THE Director General of the Securities and Exchange Commission (SEC), Dr. Emomotimi Agama has emphasised that the deployment of blockchain technology will improve efficiency and aid the regulation of the capital market.
Agama stated this during a session with a delegation from Algorand Foundation, at the Commission’s headquarters in Abuja.
Essentially, blockchain is a decentralized system that enhances trust and security by allowing multiple parties to independently verify and validate transactions without needing a central authority.
Agama said in Africa, where there are significant issues such as financial exclusion, lack of transparency, and inefficiencies in public and private sectors, blockchain presents an opportunity to build a future where the challenges can be addressed as blockchain is a digital ledger technology that securely records and verifies transactions across a network of computers.
Furthermore, the SEC DG said the commission is consistently aligning with international best practices by collaborating with global regulatory bodies such as the International Organisation of Securities Commissions (IOSCO), adding that this ensures that the commission’s regulatory framework remains robust, adaptive, and aligns with global standards, enabling cross-border collaboration and fostering investor confidence.
He disclosed that the SEC has introduced several measures to ensure that these innovations are harnessed responsibly: Accelerated Regulatory Incubation Program (ARIP) and Regulatory Incubation (RI) Program: The ARIP and RI Program were designed to on-board firms operating in the digital asset space and provide a controlled environment to test new models, products, and services.
These programmes, he stated, foster innovation while ensuring that robust consumer safeguards are in place adding that the recent approval-in-principle granted to two digital asset exchanges and five firms participating in these programs is a testament to our commitment to enabling innovation.
According to him, in this era of technological innovation, the question is not whether Africa will adopt blockchain, but how it will shape its adoption to maximise its benefits for all the people.
“We want to activate the blockchain in our efficiency; we want to be able to use it to regulate our market. My dream is to have all of the information we need to do our work in a block chain. We want to bring technology into our system for effectiveness where we can work seamlessly and everything that we do will be traceable.
“So wherever there is a toxin in the block chain we will find it and deal with it. We will extend it to the point where review of applications will be done on the block chain so whoever drops the ball will be seen. Each transaction is grouped into a block, and these blocks are linked together in a chronological chain. This structure ensures that once information is added to the blockchain, it cannot be altered or deleted, providing a transparent and tamper-proof record.
“We want to leave a legacy that each one of us will be proud of when we leave this Commission. But in getting that to happen, we must all be educated enough to drive that course,” Agama said.
The DG disclosed that the Commission being the apex regulator of the capital market cannot be left out in technological advancement hence the need to engage Algorand Foundation to explore the Commission’s needs and potential application and benefits of blockchain technology.
“It is very interesting that we are having this opportunity to do this for our organisation, this is a knowledge-based institution and I am leading from the front. All our staff must begin to retool themselves because as regulators, we have to be on top of our game,” he said.
“As we begin our steps in moving the commission forward together, the foundation of everything that we do requires deep knowledge and understanding, without knowledge, we cannot get it done. No matter what I say, without you all being part of that train we cannot get the work done. There is no way I can do everyone’s job; we all have to be equipped to regulate this market,” he added.
In his remarks, Global Head of Business Development Algorand Foundation, Mr. Eric Wragge said the team is in Nigeria to democratize technology and assist interested organisations and businesses take advantage of the numerous benefits of implementing blockchain technology in their operations.
“It is an honour to be here. We are here to tell you what blockchain is all about and how it can help your work. We are here to democratize the technology, it’s free to use, anybody can use it. Our job is to go round the world, discover where the technology can be used and help people implement,” he stated.
THE President, Institute of Chartered Accountants of Nigeria (ICAN), Davidson Alaribe, on Tuesday, inaugurated a chapter of the body for the Federal Inland Revenue Service (FIRS), charging officers of the chapter to continue to uphold high ethical standards associated with the profession.
Alaribe, while speaking at the ceremony in Abuja, said the significance of the chapter of ICAN at FIRS was founded on the tax agency being the largest employer of chartered accountants in the country.
A statement by Sikiru Akinola, Technical Assistant (Media) to the FIRS chairman, Zacch Adedeji quoted the ICAN president to have said that out of the 66, 000 chartered accountants in the country today, more than 2,800 are in FIRS, the largest by any government agency.
Alaribe commended the FIRS chairman, for leading the transformation of the agency that is now vital to the country’s economic development by making revenue available to the three tiers of government to finance major projects.
Assuring the FIRS chapter of constant support, he tasked the pioneer officers to actively engage members to establish a strong foundation for the chapter and also ensure the elevation of its profile.
The FIRS chairman, who was represented at the event by the Coordinating Director of Medium Taxpayers Group, Dr Dick Irri, charged the leaders of the ICAN chapter to continue to display high ethical standards in the discharge of their duties.
Adedeji, who is a Fellow of ICAN himself, said he gave the approval for the establishment of the unit as a result of the critical roles chartered accountants play for Nigeria, particularly at FIRS.
“ICAN is dear to me in many ways. Apart from being a fellow of ICAN, we have close to 3,000 ICAN members working in FIRS. I like to tell you that all your members have always upheld the core values of ICAN. They have set standards others are working to catch up with.
“This event is a great avenue to advocate the cause of accounting at FIRS. The quality of the people in the executives says it all. There is no denying the fact that ICAN members in FIRS are blazing the trail as we have the highest number of chartered accountants in Nigeria,” he said.
In her acceptance speech, the pioneer chairperson of the FIRS branch, Dr Josephine Onyia, thanked Adedeji and the management of FIRS for the support and endorsement of the new leaders.
“As members of a noble profession like ours, we are crucial in upholding financial integrity, fostering economic advancement and promoting trust within the business community.
“I am honoured to be the pioneer chairman of the ICAN-FIRS chapter which comprises many chartered accountants, who stand for these core values and contribute actively to the advancement of the accounting profession and revenue collection for national development,” she said.
She promised to foster a lifelong learning and professional development culture, ensuring members have access to the requisite resources and support necessary to excel in an ever-changing environment.
Other officers of the unit include Mrs Adenike Adegoke who is the Vice-Chairperson; Abdurauf Aderemi, General Secretary; Mrs Patricia Ofili, Treasurer; Mr Aduka Borr, Publicity Secretary and others.
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