In a bold move to bridge its over N10 trillion infrastructure funding gap, the Lagos state government has spoken of plans to monetise its idle assets and raise a green bond.
Governor Babajide Sanwo-Olu, who was represented by the commissioner for finance, Abayomi Oluyomi, broke the news at the Digital Asset Market Strategy Session and Masterclass Series event in Lagos.
“We are developing a securitisation policy to monetise and liquefy our idle assets,” Sanwo-Olu said.
“These are assets we used to call ‘Idle assets’. Now we want to use them to get liquidity to finance our infrastructure needs. In the next two to three months, we will be coming to the market to securitise some of them.”
He added that Lagos, as a pace-setting state, is set to raise a green bond to fund sustainable infrastructure projects, becoming the first sub-national government in Nigeria to do so.
The Masterclass, organised by the African Enterprise and Entrepreneurship Institute in collaboration with Anabel Capital and the Securities and Exchange Commission (SEC), brought together capital market operators, policymakers, investors, and tech-savvy youths to explore the future of digital assets in Africa.
Highlighting the state’s support for digital innovation, Sanwo-Olu said: ‘’We are solidly behind the digital asset space and putting all the political will available to ensure its success.”
He emphasised the need for practical policies that support innovation while protecting investors.
“Regulatory bodies like SEC are not here to block progress. They are here to help innovation grow safely by creating clear rules,” the governor said.
Sanwo-Olu cited fintech solutions such as Touch and Pay Technologies (TAP) and the Cowry card as examples of how Lagos is using technology to improve financial inclusion.
He also praised the Timbuktu Fintech Hub, launched by the United Nations Development Programme (UNDP), for helping young African entrepreneurs scale up digital innovations.
With Nigeria targeting a $1 trillion GDP, the event’s organisers believe digital asset markets can be powerful tools for economic transformation.
“Digital assets are no longer futuristic ideas. They are changing how we trade, invest and build financial systems,” Sanwo-Olu said.
He called on participants to move beyond conversations and take real action: “Let’s create safe spaces to test new fintech products and teach small businesses how blockchain can improve supply chains.”
The Lagos government, he said, is committed to developing innovation hubs and supporting young entrepreneurs, particularly the Gen Z population.
“If you have issues or want to build in this space, visit our Ministry of Science and Technology. We have a young, dynamic commissioner leading the charge,” he said.
He urged stakeholders to work together: “Africa is not just catching up in the digital revolution. We are in a position to lead it, with the right vision, policies and commitment.”
Senator representing Imo west and Chairman Senate Committee on Capital Market, Osita Izunaso said anyone running a crypto or digital asset business in Nigeria without a license from SEC is now breaking the law and could face jail time.
“Today, you cannot operate as a capital asset operator without being licensed and approved by the SEC,” Senator Izunaso said. If you do, it is illegal, and you may go to jail for five years.”
He also revealed that the newly passed Investment and Securities Act 2023 introduces strict penalties for fraud in the digital finance space.
“Anyone caught in fraudulent schemes could spend up to 10 years in jail and pay a fine of $10,000. They will also have to return the money they collected from innocent investors,” he said.
The Senator stressed that these new laws are part of efforts to regulate Nigeria’s fast-growing digital asset market and protect investors.
“Nigeria is currently number two in the world for crypto adoption and transactions,” he noted. “The number of young men and women involved in crypto is huge. That’s our strength, and we must take it to the next level with proper laws.”
He said the National Assembly is working with key agencies, including the EFCC, DSS, and the Office of the National Security Adviser, to ensure digital assets are used safely and legally.
The new law also supports innovation and sets clear rules for fintech, blockchain, and crypto exchanges.
“We must strike a balance—protect the market but also allow innovation to grow,” he said.
Senator Izunaso also announced that the Senate Committee on Capital Markets, together with the Senate Committee on Finance, will soon host a public unveiling of the Investment and Securities Act so that Nigerians can understand its full content.
“People don’t know what is in the law, and that has to change. We want everyone to know their rights and responsibilities,” he added.
He concluded by calling for more support to build Nigeria’s digital economy.
“The future of finance is digital. If we get our policies right, Nigeria can lead the world in digital finance and create jobs for millions,” he said.
The convener, global investment adviser and founder of the Global Investment Advisory Community
Dr. Nicholas Okoye said Nigeria must embrace the digital asset revolution.
The event was aimed at helping Nigeria unlock the full potential of digital assets powered by blockchain technology.
“We are in the midst of a digital revolution, and the capital markets are not left out,” Dr. Okoye said. “The recent signing of the Investment and Securities Act 2025 by President Bola Tinubu has officially created a digital asset market in Nigeria. This is a monumental shift.”
He said the new law presents a major opportunity to build wealth, create jobs, and grow the economy, if stakeholders act now.
“For enterprises, it’s about positioning digital assets for growth. For government ministries, each one needs its own digital asset strategy. And for individuals, it’s about understanding how to invest and plan wealth transfer using digital tools,” he explained.
One major benefit, he added, is in estate planning. “With digital estate planning, wealth can be transferred instantly through a secure code. No court battles, no confusion,” Dr. Okoye said.
He noted that while risks remain, especially in terms of infrastructure and education, Nigeria has the potential to lead Africa’s digital finance revolution.
“Capacity building and education will be continuous. We’re committed to ensuring Nigerians understand and benefit from this opportunity,” he said.
