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The Securities and Exchange Commission (SEC) of Nigeria has announced a strategic partnership with blockchain analytics leader Chainalysis to intensify monitoring of cryptocurrency transactions and curb the surge in crypto-related scams.
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This collaboration comes amid growing concerns over the security of Nigeria’s fast-expanding digital asset market, with the SEC aiming to enhance transparency, oversight, and enforcement.
Using Blockchain Intelligence to Combat Fraud
The partnership was unveiled during a joint webinar themed “Combating Scams with Blockchain Intelligence.”
SEC Director-General Dr. Emomotimi Agama stressed that transparency in crypto transactions should form the foundation for enforcement in the sector.
Leveraging blockchain’s immutable transaction records, the SEC plans to:
- Trace illicit fund movements across major networks such as Bitcoin and Ethereum.
- Identify wallet clusters linked to suspicious activities.
- Track fund transfers and analyse historical transaction data.
Global Crypto Crime Statistics Highlight Urgency
According to the Chainalysis 2025 Crypto Crime Report, illicit crypto addresses have received $178 billion globally over the past five years. The peak came in 2022 at $54.3 billion, followed by $46.1 billion in 2023, and $40.9 billion in 2024.
“These numbers reflect the global scale of crypto-related crimes and underline the need for advanced blockchain analytics to detect and prevent fraud,” Agama said.
Strengthening Legal and Technical Capabilities
The SEC is implementing these measures under the Investment and Securities Act (ISA) 2025, which came into effect in April. The new law sets a clear regulatory framework for Nigeria’s digital asset market while encouraging cooperation with global partners.
Agama noted that Nigeria must upgrade its technical capabilities to match the sophistication of evolving financial crimes, adding that collaboration between regulators, technology providers, and industry stakeholders is vital to prevent scams before they escalate.
