Nigeria growing appetite for cryptocurrency is placing it among the most active digital asset markets in the world, with industry advocates claiming the country ranks second globally in crypto engagement.

At a press conference in Abuja, organised by DAMA Academy in collaboration with the Department of Science, Technology and Innovation, Education Secretariat, speakers argued that a significant portion of Nigeria’s youth and workforce now earns income from digital assets.

Attempts in the past to restrict banking channels linked to peer-to-peer crypto trading, they said, did little to curb activity because blockchain technology operated outside centralised financial controls. Instead, trading shifted platforms, reinforcing calls for clearer regulation rather than outright restriction.

Yet, despite rising adoption, concerns over money laundering and illicit finance have continued to shadow it. Government authorities have previously raised alarms that digital assets could be used to move funds linked to criminality or insurgency.

Responding to these concerns, Chief Executive Officer of academy, Nwankwo Ozioma said while financial crimes predate cryptocurrency, blockchain transactions are, in fact, traceable through public ledgers and Know Your Customer (KYC) compliance on regulated exchanges.

Ozioma noted that while blockchain transactions are pseudonymous, they are not invisible, and that law enforcement agencies globally have successfully tracked illicit flows using digital forensic tools.
According to him, the debate should focus on strengthening oversight frameworks rather than portraying the technology itself as inherently criminal.

With scams and Ponzi schemes also remaining a major source of public skepticism,Nigeria has witnessed several fraudulent investment platforms falsely marketed as crypto ventures, promising unrealistic daily or weekly returns. Ozioma stressed the need to distinguish between legitimate blockchain projects and schemes that merely exploit the language of digital finance.

Genuine cryptocurrencies fluctuate according to supply and demand, he explained, and do not guarantee fixed returns.
Any platform offering consistent profits irrespective of market conditions should be treated as a red flag, the company said.

Media practitioners at the event pressed organisers on consumer protection and regulatory safeguards, warning that insufficient clarity could undermine public trust and make responsible reporting difficult.
Despite the controversies, Ozioma, who was joined by the Coordinator, DAMA Academy, Michael Chukwuezi and Instructor, Victor Ofuyatan outlined what they described as transformative benefits of blockchain, digital assets and artificial intelligence when deployed responsibly.

Blockchain’s decentralised ledger system offers immutability, consensus verification and traceability, features that can enhance transparency in finance, governance and record-keeping, they noted, adding that digital assets, an electronically stored items with transferable ownership rights, could enable borderless transactions and programmable value exchange.

As a case study, the organisation stressed on Body Scan AI, an Android and iOS-based application designed to integrate artificial intelligence with blockchain infrastructure. According to Ozioma, the platform uses machine learning algorithms to analyse medical imaging data such as X-rays, MRIs, CT scans and ultrasounds to support early detection of conditions including tumours, fractures and organ abnormalities.

Health data generated through the system would be secured on a decentralised ledger, giving users greater control over their records while reducing risks of unauthorised alteration, he noted.

Central to the ecosystem is the SCANAI token, a digital asset built on the Solana blockchain, Ozioma said users would require a minimum holding of the token in their digital wallets to access certain features once the application is fully deployed.

He said one billion tokens were created, with approximately 900 million already in circulation among investors pending full regulatory certification and product rollout.