SEC Nigeria, Quidax Host Forum to Equip Banks for Digital Asset Revolution

In a landmark collaboration aimed at bridging the knowledge gap between traditional finance and the burgeoning digital asset ecosystem, the Securities and Exchange Commission (SEC) Nigeria and leading digital assets exchange Quidax hosted an exclusive two-day educational series at the prestigious Capital Club in Victoria Island, Lagos.

Targeted at Nigerian finance professionals, the event brought together decision-makers and executives from across the financial services landscape—including commercial banks, asset managers, pension fund administrators, and securities trading firms. The initiative comes at a pivotal time in Nigeria’s financial evolution, particularly as cryptocurrencies and digital assets gain legal recognition under Nigerian law.

Representatives from major institutions such as Zenith Bank, FBNQuest, Ecobank, Wema Bank, Sterling Bank, Africa Prudential, Investment One, ARM, Interswitch, Meristem, and Capitafield were in attendance.

Regulation Meets Education: The SEC’s Dual Mandate

Speaking at the event, Abdulrasheed Dan Abu, Head of FinTech and Innovation at SEC Nigeria, emphasized the regulatory body's commitment not just to oversight, but to development and innovation within capital markets.

“This initiative is part of our statutory responsibility,” Dan Abu said. “Banks hold fiat currency and serve as gatekeepers in the financial ecosystem. If they’re not aligned with what’s happening in digital finance, the ecosystem becomes fragmented.”

His remarks highlight the SEC’s effort to drive awareness, support innovation, and foster responsible adoption of virtual assets through a regulatory lens.

Groundbreaking Legislation Fuels Adoption

The event coincides with major regulatory milestones that are redefining Nigeria’s digital finance landscape:

• On March 29, 2025, President Bola Tinubu signed the Investments and Securities Act (ISA) 2025, which recognizes digital assets—including cryptocurrencies—as securities, thus placing them under SEC regulation.

• In June 2024, SEC rolled out detailed rules for Virtual Asset Service Providers (VASPs), offering clarity and legal backing to exchanges, custodians, and digital wallet services.

These reforms are not only streamlining market participation but are also boosting investor confidence and opening up new frontiers for innovation in Nigeria’s financial sector.

Quidax’s Mission: Pan-African Inclusion Through Education

Buchi Okoro, Co-founder and CEO of Quidax, stated that the goal of the event was simple but impactful: education first, adoption second.

“Adoption starts with education,” Okoro noted. “Whether you’re a total beginner or have already piloted blockchain initiatives in your organization, this session offers insights to help you scale securely and confidently.”

Quidax, currently operating in nine African countries, aims to expand to all 54 African nations, delivering services that solve local problems using blockchain infrastructure. “We’re solving African problems for Africans,” Okoro said, adding that collaboration with regulators like the SEC ensures that innovation happens within the right guardrails.

Industry Leaders Applaud the Collaborative Approach

The event also drew praise from other global industry stakeholders. Pascal Maguire, Sales Director for Africa at Fireblocks, underlined the importance of these kinds of forums.

“We need more finance and payments professionals at sessions like these. It gives them access to firms like Fireblocks and Quidax and the assurance that there are credible partners guiding this journey.”

On the domestic front, Ajibade Laolu Adewale, Chairman of the Committee of E-Business Heads in Nigerian Banks and Chief Partnership Officer at Wema Bank, explained how digital assets address inefficiencies in legacy banking.

“Transferring money across borders still takes days and sometimes relies on informal networks. Blockchain fixes that by enabling instant, secure value transfer,’’ he said during a panel discussion.

Voices from the Field: Embracing the Future of Finance

Attendees echoed the sentiments expressed by speakers, noting the urgency and value of gaining digital asset literacy.

Sunday Joseph Olaniyan, Head of E-Business at Sun Trust Bank, remarked, “This brings awareness closer to us as institutions in Nigeria. I now feel more equipped to explore this wave of change—we can’t afford to be left behind.”

Bukola James-Cole, Director of Capital Market at Africa Prudential PLC, added, “Money is evolving, and so must we. It’s no longer a question of if—it’s when. The sooner we prepare, the better positioned we are.”

Education as the Bridge Between Innovation and Regulation

The two-day educational series stands as a model for effective public-private collaboration, one that not only demystifies digital assets but also prepares Nigeria’s financial ecosystem for responsible and inclusive growth.

By equipping financial professionals with critical knowledge and ensuring regulatory clarity, the SEC and Quidax have taken a bold step toward bridging the gap between traditional finance and the digital future.

As Africa’s most populous nation continues its push toward digital transformation, initiatives like this are essential to ensuring that banks, regulators, fintechs, and investors move forward together—in step, in sync, and informed.