Strengthening Collaboration: SiBAN Engages SEC on Building a Robust Digital Asset Ecosystem

In line with its mission to foster a safe, innovative, and inclusive blockchain ecosystem in Nigeria, the Stakeholders in Blockchain Technology Association of Nigeria (SiBAN) recently paid a courtesy visit to the Securities and Exchange Commission (SEC) headquarters in Abuja.

The high-level engagement, led by SiBAN President, Obinna Iwuno, was a strategic dialogue on the opportunities and challenges in Nigeria’s digital asset ecosystem, and the critical role of collaboration in building a resilient regulatory environment.

Other members of the SiBAN's team in attendance were: Oluwasegun Kosemani (CEO, BOTMECASH); Ayotunde Alabi (MD, Luno); Modupe Ativie (MD, Credence); Emeka Ezike (MD, Bitbarter); Ola Atose (CEO, KoinKoin); Simon Peters (Bitcoin Advocate/Educator); and Janet Oyelade and Abisola Aladetola-Adigun, who represented the Company Secretary from Austen-Peters & Co

SEC’s Position: Collaboration is Key

Welcoming the SiBAN delegation, the Director-General of SEC, Dr. Emomotimi Agama, emphasized the Commission’s commitment to partnership as a driver for sustainable industry growth.

The DG assured attendees that SEC remains committed to addressing the challenges in the digital asset space and fostering growth. He reiterated the importance of collaboration between SEC and SIBAN to achieve mutual goals.

Also in attendance was Bolaji Ajomale, Executive Commissioner, Operations, alongside other senior SEC officials, who joined in reaffirming the regulator’s readiness to engage industry stakeholders in shaping the future of Nigeria’s capital markets.

SiBAN’s Proposals: Building with Responsibility

During the meeting, SiBAN President, Obinna Iwuno, presented the association’s case and efforts as a Self-Regulatory Body for Virtual Asset Service Providers (VASPs).

He outlined how SiBAN could serve as:

An industry watchdog, helping to address compliance gaps.
A partner in tackling systemic challenges, such as the unregulated Peer-to-Peer (P2P) market.
A platform for structured engagement with operators, regulators, and the broader ecosystem.

Obinna further highlighted challenges members currently face, including:

The Corporate Affairs Commission’s (CAC) refusal to register VASP-related entities.
Banks’ reluctance to open accounts for VASP businesses.
Telecommunication companies’ restrictions, blocking online access to VASP-related businesses..

These challenges, he noted, hinder legitimate operators and discourage innovation.

SEC’s Response: Balancing Enthusiasm with Structure

Dr. Agama acknowledged SiBAN’s commitment but stressed that the digital asset space in Nigeria is still maturing, and not yet developed enough for a self-regulatory structure, citing the gaps and the relatively limited number of registered exchanges. He also pointed out the importance of a national consensus to ensure local market stability.

Encouragingly, he referenced a recent Central Bank of Nigeria (CBN) circular that now permits VASPs to open bank accounts, and urged SiBAN to report any persistent issues directly to the SEC for prompt intervention.

Dr. Agama further advised SiBAN to:

Structure its organization in line with legal and regulatory requirements.
Provide detailed recommendations on the legal framework for digital assets.
Continue demonstrating accountability as a self-regulatory body while industry maturity advances.
Consistently implement and engage the industry and its members on compliance, education and self-regulation.

Action Points & Next Steps

The meeting concluded with both SEC and SiBAN aligning on key action points:

Ongoing restructuring of SiBAN to strengthen its organizational foundation.
Submission of recommendations on digital asset frameworks for SEC’s review.
Commitment to continuous engagement between the Commission and the association.

Shared Vision for the Future

For SiBAN, this engagement with SEC represents an important step in its mission to advocate for responsible innovation, ethical practices, and investor protection in Nigeria’s digital asset space.

By fostering collaboration with regulators, SiBAN continues to champion an ecosystem where innovation and compliance go hand-in-hand ensuring Nigeria not only maintains its leadership in blockchain adoption across Africa but also builds a globally competitive digital economy.

👉 Join us at SiBAN as we continue shaping the future of blockchain in Nigeria and Africa.

Connect with us today via membership@siban.org or join our community on Telegram.

Together, we can build a safe, inclusive, and innovation-driven digital economy.