SEC vows to protect investors with tech

The Director General of the Securities and Exchange Commission, Dr Emomotimi Agama, has said that the commission was dedicated to playing its part in creating a secure, resilient digital environment that will protect investor confidence, foster economic growth, and safeguard the integrity of the nation’s financial markets.

He added that the regulator was actively exploring ways to leverage AI technologies to safeguard investor interests and maintain market integrity.

Agama said this on Thursday during his goodwill message at the Central Securities Clearing System Cybersecurity conference with the theme: Cybersecurity: Synergising Artificial Intelligence, AI and Infrastructure held in Abuja.

According to the SEC boss, in today’s interconnected world, cybersecurity is no longer an isolated concern, it is foundational to the very fabric of our economic and social systems as many activities, both personal and organisational, are now conducted digitally more than ever before.

“This became more apparent during the recent COVID-19 pandemic, which accelerated our reliance on technology, remote work, and digital platforms. The pandemic underscored the need to enhance cybersecurity measures to protect individuals, organisations, and sectors from threats lurking in cyberspace.

“At the SEC Nigeria, we understand the vital importance of cybersecurity, particularly in the financial sector. People’s hard-earned savings and investments depend on the integrity of our capital markets, which deserve robust strategies to mitigate cyber risks.

“Cyber-attacks targeting financial institutions are often aimed at gaining access to sensitive and confidential information, which can have systemic implications not just for a single institution but for the broader economy. Therefore, cybersecurity must be viewed as a critical component of financial stability and national security,” Agama affirmed.

He said AI had emerged as a powerful tool in the fight against cyber threats as AI-driven intelligence systems now offer the capability to monitor vast datasets in real-time, detect anomalies, and predict potential threats with remarkable speed and accuracy.

The SEC boss said for Nigeria, where digitalisation was steadily advancing across sectors such as finance, healthcare, and telecommunications, AI holds the promise of not only improving efficiencies but also securing the digital economy.

He added that in the capital markets, AI-driven systems could enhance surveillance, detect fraud, and manage risk.

“At the SEC Nigeria, we are actively exploring ways to leverage AI technologies to safeguard investor interests and maintain market integrity. In addition to AI, automated response mechanisms can significantly reduce the time between the detection of a threat and the implementation of countermeasures.

“Automation in areas such as patch management, access control, and incident response is crucial to addressing the growing volume of threats that human teams alone cannot manage.

“As the apex regulator of the capital market in Nigeria, we are committed to ensuring that the capital markets are protected by robust cybersecurity frameworks that balance innovation with accountability,” he stated.

According to Agama, while AI offers great promise, it must be complemented by resilient infrastructure, adding that without a secure and adaptable digital infrastructure, even the most sophisticated AI systems could become vulnerable to cyber threats.

In his remarks, CSCS Managing Director, Mr Haruna Jalo-Waziri, said as the nation navigates deeper into the 21st century, the evolution from the information age to the digital age presents both remarkable advancements and formidable risks.

“The emergence of new technologies reshapes how we operate, but it also brings new vulnerabilities, including sophisticated cyber threats. Collaboration is key to addressing these multifaceted challenges.

“By bringing together diverse expertise and perspectives, we can foster a more resilient cybersecurity framework. The ONSA’s role as Nigeria’s custodian of cybersecurity laws is crucial in guiding our collective efforts.

“As we explore these themes, let us not forget the intrinsic value of human intelligence. The more I delve into artificial intelligence, the more I appreciate our capacity for judgment, creativity, and empathy,” he remarked.

He noted as the country acknowledged its position in Africa, it must work to improve its understanding of those threats.

“We must learn, decide and act quickly and decisively. Cybersecurity is no longer just an IT issue; it is a national priority that affects our economic stability and public trust,” he stated.