{"id":6056,"date":"2025-11-05T09:28:14","date_gmt":"2025-11-05T09:28:14","guid":{"rendered":"https:\/\/ograsset.com\/?p=6056"},"modified":"2025-11-05T09:28:53","modified_gmt":"2025-11-05T09:28:53","slug":"sec-cbn-efcc-partner-to-track-freeze-illicit-digital-wallets","status":"publish","type":"post","link":"https:\/\/ograsset.com\/index.php\/2025\/11\/05\/sec-cbn-efcc-partner-to-track-freeze-illicit-digital-wallets\/","title":{"rendered":"SEC, CBN, EFCC partner to track, freeze illicit digital wallets"},"content":{"rendered":"\n
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SEC, CBN, EFCC partner to track, freeze illicit digital wallets<\/strong><\/p>\n\n\n\n

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In a major step to strengthen oversight over Nigeria\u2019s fast-growing digital finance ecosystem, the Securities and Exchange Commission (SEC) has disclosed that it is collaborating with the Central Bank of Nigeria (CBN) and the Economic and Financial Crimes Commission (EFCC) to track and freeze illicit digital wallets linked to money laundering, crypto scams, and other financial crimes.<\/p>\n\n\n\n

The Director-General of the SEC, Dr. Emomotimi Agama, disclosed this in Abuja at the 2025 edition of the SEC Journalists\u2019 Academy with the theme \u201cThe ISA 2025 and the Future of Nigeria\u2019s Capital Market: Innovation, Protection, and Growth.\u201d<\/p>\n\n\n\n

Agama, represented by the Head, External Relations Department, Mrs. Efe Ebelo, said the partnership would enhance enforcement and investor protection in the digital asset space.<\/p>\n\n\n\n

\u201cTo strengthen enforcement, the SEC is working closely with the Central Bank of Nigeria and the Economic and Financial Crimes Commission to freeze illicit digital wallets and recover criminal proceeds. Our goal is to ensure that innovation serves progress, not predation,\u201d he stated.<\/p>\n\n\n\n

He noted that Nigeria ranks among the world\u2019s top adopters of digital assets, with more than one-third of its population engaged in crypto-related activities, a development driven by youth creativity, high mobile connectivity, and a strong desire for financial inclusion.<\/p>\n\n\n\n

However, Agama warned that the rapid expansion of digital assets has created opportunities for fraudsters, including fake wallet apps, phishing attacks, ransomware, and other crypto scams that have defrauded thousands of Nigerians.<\/p>\n\n\n\n

He pointed out that \u201cWithout strong regulation, innovation can quickly become vulnerability,\u201d stressing that regulation was not about restriction but about \u201cbuilding trust and ensuring that innovation strengthens our economy rather than weakens it.\u201d<\/p>\n\n\n\n

According to him, the SEC\u2019s 2022 Rules on Digital Assets introduced a comprehensive framework for Virtual Asset Service Providers (VASPs), anchored on licensing, compliance, and transparency. The rules also incorporate anti-money laundering and counter-terrorism financing standards in line with international best practices such as the Financial Action Task Force (FATF) recommendations.<\/p>\n\n\n\n

Agama added that the SEC is now deploying blockchain analytics and artificial intelligence (AI) tools to trace transactions, detect fraud, and enhance cybersecurity, ensuring faster response to suspicious activities.<\/h2>\n\n\n\n

Meanwhile, in a presentation at the same event, Abdulrasheed Dan-Abu, Head, FinTech and Innovation Department at the SEC, revealed that Nigerians have lost over N174 billion to more than 440 Ponzi schemes in recent years.<\/p>\n\n\n\n

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SEC, CBN, EFCC partner to track, freeze illicit digital wallets   In a major step to strengthen oversight over Nigeria\u2019s fast-growing digital finance ecosystem, the Securities and Exchange Commission (SEC) has disclosed that it is collaborating with the Central Bank of Nigeria (CBN) and the Economic and Financial Crimes Commission (EFCC) to track and freeze illicit digital… <\/p>\n

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