The general director of the Bag and Securities Commission (SEC), Dr. Emomotimi Agama, has emphasized that the deployment of Blockchain technology will improve efficiency and help the regulation of the capital market.
Agama declared this during a session with a delegation of the Algorand Foundation, at the headquarters of the Commission in Abuja.
Essentially, Blockchain is a decentralized system that improves trust and security by allowing multiple parts to verify and validate transactions independently without the need for a central authority.
Agama said in Africa, where there are important problems such as financial exclusion, lack of transparency and inefficiencies in the public and private sectors, Blockchain presents an opportunity to build a future where challenges can be addressed as a blockchain is a greater book technology than It is safe that records and verifies transactions in a computers network.
In addition, the SEC DG said the Commission is constantly aligning with international best practices by collaborating with global regulatory agencies such as the International Organization for Securities Commissions (IOSCO), and added that this guarantees that the regulatory framework of the Commission remains robust, adaptive and aligned with global standards, which allow cross -border collaboration and encourage investor confidence.
He declined that the SEC has introduced several measures to ensure that these innovations are responsible in a responsible manner: the accelerated regulatory incubation program (ARIP) and the Regulatory Incubation Program (RI): the ARIP and RI program was designed for companies on board that operate in the digital asset space and provide a controlled environment to test new models, products and services.
He said that these programs foster innovation while guaranteeing that the safeguards of robust consumers are in their place that add that the recent approval in the main granted to two exchanges of digital assets and five companies that participate in these programs is a testimony of Our commitment to enable 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 maximize its benefits for all people.
“We want to activate the block chain in our efficiency; We want to use it to regulate our market. My dream is to have all the information we need to do our job in a block chain. We want to bring technology to our system to obtain effectiveness where we can work without problems and everything 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 the review of the applications in the block chain will be carried out, so you will see who leaves the ball. Each transaction is grouped into a block, and these blocks are united in a chronological chain. This structure ensures that once the information is added to the block chain, it cannot be altered or deleted, providing a transparent record and manipulation proof.
“We want to leave a legacy that each of us will be proud when we leave this commission. But by making that happen, we must all be educated enough to boost that course, ”said Agama.
The DG revealed that the Commission is the Apex regulator of the capital market cannot be neglected in the technological advance, hence the need to involve the Algorand Foundation to explore the needs and potential application and the benefits of blockchain technology.
“It is very interesting that we have this opportunity to do this for our organization, this is an institution based on knowledge and I am leading from the front. All our staff must begin to reorganize because, as regulators, we have to be aware of our game, ”he said.
“As we begin our steps to advance the commission, the basis of everything we do requires deep knowledge and understanding, without knowledge, we cannot do it. No matter what to say, without all being part of that train, we cannot do the job. There is no way to do everyone's job; We all have to be equipped to regulate this market, ”he added.
In his comments, Global Head of Business Development Algorand Foundation, Eric Wragge said the team is in Nigeria to democratize technology and help interested organizations and companies to take advantage of the numerous benefits of implementing blockchain technology in its operations.
“It is an honor to be here. We are here to tell him what Blockchain is about and how he can help his work. We are here to democratize technology, it is free of use, anyone can use it. Our work is to turn the world around, discover where technology can be used and help people to implement, ”he said.
The President, Institute of Public Accountants of Nigeria (ICAN), Davidson Alarib profession.
Alariba, while talking at the Abuja ceremony, said the importance of ICAN chapter in FIRS was founded on the tax agency as the largest employer of public accountants in the country.
A statement by Sikiru Akinola, Technical Assistant (Media) to the president of FIRS, Zacch Adedeji cited the president of ICAN to have said that of the 66,000 accountants chartered in the country today, more than 2,800 are in FIRS, the largest by Any government agency.
Alariba praised the president of FIRS, for leading the transformation of the agency that is now vital for the country's economic development by making income available to the three levels of the government to finance the main projects.
Ensuring the FIRS chapter of constant support, he commissioned the pioneer officers to actively involve the members to establish a solid base for the chapter and also guarantee the elevation of their profile.
The president of FIRS, who was represented in the event by the coordinating director of the group of medium -sized taxpayers, Dr. Dick Irri, accused the leaders of the Ican chapter to continue showing high ethical standards in the fulfillment of their duties.
Addedeji, who is a member of ICAN himself, said he gave the approval of the establishment of the unit as a result of the critical roles played by public counters for Nigeria, particularly in FIRS.
“Ican is loved for me in many ways. In addition to being a member of ICAN, we have about 3,000 members of ICAN who work in FIR. I like to tell you that all your members have always confirmed the central values of ICAN. They have established standards that others are working to catch up.
“This event is a great way to advocate the cause of accounting in FIRS. The quality of people in executives says it all. You cannot deny the fact that ICAN members in FIRS are opening the path, since we have the largest number of public counters in Nigeria, ”he said.
In his acceptance speech, the pioneer president of the FIRS Rama, Dr. Josephine Onyia, thanked Addeji and FIRS for the support and support of the new leaders.
“As members of a noble profession like ours, we are crucial to maintain financial integrity, foster economic progress and promote trust within the business community.
“I feel honored to be the pioneer president of the Ican-Firs chapter that includes many public accountants, who represent these central values and actively contribute to the advance of the accounting profession and the collection of income for national development,” he said.
He promised to promote a culture of learning and professional development of a lifetime, ensuring that members have access to the resources and support necessary to excel in a constant change.
Other unit officers include Mrs. Adenike Adegoke, who is the vice president; ABDURAUF SUMEMI, Secretary General; Mrs. Patricia ofili, Treasurer; Mr. Aduka Bor, Secretary of Advertising and others.
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