President of the Independent Shareholders Association of Nigeria (ISAN), Moses Igbrude, has emphasised the need for efficient and impartial implementation of the Investments and Securities Act (ISA) 2025 to drive sustainable growth in the nation’s capital market.

Speaking at the 2025 yearly conference of the Capital Market Correspondents Association of Nigeria (CAMCAN) held in Lagos, Igbrude highlighted that for ISA 2025 to achieve its full potential, regulators must not only enforce the law independently but also build the capacity to oversee all its provisions effectively.

According to Igbrude, the Securities and Exchange Commission (SEC) should exercise a regulatory role with fairness and foresight, allowing market operators the freedom to execute their business activities without interference, while ensuring that compliance and governance standards are maintained at the highest level.

He stressed that regulators must build and sustain the capacity to effectively manage every aspect of ISA 2025, from emerging digital assets to traditional investment instruments, ensuring that the law is not only enforced in the short term but embedded into long-term strategic planning.

Highlighting the importance of infrastructure, Igbrude pointed out that the development of a fully integrated and synchronized ecosystem is essential to facilitate seamless market operations.
He envisioned a one-stop platform where all stakeholders, including investors, operators, and regulators, can interact efficiently from the initiation to the conclusion of every transaction.

Such infrastructure, he noted, would eliminate operational bottlenecks, enhance transparency, and create a cohesive environment that fosters innovation, efficiency, and trust across the market.
Igbrude also placed significant emphasis on investor protection, particularly for minority and core shareholders, noting that safeguarding their interests is fundamental to cultivating confidence and participation in the capital market.

He advocated for mandatory representation of minority shareholders on corporate boards, ensuring that their voices are heard in key decision-making processes.

This, he argued, would strengthen corporate governance, reduce the risk of exploitation, and provide a more equitable distribution of power within market institutions.
Beyond regulatory enforcement and infrastructure, Igbrude stressed that effective implementation of ISA 2025 requires education, awareness, and collaboration among all market participants.

He said there is need for investors to understand their rights while operators and regulators recognize their responsibilities and consistently demonstrate the competence necessary to uphold the law.

By adopting this holistic approach, Igbrude argued that Nigeria could transform its capital market into a dynamic, transparent, and inclusive system capable of supporting long-term economic growth and positioning the country as a model for financial innovation and governance in Africa and beyond.

Igbrude emphasized that the promise of ISA 2025 will only be realized through deliberate, coordinated action where independent regulation, strategic capacity building, comprehensive infrastructure, and meaningful investor protection converge to create a market that is efficient, fair, and future-ready.

This, he noted, is the pathway to ensuring that Nigeria’s capital market not only meets domestic expectations but also competes effectively on the global market.

Amaka Obiefuna

Capital market infrastructure, the Central Securities Clearing System Plc, has said that the expansion of recognised asset classes in the Investment and Securities Act 2025 was a major boon to the capital market.

This was disclosed by the Head of Treasury and Investments at CSCS Plc, Akinwonuola Atitebi, on Saturday during a panel discussion at the annual conference of the Capital Market Correspondents Association of Nigeria held under the theme, ‘Regulatory Reforms: ISA 2025 and Investment Climate.’

President Bola Tinubu earlier this year assented to the ISA, which recognised digital assets, including cryptocurrencies, in the country. The ISA 2025 has also made it illegal to operate digital asset exchanges or online foreign exchange trading platforms without formal registration with the Securities and Exchange Commission.

Speaking on the significance of the law, Atitebi emphasised that markets evolve over time, and ISA 2025 reflects developments seen in the last 10 to 20 years. “Today’s markets are different from those of a decade ago. This act brings everything together and, importantly for CSCS, includes additional asset classes that were previously unregulated,” he said.

Atitebi highlighted that the inclusion of cryptocurrencies and other digital assets represents “an area of immense opportunity. CSCS, in terms of what we do as a financial market infrastructure, started investing already in infrastructural power to support trading in those sorts of asset classes in the future.”

He went on to commend the SEC and other stakeholders, including the Ministry of Finance, for their efforts in putting together the robust legislation while offering the full support of the CSCS for the full implementation of the ISA 2025.

“Thank you to everybody for the work that was put in and for the achievement. But going forward, it’s one thing to have a near-perfect act, a near-perfect document, a near-perfect framework, a legal framework that addresses all our issues and all gaps. It’s another thing to execute. The SEC leadership that we have today really has the capacity. They have demonstrated it in certain things that they’ve done. But we, as partners in the market, need to support them. CSCS is committed, fully aligned with SEC’s goals, and I can say that on behalf of the board and management of CSCS, we will stand by to assist in any way required to fully implement ISA 2025,” he said.

Speaking further on the provisions of the law, Atitebi said, the law also incorporated proactive compliance measures that aim to curb market abuses.

Atitebi cited the prohibition of cash transactions in capital markets and the requirement that all securities must be dematerialised before trading on secondary markets as examples, saying, “One thing that we gave the SEC a big plus point was the proactiveness in a lot of the provisions regarding compliance. I think if implemented properly, a lot of the abuses we’ve seen in the past will not even come up. So you look at one particular thing where you ban cash transactions completely from capital markets.

“That immediately takes out the role of money laundering and issues at the end of the night. And I think now there is a rule that all securities must be dematerialised before they can be traded on the secondary market. Right? What that does is it immediately eliminates a lot of avenues for abuse and issues. You are cleaning up the capital markets. Just by having those provisions in the ISA 2025. So, again, if this act is implemented, and we also support that, a lot of what you guys see as down the line, hard-nosed enforcement possibilities will not even arise. Because it’s the proactiveness and the preventive practices that are embedded in that act.”

With the ISA 2025 now in force, Nigerian capital markets are poised to embrace digital transformation while offering investors access to a broader range of investment opportunities.

Recall that the CSCS Plc last month championed the transition of Nigeria’s capital market to the T+2 settlement cycle, bringing the market in step with global peers.

Amaka Obiefuna

Fidelity Bank Plc, a leading financial institution, will host a free virtual training on the Nigeria Tax Act 2025 (NTA) as part of its commitment to helping small businesses prepare for the upcoming legislation.

The masterclass is scheduled for 10:00 AM (Nigerian time) on Friday, 12 December 2025. It will provide participants with clear insights into changes in the tax framework, the impact on income and business operations, and practical steps to avoid penalties in 2026. Attendees will also learn strategies to stay ahead in an evolving regulatory environment.

The Nigerian government enacted major tax reforms on 26 June 2025 when President Bola Ahmed Tinubu signed four tax bills into law. These Acts will take effect on 1 January 2026 and represent a significant overhaul of the country’s tax system. The reforms aim to modernize and harmonize Nigeria’s tax framework, improve revenue generation, broaden the tax base, and create clearer rules for individuals, businesses, and government agencies.

“Our decision to host this masterclass reflects our commitment to empowering businesses with the right information ahead of the commencement of the new tax regime. Information is money and a well-informed business owner is already steps ahead in the race to success. This is why we are bringing experts to provide accurate details and demystify the tax act,” said Osita Ede, Divisional Head, Product Development, Fidelity Bank Plc.

Interested participants can register via https://bit.ly/2026TaxLawMasterclass .

The Senior Vice President of Government Affairs at FMDQ Group, Emmanuel Etaderhi, has urged regulators and market stakeholders to leverage popular culture, including musicians and footballers, to increase youth engagement with the recently enacted Investment Securities Act 2025.

Etaderhi made this call at the annual conference of the Capital Market Correspondents Association of Nigeria held under the theme, ‘Regulatory Reforms: ISA 2025 and Investment Climate’ in Lagos.

The ISA 2025 has recognised virtual assets like cryptocurrencies and others, which hold strong appeal for young Nigerians. According to the Chainalysis report, Sub-Saharan Africa is the third-fastest growing crypto market globally, behind only Asia-Pacific and Latin America. The region received $205bn in on-chain value during the review period, a 52 per cent increase year-on-year. This jump was said to have been driven mostly by young Nigerians seeking to hedge against inflation and safeguard value.

The SVP of FMDQ speaking at the conference said, “If you come to FMDQ these days, you will be surprised. I think we are more than 70 per cent youth. The young people, those people who are doing crypto and have the knowledge about digital currencies. Those people who have knowledge about the new products that have been introduced, the greater population in our offices, the smart tech guys, we are essentially a tech company.

“So it’s not just a document for today. It’s a document for the future. It’s a document that guarantees Nigeria’s development towards really becoming that beacon of hope, beacon of hope for Africa, the light of Africa. I insist, go back to the youths. Why? Because, as we all observed, this document gives life to their dreams and aspirations. But one aspect that is very vital, in all the gatherings, in all the engagements, in all the conferences and awareness sessions, which forum has called the youths together to explain this document to them in a language they understand?”

Highlighting the way to bridge that gap, Etaderhi added, “The reason they can swiftly change to the fintech is that these things are available to them digitally. They are available to them easily at the tip of their fingers. So your education programme, your awareness creation programme, your capacity building programme must be anchored on those digitalised sources.

“The youths believe in skits a lot. They believe a lot in things that have to do with followers, likes, and podcasts. If you want to teach them, you use their methodology to teach them so that they can understand and evolve their own ways of learning. You can’t use the old methods of learning to engage and attract youths; they don’t have the time to be reading one long article or one long essay. You need to put it into digitalised formats so that you can attract them.

“You need to get endorsements from the big-time artists. Recognise individuals in the artistic space. Nigeria has colonised this world with music. In the deep heart of Morocco, Burna Boy is well-known. In Ireland, Davido is well-known. Everywhere, you need to bring these icons. Use them as a means to convey messages to the youths because the youths will always follow them. Major artists, major footballers. Football is something that’s crazily affecting all youths.

Use the means of these icons to attract attention to the capital markets. Bring them as your idols and ambassadors. Teach them first and enable them to spread the message to these youths because to attract somebody, you must look at what attracts the person’s attention.” Speaking on the importance of reaching younger investors, Etaderhi said the law is “not just for today; it is for the future” and provides opportunities in digital currencies, sustainable finance, and innovative instruments like Sukuk. He emphasised that to capture the attention of Nigeria’s youth, financial education and awareness programs must be delivered in formats they understand, including skits, podcasts, social media, and endorsements from cultural icons.

Highlighting FMDQ’s involvement in shaping ISA 2025, Etaderhi noted that the organisation participated in multiple committees, consultations, and engagements with legislators and market players. “Two of our young professionals were recognised for their contributions, and this demonstrates the importance of including youth perspectives in developing forward-looking legislation,” he said.

Etaderhi stressed that ISA 2025 has the potential to transform Nigeria’s capital markets by fostering innovation, increasing transparency, and aligning investment opportunities with the aspirations of young Nigerians. “If we engage the youth properly, using the channels they follow and admire, we can ensure that ISA 2025 is understood, embraced, and fully implemented,” he said.

On increasing awareness for Sukuks, a Sharia-compliant financial instrument that has funded infrastructure projects such as road development across Nigeria, Etaderhi said the ISA 2025 provides for it, and stakeholders could play a lot more in it.

“It (ISA 2025) speaks to digital currencies. It speaks to the description of SDGs in terms of composite and non-composite. It speaks to things like non-interest financial instruments. We are travelling from Asaba to Enugu. On the road, you see, this road was developed by Sukuk. Sukuk is an instrument that we are not giving real push to. In spite of the fact that faith-wise, more than 50 per cent of us believe in that kind of instrument,” he said.

The Securities and Exchange Commission (SEC) has announced a series of wide-ranging reforms aimed at strengthening market efficiency, deepening investor confidence, and accelerating the digital transformation of Nigeria’s capital market.

SEC Director-General, Dr. Emomotimi Agama, unveiled the initiatives during the second Capital Market Committee (CMC) meeting for 2025, where he also confirmed Nigeria’s move toward a T+1, and eventually T+0 settlement cycle.


In his address, Agama noted that the transition from T+3 to T+2 settlement for equities, implemented on November 28, marked a major milestone for the Nigerian capital market and aligned it more closely with global best practice.

He explained that shorter settlement cycles will enhance liquidity, reduce counterparty risk, and accelerate capital reinvestment.

The reform now applies across the Nigerian Exchange, NASD OTC Securities Exchange, and Lagos Commodities and Futures Exchange.

The SEC DG outlined broader market developments since the last CMC meeting in May, including the upgrade of Nigeria’s sovereign credit rating and the country’s removal from the FATF grey list. He said these achievements have boosted investor confidence and improved prospects for capital inflows. Inflation has also moderated, with the headline rate easing to 16.05 per cent year-on-year in October, the lowest level since March 2025.

Agama reported strong capital-raising activities between April and October, with significant transactions approved across debt, equity, and commercial paper markets.

Notable programmes include the N500bn Climate Funding SPV and the N200bn  Elektron Finance bond, reflecting growing investor interest in infrastructure and sustainable finance.


The commercial paper market remained active, with over N753bn issued across sectors such as manufacturing, energy, and agriculture.

He said these figures demonstrate sustained confidence in the market’s regulatory framework.

Despite these positives, the market faced headwinds in November when the Nigerian Exchange recorded its steepest monthly decline on record. Market capitalization fell by N6.54trn, while the All-Share Index dropped nearly 7 per cent. The downturn was driven by profit-taking ahead of the planned 30 per cent Capital Gains Tax, weakened sentiment in banking stocks, and broader policy and global uncertainties.

However, Agama noted that the market has since shown resilience, with modest recovery following government reassurances on fiscal and tax policy, and remains significantly positive year-to-date.

The SEC is intensifying its market development and financial inclusion efforts through education-based initiatives, including the integration of capital market studies into the national secondary school curriculum in collaboration with the Nigerian Educational Research and Development Council.

At the tertiary level, the Commission partnered with Nnamdi Azikiwe University for a conference focused on leveraging capital market opportunities for SME growth.

Regionally, the SEC continues to reinforce Nigeria’s leadership in non-interest finance.

The Commission recently engaged a Bank of Ghana delegation on regulatory frameworks for non-interest capital markets, highlighting Nigeria’s N1.4trn  sovereign Sukuk issuances and the growth of Islamic mutual funds. Planning is also underway for a Municipal Bond and Sukuk Summit scheduled for the first quarter of 2026.

Agama emphasized ongoing efforts to deepen the commodities and derivatives ecosystem.

The SEC is collaborating with the Standards Organisation of Nigeria to update commodity standards, working with insurance brokers to enhance risk mitigation, and partnering with the Ministry of Solid Minerals to unlock funding for mining companies. It is also engaging the Central Bank of Nigeria to secure liquidity status for warehouse receipts while strengthening oversight of commodity exchanges through inspections and financial reviews.

The Commission is advancing new rules under the Investments and Securities Act (ISA) 2025 to support commodity exchanges, collateral managers, warehouse operators, and warehouse receipt issuers. Study tours of exchanges and clearing agencies are informing updated regulatory frameworks, while work continues on harmonizing rules to align with ISA mandates. Engagements with commodity exchanges such as Gezawa and NCX have also helped revive their operations.

In the derivatives market, the SEC is collaborating with stakeholders to deploy a real-time surveillance system to reinforce market integrity. Updated rules on central counterparties, derivatives trading, online forex, and NG Clearing operations have been submitted to the Rules Committee. A draft systemic risk management rule is also being developed to require stronger risk governance frameworks across regulated entities.

Agama highlighted the Commission’s technology-driven regulatory reforms, including automation through the Digital Transformation Portal, which now allows capital market operators to submit applications, upload documents, and track approvals online. A commercial paper issuance module has been launched, with automation of quarterly and annual returns underway. The SEC is upgrading IT infrastructure and strengthening cybersecurity to support these reforms.

He also presented findings from the Technology Adoption Survey conducted in May 2025, which revealed that while cloud computing and cybersecurity tools are gaining traction, adoption of advanced technologies such as artificial intelligence and big data remains below 10 percent. Yet more than 70 percent of firms plan to adopt AI, blockchain, and regulatory technology within three years. Challenges include high implementation costs, skill shortages, and legacy system integration.

Agama stressed that innovation must go hand-in-hand with ethical and responsible deployment. He reminded operators that safeguarding investor data, preventing market abuse, and maintaining operational resilience are essential to building trust—the foundation of any capital market.

He also announced that the SEC will implement a Harmonized Corporate Governance Reporting Template for public companies to streamline disclosures, eliminate duplication, and reduce compliance burdens. The template will unify reporting across SEC regulations, the Nigerian Code of Corporate Governance 2018, and the Business Facilitation Act 2022.

Looking ahead, the renewal of registration for capital market operators will take place from January 1 to 31, 2026, while electronic receipt and processing of registration applications will commence in the first quarter of 2026.

Agama concluded by reaffirming the SEC’s commitment to building a resilient, transparent, and innovation-driven capital market that can serve as a catalyst for sustainable economic growth. He said the Commission remains guided by the principle that “a strong capital market is not built in a day; it is shaped by vision, collaboration, and resilience.”

The Securities and Exchange Commission (SEC) and Nigerian Exchange Group, yesterday expressed that the newly signed Investments and Securities Act (ISA) 2025 signed into law by President Bola Tinubu is expected to drive the nation’s economic growth and further enhance capital formation in the capital market.

Both capital market regulating bodies stated this in Lagos during the Capital Market Correspondents Association of Nigeria (CAMCAN) workshop 2025 held in Lagos with theme : “Regulatory Reforms: ISA 2025 and Nigeria’s Investment Climate”

Giving his keynote address, the Director-General, SEC, Mr. Emomotimi Agama, stated that the ISA 2025 is not only a replacement for the 2007 Act as it represents a comprehensive reform agenda designed to modernise regulatory environment, strengthen governance, attract investment, and reposition Nigeria’s capital market to meet the demands of a dynamic global economy.

Agama, who was represented by Lagos Head of the Commission, John Briggs noted that CAMCAN workshop theme suggests regulatory reforms play a defining role in shaping the nation’s investment climate, and ISA 2025 is central to that transformation.

According to him, operating under the ISA 2025 is aimed to align with International Organization of Securities Commissions (IOSCO) standards with the imperative to strengthen Nigeria’s investment climate by building a deeper, more resilient capital market.

“One of the most transformative aspects of the ISA 2025 is the clarity it brings to the mandate of the Securities and Exchange Commission.

“For the first time, the Act explicitly sets out the regulatory objectives, functions, and powers of the Commission including acting in the public interest, protecting investors, maintaining fair and transparent markets, preventing unlawful practices, reducing systemic risks, and supporting capital formation,” he said.

He noted that the major conceptual shift introduced by ISA 2025 is the transition from regulating only “Capital Market Operators” to supervising a wider class of “regulated entities.”

Part of which include: digital asset and virtual asset exchanges, warehouse operators and warehouse receipt systems, derivatives and commodities platforms and market infrastructure operators.

He maintained that for the first time, the SEC is empowered to: identify market-wide vulnerabilities; collaborate with other regulators during periods of financial stress; take pre-emptive action to prevent contagion; and ensure the stability of systemically important institutions.

For investors, he explained that the ISA 2025 signals a more resilient and predictable market environment, one that is better able to withstand shocks.

According to him, the ISA 2025 addresses Ponzi schemes more decisively by giving the SEC power to seal prohibited schemes and impose criminal sanctions.

“These reforms protect retail investors, deepen the fund-management industry, and encourage genuine collective investment vehicles that can mobilise long-term capital.

“This is a strong boost to investor confidence and contributes meaningfully to improving Nigeria’s investment climate,” Agama added.

He, however, called on collective responsibility of stakeolders to bring the framework to life

through collaboration, capacity building, and faithful implementation.

“The ISA 2025 will become the cornerstone of the capital market Nigeria needs and deserves, and a catalyst for a stronger and more competitive investment climate,” he added.

While giving his speech, the Chairman, Nigerian Exchange Group, Alhaji Umaru Kwairanga, stated that the recent reforms encapsulated in the IS) 2025, has entered a pivotal phase in strengthening market governance, boosting investor protection, and enhancing overall market competitiveness.

He noted that, “These reforms are not merely regulatory updates; they are foundational shifts designed to modernize our capital market architecture, attract deeper pools of capital, and position Nigeria as a top-tier investment destination within Africa and globally.

“As we navigate the complexities and opportunities presented by these reforms, your role as market media stakeholders becomes even more critical.”

He called on participants at the conference to maximize opportunities offered by ISA 2025 as regulators, operators, investors, and the media work in alignment.

He commend CAMCAN for its unwavering commitment to enriching capital market literacy and

facilitating meaningful engagement among stakeholders.

“I am confident that the insights shared today will contribute significantly to strengthening Nigeria’s capital market and supporting sustainable economic growth,”Kwairanga added.