NEWS
West Africa Emerging as Global Hotspot for Virtual Asset Adoption – SEC
By Tony Obiechina, Abuja
The Director-General of the Securities and Exchange Commission (SEC), Dr. Emomotimi Agama has said that West Africa, with its vibrant and youthful population, has become a global hotspot for virtual asset adoption.
Speaking at the West Africa Compliance Summit organised by GIABA in Praia, Cape Verde, Dr. Agama urged regulators across the sub-region to deploy Regulatory Technology (RegTech) and Supervisory Technology (SupTech) solutions to strengthen monitoring, detection, and reporting of suspicious activities. “These regulatory technologies are essential, given the explosive growth we’re witnessing in virtual asset adoption across the region,” he said.The summit was held under the theme: “Adapting and Thriving in a Complex and Evolving Compliance Landscape.On the growth of virtual assets in West Africa, he said: “Over $20 billion in remittances flowed into West Africa in 2024, yet traditional channels charged up to 10% in fees. Cryptocurrencies, particularly stablecoins like USDT and USDC, now offer faster, cheaper alternatives.“In Nigeria alone, crypto transactions exceeded $56 billion last year. The naira’s volatility, Ghana’s cedi depreciation, and forex shortages have pushed citizens toward “crypto-dollarisation.”“Young professionals increasingly demand salaries in stablecoins, and businesses use platforms like Binance Pay for cross-border trade. With over 60% of West Africa’s population under 25, mobile-first crypto solutions thrive.“Today, Nigeria ranks as the third-largest crypto adopter globally, after India and Vietnam”, he added.The SEC Nigeria DG however warned the growth has also attracted predators, stressing that high-profile scandals have wiped out millions in investor funds, “DeFi “rug pulls” continue to defraud unsuspecting users. GIABA reported $2.1 billion in suspicious crypto-linked transactions in West Africa in 2024, with terror groups exploiting privacy coins to evade detection.“Artificial crashes, unregistered exchanges absconding with funds, and inadequate oversight have resulted in billions in losses. Regulation, therefore, is not optional but an imperative”.Speaking on the Nigerian environment, Dr. Agama said the journey has been one of hard lessons and eventual clarity.“In 2021, the Central Bank banned banks from servicing crypto firms, pushing activity underground. In 2022, the SEC classified crypto as securities but lacked sufficient enforcement.“The Investment and Securities Act 2025 fundamentally changed the landscape. Cryptocurrencies, stablecoins, utility tokens, and NFTs are now formally recognised digital assets as seen in Section 355(4) and the Second Schedule, Part I of the Investments and Securities Act (ISA) 2025, which states that Investments include: Virtual assets, digital assets, and other distributed ledger technology (DLT) offers, tokens and products. Exchanges, wallets, and DeFi platforms must be licensed by the SEC”.He said the West African sub region can draw a lot of lessons from the Nigerian experience because financial crimes know no borders.“We must harmonize our regulatory frameworks, share intelligence, and adopt best practices to close loopholes exploited by bad actors. A trader banned in Nigeria simply relocates to Ghana. ECOWAS must adopt a Unified VASP Licensing System.“Nigeria intends to deploy AI surveillance tools for blockchain analytics to trace illicit activity. While we encourage innovation, we must ensure that emerging technologies like cryptocurrencies and digital assets operate within a framework that safeguards market integrity and protects consumers.“Our newly created Fintech and Innovation Department at the SEC frequently engages industry leaders, ensuring policies remain relevant and grounded. In addition to the recent collapse of the CBEX Ponzi scheme, which defrauded thousands of unsuspecting investors, the SEC has intensified its Ponzi Awareness Campaign, already conducted across key locations in Abuja and Lagos, with plans to extend to other states nationwide”, Dr Agama stated.NEWS
Police Detain Woman for Alleged Killing of Co-wife in Bauchi
The police command in Bauchi State, said it has apprehended a housewife over alleged killing of her co-wife following a domestic violence incident in Bauchi metropolis.
This was contained in a statement by the spokesman of the command, SP Nafiu Habib, on Monday in Bauchi.
He said that the command detained the suspect (name withheld) on Sept.
27 for alleged culpable homicide following a domestic incident at Tafawa Balewa Housing Estate in Bauchi.Habib said that on Sept. 27, at about 4:05 p.m., the Police C-Division, Bauchi, received credible information that there was a domestic incident between two wives residing in the same household belonging to their husband.
He said that preliminary investigation revealed that the 33-year-old suspect, who is the second wife, allegedly acting under hallucinations, struck the first wife with pestle on the forehead, and the victim fell unconscious.
“Upon receipt of the report, detectives attached to C-Division immediately mobilised to the scene.
“The scene was documented, and the victim was rushed to the Specialist Hospital, Bauchi, where she was certified dead by a medical doctor. The corpse has been deposited at the hospital mortuary for autopsy,” he said.
Habib said that the police recovered the pestle used in committing the offence.
He quoted the Commissioner of Police, Sani-Omolori Aliyu, as directing the transfer of the case to the State Criminal Investigation Department (SCID) for discreet investigation and prosecution.
Aliyu condoled with the bereaved family and cautioned against domestic violence.
The CP also advised husbands to seek timely medical and psycho-social support for members of their families exhibiting mental health challenges. (NAN)
NEWS
FRSC Deploys 170 Ambulances Nationwide for Emergency Rescue
The Federal Road Safety Corps (FRSC) has deployed more than 170 ambulances across the country as part of efforts to strengthen emergency response and rescue operations on Nigerian roads.
The Corps Public Education Officer (CPEO), Osondu Ohaeri, disclosed this on Monday in Abuja, while responding to questions on the operational capacity of the corps emergency ambulance network and its response to Road Traffic Crashes (RTCs).
Ohaeri said the FRSC had the largest number of ambulances among emergency response agencies in Nigeria, with more than 170 ambulances and 60 Zebra points across the country.
He said the figure should however not be interpreted as the number of ambulances currently operational or serviceable as of September 2026.
According to him, an accurate current figure of serviceable ambulances will require the latest fleet-status report from the corps medical and rescue office.
He explained that the figures demonstrated the scale of the corps emergency response network, while the availability of individual ambulances was managed operationally based on their location, condition and assignment.
On the adequacy of the ambulances for emergency rescue, he said the corps continued to maintain and deploy its assets as part of its emergency response responsibilities, stressing that the status of individual vehicles could vary depending on their operational condition and assignment.
The CPEO said the corps was also focused on improving its emergency response capacity, particularly by strengthening rescue deployment and collaboration with other relevant agencies.
He also said that the corps had historically recorded an average response time of about 15 minutes under its documented emergency-response programme.
He cautioned against presenting the figure as the current nationwide average without updated operational data.
According to him, response time varies depending on several factors including the location of a crash, traffic congestion, distance from the nearest ambulance point and accessibility of the crash scene.
He added that the accuracy and timeliness of information provided by callers could also affect the speed with which rescue teams reached crash scenes.
Other factors he said include the possibility of emergency teams responding to other incidents simultaneously.
Ohaeri stressed that the corps had identified faster response to road traffic crashes and other emergencies as one of its management priorities in 2026.
He said efforts were therefore ongoing to strengthen rescue deployment and inter-agency collaboration to improve emergency response to road crashes.
He added that the FRSC remained committed to improving emergency rescue operations, strengthening the deployment of its resources and working with relevant stakeholders to ensure better outcomes for road crash victims.
He reiterated that complaints concerning emergency response, evacuation, treatment of victims or other forms of alleged misconduct should be channeled through the appropriate authorities for investigation and necessary action.
The CPEO further assured that the corps would continue to strengthen its emergency response mechanisms as part of broader efforts to reduce the consequences of road traffic crashes and improve the safety of road users nationwide.(NAN)
NEWS
NBA Decries Rising Insecurity in Plateau, Urges Urgent Action
The Nigerian Bar Association (NBA) has decried the spate of security challenges currently confronting Plateau and other parts of Nigeria.
The Chairman of Jos Branch of the association, Morgan Dung, said this during a joint news conference on Monday in Jos.
Dung spoke on behalf of the Jos, Bukuru and Pankshin branches of the association.
The chairman particularly decried the recent attacks and killings in Mangu, Barkin-Ladi, Riyom, Bokkos, Bassa, Wase and Kanam Local Government Areas (LGAs) of the state.
Dung, who described the continuous killings of innocent residents as “unfortunate and unacceptable”, called on the Federal Government and the security agencies to tackle the menace.
“The protection of lives and property remain the most fundamental responsibility of government as contained in section 33 of the 1999 Constitution as amended.
“NBA frowns at the inability of the government to prevent the continuous loss of lives and property in Plateau and beyond.
“We particularly condemn the recent killing of members of community vigilantes at their duty posts in Mangu, Barkin-Ladi, Riyom, Bokkos and Bassa LGAs
“We call on the government and security agencies to bring the perpetrators to book. This menace must also stop,”he said.
Dung, however, commended president Bola Tinubu over his recent visit to Plateau and the move to establish State Police in the country.
He further called on the government to sponsor an executive bill to fully domicile security issues under the concurrent legislative list.
Dung urged the government to properly and adequately equip security agencies, strengthen border surveillance and secure all forests serving as hideouts for bandits and other criminal elements.
The chairman also commended Gov. Caleb Mutfwang for revamping Operation Rainbow, a state-owned security outfit and training of 2,000 personnel of the neighbourhoods watch.
He, however, called for the licensing of Operation Rainbow to operate with kinetic facilities, implement the anti-land grabbing law and provide structures for police division and forward operation bases in the state.
Dung advised security agencies to deploy more personnel and equipment to flashpoints in the state, insisting that such a move would ensure prompt response to threats.
The chairman, who called on the judiciary to ensure timely dispensation of terrorism cases, advised governors to sign death warrants of convicted terrorists to serve as a deterrent to others.
He pledged NBA’s readiness to promote access to justice, document evidence of atrocities and pursue public interest litigation to ensure accountability (NAN)


