Senator Osita Izunaso, Chairman of the Senate Committee on Capital Market and Institutions, has challenged the Securities and Exchange Commission (SEC) to accelerate regulations for digital assets and tokenisation, warning that delays could cost Nigeria emerging investment opportunities.
Izunaso made the call on Monday at the National Capital Market Conference 2026 in Abuja, where the SEC unveiled the Nigerian Capital Market Master Plan 2.0, a 10-year roadmap aimed at expanding the capital market and mobilising long-term financing.
His intervention comes despite the recognition of digital assets under the Investments and Securities Act 2025 and the SEC’s subsequent proposals for regulating real-world asset tokenisation platforms.
Senator demands faster Tokenisation Rules:
Izunaso questioned Nigeria’s readiness to participate in the growing international tokenisation market, arguing that clearer regulatory arrangements were needed to support investment opportunities.
The senator said Nigerian stakeholders were travelling abroad to explore tokenisation opportunities while domestic regulatory processes remained incomplete.
- “Do we have an enabling law guiding the issue of token development in Nigeria?” Izunaso asked.
- He urged the SEC and other relevant authorities to accelerate their work, noting that digital assets were already being traded internationally.
- Izunaso also referred to a presidential committee headed by the Central Bank of Nigeria governor, saying he expected progress on the digital asset framework within a month.
- The senator raised concerns about delays affecting land and asset tokenisation, although the wording of that portion of his remarks was unclear.
- Beyond digital assets, Izunaso called for more companies to list on the Nigerian Exchange, particularly NNPC Limited and major telecommunications firms.
He said Nigeria had more than five million registered companies but only about 151 listed firms, highlighting the gap between the number of registered businesses and publicly traded companies.
According to him, additional listings would allow Nigerians to own stakes in major businesses while expanding domestic investment opportunities.
SEC proposes Tokenisation Capital Requirements:
Nigeria has already taken legislative steps towards regulating digital assets through the Investments and Securities Act 2025. The legislation recognises virtual assets and strengthens the SEC’s oversight of relevant digital asset operators and exchanges.
- Nairametrics reported in April 2025 that the law provided a clearer legal foundation for regulating cryptocurrencies and other virtual assets as securities.
- In August 2026, Nairametrics reported that the SEC had proposed registration fees of N30 million for several categories of digital asset operators, including real-world asset tokenisation platforms.
- Under the proposal, tokenisation platforms would face a minimum capital requirement of N500 million.
- Tokenisation involves representing ownership rights in assets through digital tokens on a blockchain or similar technology.
- The model can potentially support fractional ownership of assets such as real estate and bonds, although investor protection and legal enforceability remain important considerations.
- The existing legislation therefore provides a basis for SEC oversight, while the proposed rules address more specific requirements for tokenisation platforms.
- At the SEC’s October 7, 2026 Regulator/FinTech Clinic, Director-General Emomotimi Agama emphasised the need for clear regulatory pathways.
- “We want the digital platforms to enter the market through clear pathways.”
- “We do not want to gag anyone, but we are open to listening to every complaint.”
The remarks reflect the Commission’s stated intention to accommodate innovation while maintaining regulatory compliance and investor safeguards.
Tokenisation Rules face implementation test:
Izunaso’s intervention comes as Nigeria implements the Nigerian Capital Market Master Plan 2.0, which targets an expansion of the capital market from approximately N250 trillion to N750 trillion by 2036.
The roadmap seeks to deepen investment participation, expand financing opportunities and strengthen the market’s role in supporting economic development.
- SEC Director-General Emomotimi Agama announced plans for a National Savings Scheme targeting traders, farmers, young graduates and other groups.
- The scheme would channel household savings into productive investments managed by SEC-registered professional fund managers.
- The SEC also plans implementation structures with defined responsibilities, timelines and performance measures for the capital market roadmap.
- Nairametrics previously reported Agama’s warning that a shortage of credible issuers could inflate existing asset prices rather than deepen the market.
- The push for tokenisation regulation forms part of wider efforts to broaden investment opportunities and attract capital into productive assets.
- However, faster regulatory implementation must also address risks involving fraud, inadequate disclosures, investor protection and the enforceability of ownership rights.
Although the Investments and Securities Act (ISA) 2025 establishes a legal foundation for digital asset oversight, the specific rules governing tokenisation platforms remain central to Izunaso’s concerns. The immediate challenge for regulators is to provide sufficient clarity for market participants while maintaining the safeguards needed to support investor confidence and sustainable market development.