Summary
Nigeria's SEC has admitted 9 VASPs into ARIP in the current batch: Bitbarter, Luno Nigeria, GetEquity, Koinkoin, Wrapped CBDC, Trovotech, Blockvault Custodian (admitted July 2), plus GIGX Technologies and KuCoin Nigeria Limited (admitted July 3). ARIP is a probationary period — AIP (Approval-in-Principle) is not a full license. Requirements include: N2M (₦2M) non-refundable processing fee, minimum shareholders' funds, Fidelity Bond (25% of funds), Nigerian incorporation, physical office, Nigeria-resident CEO, NFIU registration, audited financials. Full registration timeline depends on each participant's performance during the incubation period.
Key Points
- 9 VASPs admitted in current batch (7 on July 2 + 2 on July 3)
- ARIP duration: determined by SEC on a case-by-case basis
- AIP = preliminary authorization, not final license
- Financial requirements: N2M processing fee, minimum shareholders' funds, 25% Fidelity Bond
- Corporate requirements: Nigerian incorporation, physical office, Nigeria-resident CEO/MD
- Must register with NFIU, submit audited financials, appoint registered solicitor
- Customer growth capped at 10% from entry point during ARIP
- Weekly/monthly trading statistics, quarterly financials, compliance reports required
- Transition to full registration at ARIP expiration if all conditions met
- Penalties: N5M first instance + N200K/day for non-compliance; N20M for unregistered VASPs operating trading platforms