his opening remarks, Senator Osita Izunaso, Chairman of the Committee on Capital Market, praised SiBAN’s advocacy and reaffirmed the Senate’s commitment to collaborate with the association on developing supportive legislation and its commitment to making sure a law is put up that will establish a clear and enabling legal framework for blockchain technology in Nigeria.
“We truly value your dedication to fostering a safe, innovative, and well-regulated digital economy. The topics you have proposed for discussion, such as leveraging blockchain technology and tokenization, ensuring investor protection, enhancing industry capacity, and advocating for supportive policy frameworks, align closely with our committee’s objectives. We are eager to delve into these subjects and examine ways to enhance Nigeria’s capital market products and services. This meeting offers a valuable chance for us to collaborate and influence the future of our capital market.”
Senator Izunaso further noted that blockchain presents an opportunity to advance the federal government’s goal of achieving a $1 trillion economy, with the capital market as a critical driver under the Renewed Hope Agenda.
In turn, SiBAN highlighted the proactive steps it has taken as a self-regulatory body to ensure that the digital asset and blockchain ecosystem operates within global best practices. These measures not only promote responsible innovation but also contribute to safeguarding national security and protecting Nigeria’s financial system from potential abuse.
Broader Support Among Lawmakers
Other members of the Senate Committee echoed Izunaso’s stance. Senator Victor Umeh (Anambra Central) underscored the need for clear legal recognition of blockchain operators, stressing that “there must be an act establishing your organization.” Similarly, Senator Jibrin Isa (Kogi East) and Senator Mustapha Khabeeb (Jigawa South-West) called for enabling laws to provide certainty for operators and protect Nigerian investors in this rapidly evolving space.
The lawmakers collectively expressed enthusiasm about blockchain’s potential to transform Nigeria’s capital markets, create new products and services, and position the nation as a hub for innovation in Africa.
SiBAN’s Position: Enabling Innovation, Safeguarding Investors
For SiBAN, the Senate engagement represents another milestone in its ongoing mission to promote an ecosystem that is ethical, innovative, and globally competitive.
The association’s advocacy has consistently centered on:
- Investor protection through codes of ethics, KYC compliance, and anti-fraud measures.
- Capacity building for operators, regulators, and market participants.
- Legal frameworks for tokenization and blockchain-driven services that complement existing capital market regulations.
- Public-private collaboration that strengthens Nigeria’s digital economy without stifling innovation.
As Obinna Iwuno reminded lawmakers, the stakes are high. He said; “These are very important figures for us to note… and that is even a tip of the iceberg of the potential that we can harness if we have the proper legal framework, structure, regulation, policy, and support.”
A Defining Moment for Nigeria’s Digital Economy
The Senate’s commitment to working with SiBAN signals recognition that blockchain is more than cryptocurrency, it is a transformative technology that can redefine how Nigeria organizes markets, secures transactions, and empowers its youth-driven digital economy.
By focusing on enabling frameworks for blockchain applications such as tokenization, capital market integration, and digital asset operations, Nigeria can unlock new sources of growth, strengthen investor confidence, and cement its position as a continental and global leader in blockchain adoption.
As Nigeria takes this defining step, SiBAN invites operators, innovators, policymakers, and industry stakeholders to join its mission to shape a blockchain ecosystem that is safe, compliant, and innovative.
Contact Us
Website: www.siban.org
Email: membership@siban.org
