Sec sets new capital requirements for market operators
Nigeria’s Securities and Exchange Commission (SEC) has announced a major overhaul of minimum capital requirements for nearly all capital market operators. The changes, detailed in a circular issued on January 16, 2026, represent the most significant update since 2015. Market operators have until June 30, 2027, to meet the new standards. The reforms aim to boost market resilience, protect investors, and ensure operators are adequately capitalised.
What we know
- The revised rules apply to brokers, dealers, fund managers, issuing houses, fintech firms, digital asset operators, and market infrastructure providers.
- Minimum capital for brokers rises from N200 million to N600 million, while dealers see an increase from N100 million to N1 billion.
- Broker-dealers must now hold N2 billion, up from N300 million, reflecting their multi-role exposure.
- Digital asset firms are now regulated, with exchanges and custodians required to maintain N2 billion each.
- The SEC expects the new thresholds to lead to industry consolidation, resulting in fewer but stronger and better-governed firms.
