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Digital Asset Fraud Eroding Market Confidence - SEC DG
The Business NG
|The BusinessNG
The Director General of the Securities and Exchange Commission (SEC), Dr. Emomotimi Agama, has raised serious concern over the rise of fraud in the digital asset space, warning that it poses a major threat to market integrity and investor confidence in Nigeria.
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Speaking in Abuja at an event commemorating African Union Anti-Corruption Day, themed “Understanding Virtual Assets and Investment Fraud,”Dr. Agama noted that as digital innovation transforms financial systems, it is also giving rise to sophisticated scams and fraudulent schemes that exploit unsuspecting investors. He said these fraudulent activities are diverting critical resources meant for sustainable development and undermining trust in the financial markets.
According to him, the SEC is committed to taking firm steps to combat these challenges.
This includes enhancing investor education to help people recognize and avoid scams, strengthening regulatory frameworks to adapt to evolving digital risks, and fostering cross-border cooperation to address corruption and illicit financial flows effectively.
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