February 27, (THEWILL) — An Ambassador to the Corporate Affairs Commission (CAC), Mr Micheal Nwabufo, popularly known as Mike Premium, has called for stricter regulation of cryptocurrency operations in Nigeria, emphasising the need for greater oversight to protect investors and strengthen financial transparency.
Nwabufo stressed that as digital asset adoption continues to grow, regulatory authorities must ensure that crypto-related businesses are properly registered and compliant with existing corporate governance standards. According to him, effective business registration through the CAC remains a critical step toward promoting accountability and curbing fraudulent practices within the sector.
He noted that stronger collaboration among regulators, including the Securities and Exchange Commission (SEC) and the Central Bank of Nigeria (CBN), would help establish a balanced framework that supports innovation while mitigating financial risks.
While acknowledging the economic opportunities presented by blockchain technology and cryptocurrencies, Nwabufo warned that inadequate regulation could expose the country to financial crimes, capital flight, and consumer exploitation.
He maintained that reinforcing compliance mechanisms and tightening oversight of digital finance operators would not only boost investor confidence but also align Nigeria’s evolving crypto space with global best practices.
Ogochukwu Onwaeze is a writer specializing in business and economic journalism. At THEWILL News Media, she translates market trends, financial developments, and policy shifts into clear and engaging stories.
