The Securities and Exchange Commission (SEC) has announced a broad package of reforms to reshape Nigeria’s capital market. The changes were unveiled by SEC’s Director-General, Emomotimi Agama, during the second Capital Market Committee meeting of 2025.
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Key measures and market changes
The reforms include accelerating the settlement cycle for equity trades. The market recently moved from a T+3 to T+2 settlement, and the SEC aims to progress to T+1 — with a long-term goal of T+0.
SEC said the shorter settlement cycle should improve liquidity, reduce counterparty risk, and help capital flow more quickly back into investment. The reform covers trading on the Nigerian Exchange Group (NGX), the NASD OTC Securities Exchange, and the Lagos Commodities and Futures Exchange.
Additionally, the reforms are backed by the new Investment and Securities Act 2025 (ISA 2025), which replaced the 2007 framework and provides updated rules for modern financial products, investor protection, and digital-asset oversight.
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Why the changes matter
Market leaders say the reforms mark a foundational shift — the move is designed to improve efficiency, strengthen regulatory clarity, and deepen investor confidence in Nigeria’s capital market.
The update arrives at a time when financial markets are adapting to new technologies, digital trading platforms, and changing investor behaviours. The reforms aim to position Nigeria’s capital market for global competitiveness.
