Nigeria’s Crypto Boom Needs Rules to Weed Out Scams, Says Quidax Expert

IBADAN, Nigeria – Nigeria’s cryptocurrency scene is exploding, with 22 million users and $59 billion in transactions from July 2023 to June 2024. But experts warn that without strong crypto regulation Nigeria, scams and Ponzi schemes could derail the growth. Emmanuel Omiwole, performance marketing specialist at Quidax, made the case at Ibadan Tech Expo 2025 on Saturday. He said rules are essential to protect everyday investors flocking to digital assets as a payment lifeline.

Omiwole spoke on a panel about digital banking’s future. He praised the Securities and Exchange Commission for steps like granting “approval-in-principle” to Quidax and Busha in August 2024—the first crypto licences in Nigeria. These cover trading, custody, and transfers for platforms serving locals. “You cannot develop an innovative technology without regulations,” Omiwole said. “What the regulation is doing is to keep out the bad players in the industry.”

The expo, at the University of Ibadan’s International Conference Centre, drew tech leaders discussing inclusion and finance. Nigeria ranks second globally in crypto adoption, behind India, per Breet’s August 2025 report. Yet 85 per cent of trades are under $1 million, showing retail drive amid naira woes and high fees.

SEC’s 2024 Investment and Securities Act bolsters this, mandating physical offices for crypto firms and curbing unlicensed ops. It targets Ponzis schemes that have wiped out savings. Omiwole noted traders often dodge rules, fearing they’ll crush ideas. But he argued that crypto regulation in Nigeria balances that trust while sparking tools like blockchain for instant cross-border payments.

Blockchain’s Speed vs Bureaucracy’s Brake

Blockchain could revolutionise banking, Omiwole said. It cuts intermediaries for faster, cheaper transfers. International transactions that would usually take hours will now become seconds. Banks could adopt it for efficiency, but crypto regulation Nigeria demands CBN-SEC harmony. The CBN handles money flows; SEC oversees capital markets. “There’s scepticism on what the framework is that CBN and SEC are supposed to do,” he added. “But they just have to come to that synergy to collaborate.”

Without it, innovation stalls. El Salvador and the Central African Republic embrace crypto as legal tender, but Nigeria’s clampdowns, such as a 2024 ban on Binance, demonstrated caution. Omiwole urged balance; he believes regulations should be geared towards building confidence, not choke growth.

The panel agreed that crypto regulation in Nigeria could tame the wild west, unlocking a safer $59 billion playground. As adoption climbs 10.3 per cent of the population, rules might just turn hype into habit.