SEC Nigeria partners with Chainalysis to combat rising crypto scams, boosting oversight and transparency in digital asset markets.
A surge in cryptocurrency fraud has prompted the Nigerian Securities and Exchange Commission (SEC) to strengthen its monitoring measures.
The regulator has partnered with blockchain analytics firm Chainalysis to improve its ability to detect and disrupt illicit activity. This move follows growing concerns about the security of Nigeria’s expanding digital asset market.
Strengthening Oversight Through Blockchain Intelligence
At a joint webinar themed “Combating Scams with Blockchain Intelligence,” SEC Director-General Dr. Emomotimi Agama stressed the need for coordinated action. He said transparency in crypto transactions should be the foundation of enforcement in the sector.
Agama warned that without collaboration, fraudulent activity could grow more dangerous in the future.
The SEC plans to use blockchain’s permanent transaction records to trace and monitor illicit movements of funds. This will include identifying wallet clusters, tracking fund transfers, and analysing transaction histories on networks such as Bitcoin and Ethereum.
Agama said these measures would help the commission detect scams earlier and respond faster.
Global Trends in Crypto-Related Crime
The Chainalysis 2025 Crypto Crime Report provided data that reinforced the urgency of the SEC’s initiative.
According to the report, illicit crypto addresses received $178 billion worldwide over the last five years. The highest volume was recorded in 2022, with $54.3 billion, followed by $46.1 billion in 2023 and $40.9 billion in 2024.
Agama said these figures showed the scale of the problem and the need for advanced analytics in enforcement work. He also noted that Nigeria must improve its technical capacity to match the sophistication of modern financial crimes.
The partnership with Chainalysis is expected to help bridge this capability gap.
SEC Legal Framework and Industry Collaboration
The SEC is working under the framework provided by the Investment and Securities Act (ISA) 2025, which took effect in April.
Agama described the law as a key step toward establishing clear rules for the digital asset market. It also enables cooperation between Nigerian regulators and international partners without discouraging innovation.
He called for active collaboration between regulators, technology providers, and industry players to address fraud before it escalates. “
With all the various tools at our disposal, we must brace up for the challenges ahead,” Agama said. He added that the collective goal should be to stop criminal activity at its source.
The SEC’s collaboration with Chainalysis is positioned as a strategic move to safeguard investors and improve market integrity. It reflects an effort to place Nigeria among regional leaders in regulated digital finance.
By integrating blockchain analytics into its operations, the commission aims to create a safer environment for crypto transactions in the country.
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