Circular

New Numbering Format for Fixed Lines: New Contact Lines for the Commission

In line with the new numbering format for fixed lines as announced by the Nigerian Communications Commission (NCC) and which takes effect from January 1, 2024, the general public is hereby notified that the contact numbers for the Securities & Exchange Commission have been amended in compliance with the NCC’s new numbering format for fixed […]

Notification for the 2024 Capital Market Committee 1ST Webinar Meeting

22/03/2024 The Director General has approved the 2024 Capital Market Committee (CMC) 1ST Webinar Meeting to hold on Thursday, 18TH April 2024. The usual interface with members of the press will hold the following day Friday, 19th April 2024 through Webinar. Attendance to both events is strictly by invitation. All invited participants are expected to be seated by 9:45 am. Thank you, SIGNED MANAGEMENT

Mandatory Audit Firm Rotation In Public Companies (Joint Audit)

The Nigerian Code of Corporate Governance (NCCG) 2018, issued by the Financial Reporting Council of Nigeria (FRC), provides for a 10-year period for the rotation of auditors to public companies. The code however did not provide a rotation period for audit firms in the case of Joint Auditors. Consequent to the above, the Financial Reporting […]

Re: Compliance Of Public Companies With Sections 60-63 Of The Investments And Securities Act (2007)

Further to the Commission’s circular dated 8th November, 2021 on the compliance by Public  Companies with the requirements of Sections 60 to 63 of the Investments and Securities Act 2007 on Internal Control over Financial Reporting, the Commission hereby notifies the reporting entities that the Directors and External Auditors’ reports on Internal Control over Financial Reporting (ICFR) for the […]

The SEC Regulatory Incubation Program: Call for Applications into Cohort 002/24

The Securities and Exchange Commission (SEC) hereby announces the launch of the second Cohort (Cohort 002/24) of its Regulatory Incubation (RI) program. The portal for submitting applications is now open to receive applications from 05/02/2024 to 08/04/2024. For comprehensive guidance on how to apply for admission into the Regulatory Incubation Program, please visit the SEC Innovation […]

Notice To All Capital Market Operators (CMOS) On 2024 Renewal Of Registration

This is to inform all Capital Market Operators (CMOs) and the general public that the annual renewal of Registration of CMOs for the year 2024 will commence from 1st January, 2024 to January 31, 2024. In line with the Commission’s Rules & Regulations, all CMOs are to complete the process of renewal of registration for […]

Nigerian Capital Market Institute – 2024 Training Calendar

Re-Advertisement – Design, Supply and Installation of Securities Market Surveillance System

Specific Procurement Notice Design, Supply and Installation of Securities Market Surveillance System and Related Goods and Services Purchaser: SECURITIES & EXCHANGE COMMISSION, NIGERIA Project: Deployment of Real-time Surveillance System for the Nigeria Securities Market and ancillary services at the Securities and Exchange Commission Contract title: PROCUREMENT OF SECURITIES MARKET SURVEILLANCE SYSTEM Country: NIGERIA Grant No.: […]

Notification for the Third CMC Meeting in 2023

The Third Capital Market Committee (CMC) Meeting for 2023 is scheduled to take place on Thursday, November 16, 2023, at the Federal Palace Hotel, Victoria Island, Lagos. An interaction session with members of the press will hold the following day, Friday, November 17, 2023, at the SEC Lagos Zonal Office, located at Number 3 Idejo […]

Extension of Investments and Securities (Exemption of State Governments etc.) Order 2019

The Securities and Exchange Commission wishes to notify all Capital Market Operators (CMOs) and the general public that the Federal Ministry of Finance has approved a further extension of validity period of the Investment and Securities (Exemption of State Governments etc. – ’’Exemption Order’’) Order 2019 by three years from December 27, 2022 to December […]

Specific Procurement Notice – Market Surveillance System

Design, Supply and Installation of Securities Market Surveillance System and Related Goods and Services Purchaser: SECURITIES & EXCHANGE COMMISSION, NIGERIA Project: Deployment of Real-time Surveillance System for the Nigeria Securities Market and ancillary services at the Securities and Exchange Commission Contract title: PROCUREMENT OF SECURITIES MARKET SURVEILLANCE SYSTEM Country: NIGERIA Grant No.: G-NG-HOO-SUP-002 IFB No: […]

Third West Africa Capital Market Conference

Find out more here : www.wacmac2023.com

Workshop – Internal Control Over Financial Reporting In Public Companies

  REGISTER FOR WORKSHOP

Revised Schedule for the 2023 Capital Market Committee 2nd Webinar Meeting

 10th August, 2023 We wish to inform you of an adjustment to the originally planned schedule for the Capital Market Committee meeting. The meeting, which was initially scheduled for Wednesday, August 23rd, has been rescheduled to take place on Thursday, August 24th, 2023. Additionally, we would like to remind you that our regular interaction with […]

Warning Against Investing With Binance

In futherance of the Commission’s earlier circular, dated 9 June, 2023, with respect to the website operated by Binance (https://www.binance.com) used for soliciting the Nigerian public to trade crypto assets. The Commission again reiterates that the activities of Binance, https://www.binance.com and any such other platform through which the Company solicits investors is neither registered nor […]

SEC Financial Statements Duly Audited Over The Years

The attention of the Securities and Exchange Commission (the Commission), the apex regulator of the Nigerian capital market has been drawn to some reports in the electronic and print media, insinuating that the Commission had not audited its financial statements since 2014. Contrary to these false claims, the Commission as a law-abiding agency has duly […]

Circular on the Activities of Binance Nigeria Limited

The attention of the Securities and Exchange Commission (the Commission) has been drawn to the website operated by Binance Nigeria Limited, soliciting the Nigerian public to trade crypto assets on its various web and mobile-enabled platforms. Binance Nigeria Limited is neither registered nor regulated by the Commission and its operations in Nigeria are therefore illegal. […]

Notification For The 2023 Capital Market Committee 2nd Webinar Meeting

The Director General has approved the 2023 Capital Market Committee (CMC) 2nd Webinar Meeting to hold on Wednesday, 23rd, August 2023. The usual interface with members of the press will hold the following day Thursday, 24th August 2023 through Webinar. Attendance to both events is strictly by invitation. All invited participants are expected to be […]

Official Disclaimer On Fake SEC Websites

The attention of the Securities and Exchange Commission (“the Commission”) has been drawn to several websites and blogs purportedly affiliated to the Commission. The referenced websites are fake and not in any way related to the Commission. For the avoidance of doubt, the Commission’s website is www.sec.gov.ng. The general public is therefore strongly advised to […]

Notice of Acceptance of Applications for the Regulatory Incubation (RI) Program

Please refer to the Securities and Exchange Commission (SEC) circular of June 2021 announcing its Regulatory Incubation (RI) program for FinTech firms operating or seeking to operate in the Nigerian Capital Market. This is to inform you that the portal for submitting applications is now ready to receive applications from Cohort 001/23, from 28/04/2023 to […]

Blacklisting Of Six (6) Unregulated Online Trading Platforms

19/04/2023 The Commission’s attention has been drawn to the under listed e-commerce Companies and their websites offering online trading platforms to the investing public. They are not registered by the SEC Nigeria and the financial services offered by them are also not authorized. Prime Invest and “Primeinv.co (Websites: http://primeinv.co and https://webtrader.pinvest.cc); FXBoxed (Websites: www.fxboxed.com and […]

The Supreme Court affirms the jurisdiction of the Investments and Securities Tribunal over capital market disputes

The Supreme Court affirms the jurisdiction of the Investments and Securities Tribunal over capital market disputes: (A review of SC/314/2007 – Mufutau Ajaji vs SEC). On January 13, 2023, the Supreme Court of Nigeria delivered a landmark decision with enormous implication for capital market dispute resolution. This was in the case of Mufutau Ajayi vs […]

Investors Alert – Blacklisting Of Five (5) Italian E-Commerce Websites

22/03/2023 The Italian Securities Regulator, (Commissione Nazionale per le Soecieta’ e la Borsa – CONSOB) has blacklisted five (5) additional e-commerce websites for offering unauthorized and fraudulent financial services. The blacklisted websites are: CMS Ltd (capmarketstrategy.io, with its page https://client.capmarketstrategy.io); Bitsterzio(https://www.bitsterzio.com); Invest Atlas (https://investatlas.co) Ether-Arena Ltd (www.ether-arena.com); and Ether-Arena Ltd (https://veneab.co, with its page: https://clientzone,vineab.com ). […]

Public Statement On Recent Reports On Seplat Energy PLC

The Commission’s attention has been drawn to the recent reports in the media regarding Seplat Energy Plc (Seplat), a public company listed on the Nigerian Exchange Limited (NGX) and the London Stock Exchange (LSE). In line with its core mandate of investor protection, the Commission has sought and obtained explanations from Seplat through its Board of Directors and […]

Notification for 2023 First CMC Webinar Meeting

The 2023 first Capital Market Committee (CMC) Webinar Meeting has been scheduled to hold on Wednesday, 12th April, 2023. The usual interface with members of the press will also hold through webinar on Thursday, 13th April, 2023. Attendance at both events is strictly by invitation. All invited participants are expected to be seated by 9.45am. Thank you. SIGNED MANAGEMENT

Ponzi: Court Sets March 16 for Trial of Vektr Capital & 2 Ot

Justice Zainab Abubakar of the Federal High Court, Court 4, Abuja has set March 16, 2023 for the commencement of trial of Vektr Capital Global Group along with two staff of the company, Mr. Solomon Edet Solomon and Mr. Zakari Haruna for allegedly operating as fund managers without registration by the Securities and Exchange Commission […]

Corrigendum – Prequalification and Expression of Interest (EOI). PROJECT ID NO: P-NG-HZ0-007

The attention of the general public is hereby drawn to the earlier advertisement published by the Securities and Exchange Commission in the Federal Tenders Journal, Daily Trust and Thisday Newspapers on Monday December 26, 2022 and Tuesday December 27, 2022 respectively, inviting members of the public for prequalification and Expression of Interest (EOI). PROJECT ID […]

Blacklisting Of Four (4) Italian E-Commerce Companies

The attention of the Securities and Exchange Commission, Nigeria (“SEC”) has been drawn to a report that the Italian securities regulator, (Commissione Nazionale per le Soecieta’ e la Borsa – CONSOB)  has blacklisted four (4) e-commerce companies and blocked their websites for fraudulent e-trading and unauthorized offering of financial services. The blacklisted companies and their […]

Request For Expressions Of Interest (Consulting Services-Firms)

Institutional Capacity Development on Green Finance and Green Bonds for the Securities and Exchange Commission, Nigerian Exchange Group and Capital Market Operators SECTOR: NIGERIAN CAPITAL MARKET GRANT NO.: G-NG-H00-SUP-001: PROJECT ID NO.: P-NG-HZ0-007 The SECURITIES & EXCHANGE COMMISSION, NIGERIA (SEC) has received financing from the African Development Bank towards the cost of regulatory capacity improvements […]

Notice To All Capital Market Operators (CMOs) For Renewal Of 2023 Registration.

This is to inform all Capital Market Operators and the general public that the annual renewal of Registration for year 2023 will commence from January 01, 2023 to January 31, 2023. In line with the Commission’s Rules and Regulations, all CMOs are to complete the process of renewal of registration for 2023 on or before […]

Circular On Designation Of Ten Individuals And Three Entities By The National Sanctions Committee And Addition To The Nigeria Sanctions List

NSC/SEC/MON/AML/CFT/112022/02                                                   All Capital Market Operators (CMOs) and Stakeholders are hereby notified that pursuant to section 49 of the Terrorism (Prevention and Prohibition) Act, 2022, the Nigeria Sanctions Committee has approved the addition of the entries below to the Nigeria Sanctions List of individuals and entities subject to assets freeze, travel ban and arms embargo: Abdurrahaman […]

Notification for Third CMC meeting in 2022 and the launch of the Nigerian Capital Market Masterplan (2021 -2025).

The 2022 Third Capital Market Committee (CMC) Meeting has been scheduled to hold on Thursday, 24TH November, 2022 at the Lagos Continental Hotel, Plot 52, Kofo Abayomi Street, Victoria Island, Lagos, Nigeria. The usual interface with members of the press will hold the following day being Friday, 25TH November, 2022 at the SEC Lagos Zonal […]

Amendment to the Investment and Securities (Exemption of State Government etc.) Order, 2019

The Securities and Exchange Commission wishes to notify all Capital Market Operators (CMOs) and the general public that the Honourable Minister of Finance, Budget and National Development has approved an amendment to the Investment and Securities (Exemption of State Governments etc.) Order 2019. The Order, which was initially published in the Official Gazette of the […]

Financial Literacy Technical Committee Presents A Timely Webinar On Fintech And The Capital Market

Topic: Fintech and the Capital Market: Opportunities or Threats Financial technology, also known as FinTech, is the use of technology to enable efficient banking and financial services. These FinTech innovations have brought about fundamental changes to the way of conducting financial-related activities. On this note, the Financial Literacy Technical Committee (FLTC), a market-wide committee of […]

Circular On Periodic Updates Of Registered Farmers Cooperatives And Warehouses Linked To Commodity Exchanges

The Commission hereby directs that all Commodity Exchanges registered with the Commission are henceforth required to include information on the number of registered farmer cooperatives and warehouses linked to their respective Exchanges in their quarterly reports which falls due for submission not later than 30 days from the end of each quarter. This directive is […]

Re: Warning Against Investing With Unregistered Investments Crowdfunding Platforms

The Securities and Exchange Commission (the Commission) has observed with concern the fraudulent activities of some unregistered investment crowdfunding platforms and hereby strongly advise the investing public against making investment(s) with or through any crowdfunding platform not registered with the Commission. The Commission, in recognition of the potentials and importance of crowdfunding platforms and the […]

Rules on Issuance Offering and Custody of Digital Assets_SEC NIGERIA 11 MAY 2022

Rules on Issuance Offering and Custody of Digital Assets_SEC NIGERIA 11 MAY 2022

Circular On Processing Fee For Fairness Review Of Mergers, Takeovers And Acquisitions By The Securities And Exchange Commission, Nigeria

The Commission, pursuant to its powers under the Investment and Securities Act (ISA), 2007, and Rule 6 of the Amended Rules on Mergers, Takeovers and Acquisitions, by this circular, hereby notify all public companies involved in or intending to be involved in a merger, acquisition, or other forms of corporate restructuring that the applicable ’’processing […]

Activities Of Some Unregistered Investments Schemes

The Securities and Exchange Commission (“SEC”), on March 14, 2022 shut the offices of the following companies: OXFORD INTERNATIONAL GROUP/OXFORD COMMERCIAL SERVICES FARMFORTE AGRO ALLIED SOLUTIONS LIMITED/AGROPARTNERSHIPS VEKTR CAPITAL INVESTMENT/VEKTR ENTERPRISE   The Commission hereby notifies the investing public that none of these entities is registered by the SEC and the Investment Schemes promoted by […]

Circular To Issuing Houses On “No-Objection For Transactions”

The Securities and Exchange Commission (“the Commission”) hereby draws the attention of Issuing Houses to the due diligence requirement for a “No-Objection” letter from “primary regulators” of Issuers, especially those in the Banking and Insurance sectors, as a prerequisite for the Commission’s approval of proposed transactions. In a bid to further improve the Commission’s transaction […]

Re: Notice To All Capital Market Operators (CMOs) On 2022 Renewal Of Registration

Further to our earlier circular released on 16th December 2021 on the above subject, this is a reminder to all Capital Market Operators and relevant stakeholders that the 2022 Registration Renewal Exercise will end on 31st January 2022, and there will be no extension. The renewal portal can be accessed via eportal.sec.gov.ng Capital Market Operators […]

Submission Of Fourth (4th) Quarter Unaudited And Annual Audited Financial Statements By Public Companies

Sequel to the Pilot Scheme on filing of Fourth (4th) Quarter and Annual Audited Financial Statements by Public Companies introduced in March 2019, the Securities and Exchange Commission (SEC) hereby notifies all public companies of the available options on filing of 4th Quarter and Annual Audited Financial Statements: i. To file the Unaudited Fourth (4th) […]

FG’s Official Gazzette On Proscription Of Banditry And Screening Of Clients Against Sanction Lists

All Capital Market Operators (CMOs) are hereby notified that in line with the requirements of the Terrorism Prevention Act (No. 10,2011) and Terrorism (Prevention) Proscription Order Motion, 2021, the Federal Government of Nigeria has declared the activities of “YAN BINDIGA GROUP”, YAN TA’ADDA GROUP AND OTHER SIMILAR Groups in any part of Nigeria as Terrorism […]

Circular To All Registered Fund/Portfolio Managers On Annual Regulatory And Supervision Fees

The Commission hereby draws the attention of all registered Fund/Portfolio Managers to the SEC Rule on Annual Supervision Fees for Collective Investment Schemes (CIS) and Regulatory Fees for Discretionary and Non-Discretionary Funds/Portfolios issued on January, 21 2021 and the amendment thereto issued on December 20, 2021, which provides that: A        Annual Supervisory fee for Collective Investments Schemes […]

Activities Of FinAfrica Investment Limited (Chinmark Group)

The attention of the Securities and Exchange Commission, Nigeria (“SEC”) has been drawn to the activities of an Illegal Operator (FINAFRICA INVESTMENT LIMITED). The Company claimed to be an Investment Company that engages in Business Development in Commercial sectors of the economy and uses the funds in entities under Chimark Group. The Commission hereby notifies […]

Activities Of Poyoyo Investment (Pilvest) Nigeria Limited

The attention of the Securities and Exchange Commission, Nigeria (“SEC”) has been drawn to the electronic and WhatsApp messages being circulated to investors on behalf of Poyoyo Investment (PILVEST) Nigeria Limited. The electronic message indicates a proposal to investors to invest in guaranteed investments with the following types of investment plans: Option A which is […]

Notice To All Capital Market Operators (CMOS) On 2022 Renewal Of Registration

This is to inform all Capital Market Operators (CMOs) and the general public that the annual renewal of Registration of CMOs for the year 2022 will commence from 1st January, 2022. In line with the Commission’s Rules & Regulations, all CMOs are to complete the process of renewal of registration for 2022 on or before […]

Circular On The Commencement Of Regulatory Fee On Fixed Income (Bonds) Secondary Market Transactions

This circular is made pursuant to Section 13(u) of the Investments and Securities Act (ISA), 2007 and Schedule 1, Part D of the SEC Rules (Registration Fees, Minimum Capital Requirements, Securities and others) which empower the Securities and Exchange Commission (SEC) to levy, among others, fees on transactions relating to investments and securities business in […]

Request For Expressions Of Interest (Consulting Services-Firms)

REQUEST FOR EXPRESSIONS OF INTEREST (CONSULTING SERVICES-FIRMS) NIGERIA RISK-BASED SUPERVISION FRAMEWORK IMPLEMENTATION AND CAPACITY BUILDING PROJECT Institutional Capacity Building on Regulation of Derivatives and Improvement of Derivatives Regulatory Framework SECTOR: NIGERIAN CAPITAL MARKET GRANT NO.: G-NG-H00-SUP-001: PROJECT ID NO.: P-NG-HZ0-007 The SECURITIES & EXCHANGE COMMISSION, NIGERIA (SEC) has received financing from the African Development Bank […]

Guidance On The Implementation Of Sections 60 – 63 Of The Investments And Securities Act, 2007 – Extension Of Compliance Date To December 2023

Further to our circular on the framework for the implementation of Sections 60 to 63 of the Investments and Securities Act, 2007, published on Monday, March 08, 2021 in the Guardian and Business Day newspapers, wherein directors are required to implement relevant internal controls over financial reporting and Auditors are required to review same and […]

Notification For 2021 Third CMC Webinar Meeting

The 2021 Third Capital Market Committee (CMC) Webinar Meeting has been scheduled to hold on Thursday, 11th November, 2021. The usual interface with members of the press will hold the following day being Friday, 12th November, 2021. Attendance at both events is strictly by invitation. All invited participants are expected to be seated by 9.45am. […]

Request for Expression of interest (Consulting Services-Firms)

NIGERIA RISK-BASED SUPERVISION FRAMEWORK IMPLEMENTATION PROJECT SECTOR: NIGERIAN CAPITAL MARKET GRANT NO.: G-NG-H00-SUP-001: PROJECT ID NO.: P-NG-HZ0-007 The SECURITIES & EXCHANGE COMMISSION, NIGERIA (SEC) has received financing from the African Development Bank towards the cost of regulatory capacity improvements under the RISK-BASED SUPERVISION FRAMEWORK AND CAPCITY BUILDING PROJECT, and intends to apply part of the […]

Update On Renewal Of Registration By Capital Market Operators

The Securities and Exchange Commission (“the Commission”) refers to its previous Circulars and e-mail dated 28th June 2021 on the renewal of registration of Capital Market Operators. Capital Market Operators are hereby informed that the Commission has re-opened its renewal portal (www.eportal.sec.gov.ng) to enable Operators that have not renewed their registration for 2021 to do […]

General Procurement Notice – Risk Based Supervision Framework Implementation And Capacity Development Project

The Securities & Exchange Commission, Nigeria  has received a grant from the African Development Bank Group administered/Capital Markets Development Trust Fund to finance the Risk Based Supervision Framework Implementation and Capacity Development Project.   The principal objectives of this project are to: Provide technical assistance and capacity building on selected areas of the Commission’s operations, […]

Judgement Of The Federal High Court In Respect Of BARA Finance & Investment Ltd And Its Management/Promoters

The Securities and Exchange Commission (“the Commission”) wishes to draw the attention of the general public to the judgement of the Federal High Court siting in Abuja on the 28th day of June 2021, in respect of BARA FINANCE & INVESTMENT LTD, wherein the company as well as MESSRS EDE AGIDA PETERS and OLOM OJEBONG […]

Proposed major amendment to rules on securities exchanges and other sundry amendments

Major Amendment Proposed Amendment to Part E- Rules on Securities Exchanges. View all amendments here All comments and input should be forwarded by e-mail to the Secretariat, Rules Committee of the Commission, at rulescommittee@sec.gov.ng or by letter addressed to the Director-General, SEC, not later than two (2) weeks from date of publication.

OANDO Plc Enters Into A Settlement With The Securities And Exchange Commission

Pursuant to the powers conferred on the Securities and Exchange Commission (the Commission) by the Investments and Securities Act 2007, and the Rules and Regulations made pursuant thereto, the Commission on Thursday, July 15, 2021, entered into a Settlement with Oando Plc (the Company). The Commission in its letter to the Company dated May 31, […]

Interoperability/Financial Market Infrastructures Link Framework Among Central Securities Depositories

Introduction The Nigerian capital market has witnessed remarkable growth in the last few years in terms of size, market participants and tradable instruments. This has impacted the market structure in terms of composition and interconnectedness. In the secondary market particularly, there are currently multiple trading platforms and Financial Market Infrastructures (FMIs) which provide comparative services […]

Official Disclaimer on SEC Registration of MBA Capital and Trading Limited

The attention of the Securities and Exchange Commission (“the Commission”) has been drawn to a publication in one of the National Daily Newspapers, in which a victim of an alleged scam perpetrated by MBA Capital and Trading Limited, Misan Sagay reportedly stated that he had verified “on-line” and ascertained that the company was registered with […]

Circular on the SEC Regulatory Incubation Program

The Securities and Exchange Commission (SEC) announces the imminent roll-out of the SEC Regulatory Incubation (RI) program for FinTechs operating or seeking to operate in the Nigerian Capital Market. The Regulatory Incubation (RI) program is designed to address the needs of new business models and processes that require regulatory authorisation to continue carrying out full […]

SEC Nigeria Takes Over Leadership Of The West Africa Securities Regulators Association (WASRA)

Mr. Lamido Yuguda, the Director General of the Securities and Exchange Commission, Nigeria took over the mantle of leadership of the West African Securities Regulators Association (WASRA) as Chairman, on Monday, 14th June, 2021. Mr. Yuguda will lead the body of West African securities regulators for a two-year period having succeeded Reverend Daniel Ogbarmey Tetteh, […]

Deadline for registration as a crowdfunding intermediary/platform

This is to inform all existing investment crowdfunding portals/digital commodities investment platforms operating in Nigeria that the deadline for registration is 30th June 2021. Failure to comply with this deadline will mean that the operations of such platforms will be categorized as illegal and attract regulatory sanction as stipulated in the Rules (which came into […]

Notice To The Public On Crowdyvest Halal Fund

The attention of the Commission was drawn to the proposed launch of a Crowdyvest Halal Fund by Crowdyvest an unregistered entity purporting to operate as a corporative society. The Commission has since issued a Cease and Desist Order to Crowdyvest to stop the launch and operations of the Crowdyvest Halal Fund and any other investment […]

Effective Date Of The Crowdfunding Rules

This is to inform all stakeholders that as part of efforts to ensure investor protection while encouraging innovation in the conduct of securities business, the rules governing Crowdfunding business in Nigeria came into effect on the 21st day of January, 2021. In line with the transitional provisions of the Rules, all persons/entities operating an investment […]

Update on Renewal of Registration for Capital Market Operators

The Securities and Exchange Commission (SEC) wishes to inform all registered Capital Market Operators (CMOs) that in line with the requirements for renewal of registration, all CMOs are required to complete the renewal process on or before April 30, 2021. Consequently, all CMOs are expected to note the following; 1. Late filing for renewal of […]

Official Disclaimer on Fake SEC Website and Fictitious Recruitment Exercise

The attention of the Securities and Exchange Commission (“the Commission”) has been drawn to several websites and blogs purportedly affiliated to the Commission which are said to be advertising on-going “recruitment exercise” by the Commission. The Commission wishes to inform the general public that the referenced websites and blogs are fake and that no such […]

Press Release – Update On Suspension Of The Annual General Meeting Of OANDO PLC

The attention of the Securities and Exchange Commission (“The Commission”) has been drawn to publications in various media on the judgments against the Commission concerning its regulatory action on Oando Plc and several of its officers for severe breaches of capital market regulations, some of which are under criminal investigations. It is therefore important that […]

Call For Proposal – ICT Transformation – Development of ICT Transformation Strategy

Download TOR – SEC Nigeria Digital Transformation

Proliferation of Unregistered Online Investment and Trading Platforms Facilitating Access to Trading in Securities Listed in Foreign Markets

The attention of the Securities and Exchange Commission (the Commission) has been drawn to the existence of several providers of online investment and trading platforms which purportedly facilitate direct access of the investing public in the Federal Republic of Nigeria to securities of foreign Companies listed on Securities Exchanges registered in other jurisdictions. These platforms […]

Circular On Warehousing And Collateral Management

The Securities and Exchange Commission wishes to bring to the notice of the general public and Capital Market Operators (CMOs) of its rules and regulation on Warehousing and Collateral Management Rules. These Rules were developed to provide a regulatory framework for the operations of Warehouses that store commodities to be traded on Commodities Exchanges, Collateral […]

Motion for Injuction / Stay of Execution – Engineer Patrick Ajudua Vs SEC & OANDO Plc

The Securities and Exchange Commission (SEC) wishes to inform the general public that it has filed a Motion for Injunction/Stay of Execution of the judgment and Order of the FCT High Court in Suit No: FCT/HC/BW/CV/347/2020, ENGINEER PATRICK AJUDUA Vs SECURITIES and EXCHANGE COMMISSION & OANDO PLC. Consequently, to avoid being in contempt of court, […]

Circular On The Renewal Of Registration

The Securities and Exchange Commission (SEC) hereby notifies the general public and Capital Market Operators (CMOs) in particular, of the reintroduction of the periodic renewal of registration by Capital Market Operators.   The reintroduction of renewal of registration is premised on the need: to have a reliable data bank of all CMOs registered and active […]

Guidance On The Implementation Of Sections 60 – 63_Of The Investments And Securities Act_2007

The global corporate scandals that occurred in 2001 were linked to weaknesses in financial reporting and accounting practices. In response, several jurisdictions enacted legislations to enhance transparency and uphold the intergrity of financial markets. As part of the efforts to reform corporate financial reporting in Nigeria, the Federal Government of Nigeria passed the amended Investments […]

Press Statement

The attention of the Securities and Exchange Commission (the Commission) has been drawn to several publications in the media, where it is reported that a shareholder of OandoPlc, purportedly obtained a judgment from the Federal Capital Territory High Court against the Commission. The Commission wishes to inform the general public that it was never at […]

Notification For 2021 First CMC Webinar Meeting

The 2021 First Capital Market Committee (CMC) Webinar Meeting has been scheduled to hold on Thursday, 15th April, 2021. The usual interface with members of the press will also hold through webinar the following day being Friday, 16th April, 2021. Attendance at both events is strictly by invitation. All invited participants are expected to be […]

Press Release On Cryptocurrencies

The Securities and Exchange Commission (SEC) has received several comments and inquiries from the public on a perceived policy conflict between the SEC Statement on Digital Assets and their Classification and Treatment of September 11, 2020 and the Central Bank of Nigeria (CBN) Circular of February 5, 2021. We see no such contradictions or inconsistencies. […]

The Investments And Securities Tribunal (IST) Restrains Unregistered Fintech Company From Stock Trading

The Investments and Securities Tribunal, (IST) on Thursday 17th December 2020, made interim Orders restraining a Fintech company, Chaka Technologies Limited, and its promoters from advertising or offering for sale shares, stock or other securities of companies or other entities. The interim Orders, which apply to all Chaka platforms, were granted pursuant to an application […]

Circular To Regulated Entities And Capital Market Stakeholders

The Federal Ministry of Health and the Nigeria Centre for Disease Control (NCDC) has warned that the country is on the verge of a second wave of the COVID-19 pandemic. In light of the rising number of new cases, the Commission wishes to provide the following guidance: All stakeholders in the Nigerian capital market are […]

Conduct Of Illegal Fund Management By Famzhi Interbiz Limited

The attention of the Securities and Exchange Commission (the Commission) has been drawn to the illegal fund management operation conducted by FAMZHI INTERBIZ LIMITED. The Commission wishes to inform the public that FAMZHI INTERBIZ LIMITED is not registered to operate in the Nigerian Capital Market. The company had applied to the Commission for registration to […]

Circular To All Brokers/Dealers

Rule 56 (1&2) (c) of the Rules and Regulations of the Securities and Exchange Commission provides that: “Registered brokers/dealers shall disclose to the Commission any dealings in a Security valued at a minimum of 500,000 units executed in a single deal or in multiple deals on the same day on behalf of his clients or […]

Pre-Notice On Cancellation/Withdrawal Of Certificates Of Registration Of Inactive Capital Market Operators

The under-listed one hundred and fifty-seven (157) Capital Market Operators (CMOs) were registered by the Securities and Exchange Commission to perform various functions in the Nigerian capital market. However, these CMOs have either consistently failed to render their statutory returns to the Commission, had their capital eroded or were affected by policy changes. In view […]

CIRCULAR – EXTENSION OF DEADLINE TO FILE QUARTERLY FINANCIAL STATEMENTS FOR THE PERIOD ENDING SEPTEMBER 30, 2020

The Securities and Exchange Commission (SEC) has noted the recent general disruption to business operations across the country and the challenges this may have posed on businesses. The SEC is also aware that the disruption to business operations may have prevented public companies, capital market operators and other regulated entities from convening meetings for the […]

CIRCULAR – AUDITED ACCOUNTS OF COLLECTIVE INVESTMENT SCHEMES

Pursuant to the provisions of Section 169(2)&(3) and Section 181(1)(f),(g)&(h) of the Investment and Securities Act 2007, and the importance of disseminating timely information to the market, the Commission shall henceforth discontinue the practice of issuing prior approval or no objection for Audited Accounts of Collective Investment Schemes. Consequently, annual accounts of Collective Investment Schemes […]

CIRCULAR TO ALL CAPITAL MARKET OPERATORS

In line with Section 38(2) of the Investments and Securities Act 2007 which empowers the Securities and Exchange Commission (“the Commission”) to prescribe conditions for registration of capital market operators, including the level of knowledge and skill required to operate in the Nigerian capital market, the Management of the Commission has approved the following: Managing […]

EXPRESSION OF INTEREST ICT TRANSFORMATION – TECHNICAL RESIDENT ADVISOR

Securities and Exchange Commission of Nigeria and FSD Africa are inviting qualified individuals to submit their Expressions of Interest for the role of a Technical Resident Advisor to oversee the development and implementation of an Information Communication and Technology (ICT) Transformation strategy at SEC Nigeria (the “Services”). The consultant will be based at SEC Nigeria […]

Nigeria Commemorates World Investor Week

Nigeria, represented by the Securities and Exchange Commission and other stakeholders, will, in the month of October 2020, join the rest of the world to commemorate the fourth annual World Investor Week (WIW) under the auspices of the International Organisation of Securities Commissions (IOSCO).   The WIW is a week-long event aimed at raising awareness […]

SEC Corporate Governance Guideline and Revised FORM 01

Click here to download the template for reporting compliance ( SEC FORM 01) GOVERNANCE GUIDELINES The Financial Reporting Council of Nigeria issued the Nigerian Code of Corporate Governance (NCCG) in 2018, which replaces all existing sectorial Codes of Corporate Governance in Nigeria. The Securities and Exchange Commission subsequently developed the SEC Corporate Governance Guidelines (SCGG). […]

Statement On Digital Assets And Their Classification And Treatment

INTRODUCTION Digital assets offerings provide alternative investment opportunities for the investing public; it is therefore essential to ensure that these offerings operate in a manner that is consistent with investor protection, the interest of the public, market integrity and transparency. The general objective of regulation is not to hinder technology or stifle innovation, but to create standards that encourage ethical practices […]

Notification For 2020 First CMC Webinar Meeting

The 2020 First Capital Market Committee (CMC) Webinar Meeting has been scheduled to hold on Thursday, 20th August, 2020. The usual interface with members of the press will hold the following day being Friday, 21st August 2020.   Attendance at both events is strictly by invitation.   All invited participants are expected to join by […]

Re: Activities Of An Illegal Operator IBSmartify Nigeria

The attention of the Commission has been drawn to the activities of iBSmartify Nigeria the promoters of a Blockchain known as iBledger (iBcashcryptocurrency) and InksNation. The general public is hereby advised that neither the promoters of iBSmartify Nigeria nor the illegal products they offer are registered or regulated by the Commission. In view of the […]

New Rules On Collective Investment Schemes

Sequel to the publication of new Rules relating Collective Investment Schemes in December 2019, the Commission hereby issues the following clarifications to facilitate effective compliance with the new CIS Rules. All Fund Managers of Collective Investment Schemes are required to comply with the provisions of the new Rules and file evidence of compliance on or […]

Requirement For Additional Information On All Prospectuses Issued To The Public

This is to inform all stakeholders that as part of efforts to ensure investor protection and promote transparency in the operations of the Nigerian Capital Market, the Commission has introduced a new requirement for inclusion in all prospectuses or offer documents issued to the general public. With effect from the 18th day of June 2020, […]

Official Disclaimer on alleged Resignation of Ms. Mary Uduk as SEC DG

The Securities and Exchange Commission’s (the Commission) attention has been drawn to a publication in the media on sunday June 14, 2020, wherein the Acting Director General, Ms. Mary Uduk is purported to have resigned from the Commission and a send forth party slated for Monday June 15, 2020. The Commission wishes to inform the […]

Circular To All Regulated Entities And The Market – Update On COVID 19

Following the Federal Government’s partial easing of the lockdown measures introduced to minimize the spread of Covid-19 across Nigeria, it has become necessary to provide this update to stakeholders within the Capital Market. The Commission, in compliance with the various guidelines issued by relevant authorities has re-opened its head-office in Abuja. Our office is open […]

The Nigerian Capital Market Community Launches Initiative To Support The Fight Against COVID-19

Following the confirmation of the COVID-19 index case in Nigeria on February 27, 2020 and the subsequent identification of other cases, the Federal and State Governments have introduced several measures to contain the spread of the disease. The private sector has also thrown its weight behind the Government in an effort to contain its spread […]

Official Disclaimer On Alleged Recruitment Exercise

The Securities and Exchange Commission’s (the Commission) attention has been drawn to some messages and a video being circulated in the social media, wherein the Commission is alleged to have carried out a recruitment excercise where 811 persons were employed, all from Anambra State with 1 from Kano State. The messages parades the person shown […]

Exposure Of Investor’s Data And Consent Form

The Commission has identified a number of challenges associated with identity management in the Nigerian Capital Market. As part of its efforts to address these challenges, the Commission has developed a standardized Investor’s Data and Consent Form to be adopted by all CMOs in collecting and updating investors’ data. The Form will also enable CMOs […]

Circular To All Regulated Entities And The Market

In light of the global pandemic of the Coronavirus Disease (COVID-19) and in furtherance to the Commission’s circular of March 24, 2020, the Commission wishes to provide additional guidance to the Capital Market as follows: Issuers All public companies are required to continue to make material disclosures to investors on the impact of COVID-19 Pandemic […]

Clarification On Prohibition Of Gifts At General Meetings (AGMS/EGMS)

March 03, 2020 The Securities and Exchange Commission wishes to clarify the application of Rule 602 (4) of its Rules and Regulations. Rule 602(4) states that ‘’public companies shall not distribute gifts to shareholders, observers and any other person at Annual General Meetings/Extra-Ordinary General Meetings’’ The Commission considers it necessary to clarify that ‘’light refreshment’’ […]

Activities Of Unlawful Market Operators

MARCH 11, 2020 The Securities and Exchange Commission wish to draw the attention of the investing public to the activities of unlawful/unlicensed market operators and promoters of other fraudulent schemes. The Commission, in recent time, has observed the proliferation of the operation of unlawful/unlicensed investment schemes, with promises of huge, but unjustifiable returns on investment. […]

Circular To Capital Market Stakeholders On Covid-19

The spread of the Corona Virus (COVID-19) worldwide has created a degree of uncertainty and anxiety, as governments and health experts attempt to curtail the proliferation of the virus. The World Health Organization (WHO) had warned that given Africa’s fragile health systems, the threat posed by COVID-19 in the continent is considerable. This has led […]

Circular to all Capital Market Operators/Stakeholders on Post-Approval Amendments to Transaction Documents

Notice is hereby given to all capital market operators/stakeholders that in addition to the complete filing directive of the Commission, all requests for amendments to Transaction Documents after approval/clearance by the Commission shall attract additional processing fee. All Market Operators/Stakeholders should note that henceforth, any request for a change, alteration, or amendment of documents after […]

2020 Capital Market Committee Meeting Calendar

This is to notify the Capital Market Stakeholders that the 2020 CMC meetings have been scheduled to hold as tabulated below. Schedule Meeting Dates First CMC April 23rd, 2020 Second CMC July 23rd, 2020 Third CMC November 19th, 2020   This is to enable adequate planning and logistics before the meeting dates and to ensure […]

International Conference on the Nigerian Commodities Market 16-17 March 2020

The Securities and Exchange Commission in collaboration with the Implementation Committee on the Commodities Trading Ecosystem Roadmap, invites you to the inaugural International Conference on the Nigerian Commodities Market with the theme: Commodities Trading Ecosystem: Key to diversifying the Nigerian Economy. Dates: March 16-17, 2020 Venue: Congress Hall, Transcorp Hilton Hotel, Abuja For more information, […]

Maintaining And Updating Comprehensive Investors/Shareholders Account Information

The Securities and Exchange Commission (the Commission) in furtherance of its investor protection and market development mandate has over the years, and in collaboration with other market stakeholders, worked actively to –amongst others – ensure accountability, transparency and stability in the capital market. In line with the foregoing, the Commission desires to forestall, reduce and […]

Communique Issued At The 2020 Budget Seminar Themed “Leveraging The 2020 Budget And The Finance Act For The Growth Of The Nigerian Capital Market”

13th February 2020 Lagos Download PDF  1. The Budget Seminar Series is a forum for evaluating the nexus between the Nigerian capital market and the annual Federal Government budget. Its major aim is to identify how the capital market can contribute, and in turn, benefit from the budget and its implementation. 2. In addition to […]

Securities And Exchange Commission’s 4th Budget Seminar

The Commission will hold its 4th Budget Seminar Series with the theme, “Leveraging the 2020 Budget and Finance Act for the Growth of the Nigerian Capital Market” on Thursday, 13th February, 2020 at the Grand Ball Room, Eko Hotels and Suites, Plot 1415, Adetokunbo Ademola Street, Victoria Island, Lagos at 10:00 am.   The Seminar […]

Training Programme For Capital Market Operators and Compliance Officers

04/02/2020 The Securities and Exchange Commission is organizing a training programme for Capital Market Operators and Compliance Officers: Date:          March 11 and 12, 2020 Venue:      SEC Lagos Zonal Office, 3, Idejo Street, Victoria Island, Lagos Time:           9.00 am daily Course fee: N50,000 The training would cover topics such as Overview of the Financial […]

Public Notice – Penalties and Ban Expiration – Adekunle Alli

Sequel to the Commission’s APC decision in respect of BGL Group in APC/1/2015: RIVERS STATE MINISTRY OF FINANCE & 31 OTHERS V. BGL PLC & 31 OTHERS and APC/1/2016: AFOLABI GABRIEL OLUWASEYI & 9 OTHERS V. BGL SECURITIES LTD & 22 OTHERS, the Commission hereby informs the general public of the expiration of penalties/ban issued on […]

Guidelines On Net Capital: SEC Rule 57 And 58

The Commission hereby issues the under listed guidelines to facilitate effective compliance with SEC Rules 57 & 58 on Net Capital. Every broker-dealer shall on monthly basis compute and file with the Commission and the Nigerian Stock Exchange (NSE) its net liquid capital position not later than five (5) days after end of the month; […]

Amendment To Rule 27 – (Fidelity Bond)

The Securities and Exchange Commission wishes to inform all Capital Market Operators (CMOs) that in line with Section 313 of the Investments & Securities Act 2007, Rule 27 (Fidelity Bond) has been amended with the creation of Rule 27A which, requires Dealing Members to maintain an Insurance policy to cover all aspects of the insured […]

Operations Of Nominee Accounts By Capital Market Operators

Following the amendment of Rule 61 (2) of the Consolidated SEC Rules and Regulations 2013 on the Regulation of Nominee Accounts, the Commission hereby issues the under listed directives to facilitate effective compliance with the Rules.   a) A Capital Market Operator (CMO) who wishes to operate nominee accounts shall apply to the Commission and […]

BGL Group APC Decision

Sequel to the Commission’s APC decision in respect of BGL Group in APC/1/2015: RIVERS STATE MINISTRY OF FINANCE & 31 OTHERS V. BGL PLC & 31 OTHERS and APC/1/2016: AFOLABI GABRIEL OLUWASEYI & 9 OTHERS V. BGL SECURITIES LTD & 22 OTHERS, the Commission hereby informs the general public of the expiration of penalties/ban issued on the following […]

IOSCO to launch 2019 World Investor Week to promote investor education

IOSCO/MR/22/2019 Madrid, 14 August 2019 IOSCO to launch 2019 World Investor Week to promote investor education The International Organization of Securities Commissions (IOSCO) is preparing to launch its third annual World Investor Week (WIW) from 30 September to 6 October 2019, after its successful organization in 2017 and 2018. WIW is a week-long, global campaign, […]

Reduction Of Exemption Fees For Some Capital Market Experts

You may wish to recall that Capital Market Professionals with a minimum of 15 years relevant post-qualification experience with not more than 2 years interruption, who have attained their heights were approved to be exempted from the Pre-Registration workshop/examination subject to the attendance of a mandatory Executive course. Further to the earlier circular on the […]

Unclaimed Dividends Of Defunct Afribank Plc

The Securities and Exchange Commission (“The Commission”) wishes to inform shareholders of the defunct Afribank Plc that unclaimed dividends by the bank are being held in trust on their behalf. Investors that have unclaimed dividends are therefore advised to contact Carnation Registrars to process their dividends for payment. The Commission has also directed Carnation Registrars […]

Report of the FinTech Roadmap Committee of the Nigerian Capital Market

At the 2nd Capital Market Committee Meeting of the year, which took place on Thursday, August 22, 2019, the Report of the FinTech Roadmap Committee of the Nigerian Capital Market was presented to and accepted by the Capital Market community. The Report highlights the current application of FinTech in the market, opportunities, challenges and recommendations. […]

Notification For Second CMC Meeting In 2019

The Second Capital Market Committee (CMC) Meeting in 2019 has been scheduled to hold on Thursday, 22nd August, 2019 at the Grand Ballroom, Eko Hotels & Suites, 1415, Adetokunbo Ademola Street, Victoria Island, Lagos. The usual interface with members of the Press will hold the following day being Friday, 23rd August, 2019 at the SEC […]

SEC Continues Verification of Dantata Investors

The Securities and Exchange Commission has continued verifying claims of 4,160 unpaid investors of the illegal investment scheme organised by Dantata Success and Profitable Company. The verification exercise commenced on Monday July 15th and is expected to last till Tuesday July 30, 2019, with 4,160 investors undergoing verification. The investors are required to go along […]

CMOS Without Managing Directors And Compliance Officers

The attention of the Securities and Exchange Commission (“the Commission“) has been drawn to the recent trend by which CMOs carry on operations without Compliance Officers and Managing Directors, in violation of the SEC Rules and Regulations. CMOs are hereby reminded that pursuant to Rule 14 of the SEC Rules and Regulations and the amendments […]

RE: Cross-Reference Checklist Review

The general public is hereby notified that the Commission commenced the Cross-Reference Checklist Review of Bond/fixed income applications with effect from June 1, 2019. Consequently, a duly filled Cross-Reference Checklist is required to be filed along with the relevant applications. The Cross-Reference Checklist Review is intended run for six (6) months and is a precursor […]

Press Release On Suspension Of The Annual General Meeting Of Oando Plc

The Securities & Exchange Commission (‘the Commission’) hereby notifies the public that further to the Ex-parte Order of the Federal High Court, Ikoyi Lagos in Suit No: FHC/L/Cs/910/19 In Mr. Jubril Adewale Tinubu & Anor V Securities & Exchange Commission & Anor, the Annual General Meeting of Oando Plc (a company listed on the Nigerian […]

Investigation Of Oando Plc

June 7, 2019 The attention of the SEC has been drawn to various reports questioning the regulatory authority of the SEC, and insinuating lack of due process in the investigations of Oando Plc. To put the records straight, the SEC hereby states as follows: 1. Fair hearing is a paramount and fundamental principle, which the […]

Press Release on Investigation of Oando Plc

Following the receipt of two petitions by the Commission in 2017, investigations were conducted into the activities of Oando Plc (a company listed on the Nigerian and Johannesburg Stock Exchanges). Certain infractions of Securities and other relevant laws were observed. The Commission further engaged Deloitte & Touche to conduct a Forensic Audit of the activities […]

Circular On Unclaimed Dividends Of Defunct Skye Bank Plc

The Securities & Exchange Commission (‘’the Commission’’)wishes to inform shareholders of the defunct Skye Bank Plc that unclaimed dividends declared by the bank are being held in trust on their behalf. Investors that have unclaimed dividends are therefore advised to contact Cardinalstone Registrars to process their dividend payments. The Commission has also directed Cardinalstone Registrars […]

Rescheduled – Special Training For Interested Sponsored Individuals And Other Capital Market Practitioners

The Securities and Exchange Commission hereby notifies all capital market operators that the special training earlier scheduled for May 28-29, 2019 for interested sponsored individuals and other capital market practitioners has been rescheduled as follows:   Date:      June 13-14, 2019 Venue:    Securities and Exchange Commission Lagos Zonal office, No. 3, Idejo Street, Victoria Island, […]

Unethical Practice Of Commission Sharing By Brokers, Issuing Houses/Bookrunners And Other Receiving Agents

The attention of the Securities and Exchange Commission (the Commission) has been drawn to an emerging trend of unethical conduct by Brokers, Issuing Houses/Book Runners and other Receiving Agents in primary and secondary market transactions by inducing investment through the sharing of brokerage fees or receiving agents commission with private banking officers, asset/fund managers, PFA’s […]

SEC, NSE Streamline Listing Process to Encourage More Listings

Lagos, May 23, 2019. The Securities and Exchange Commission (SEC) and the Nigerian Stock Exchange (“The Exchange” or “NSE”) have moved to make the processes involving listing on the NSE more efficient and cost effective by streamlining the approval process between the SEC and the NSE. The streamlined process which will come into effect on […]

Special Training For Interested Sponsored Individuals And Other Capital Market Practitioners

The Securities and Exchange Commission hereby notifies all capital market operators of the special training for interested sponsored individuals and other capital market practitioners. The training is scheduled as follows: Date:      May 28-29, 2019 Venue:    Securities and Exchange Commission Lagos Zonal office, No. 3, Idejo Street, Victoria Island, Lagos. Please note that all interested […]

Public Notice On Dantata Success And Profitable Company

The Securities and Exchange Commission (the Commission), pursuant to its powers under section 13(w) of the Investments and Securities Act 2007, on 6th February 2019 sealed up the business premises of Dantata Success and Profitable Company (DSPC). The company has been involved in unlawful solicitation of funds from the public with a promise of inexplicable […]

Notice Of Registration Interview Of Capital Market Operators April 16th 17th & 18th, 2019

The Commission will hold its Registration Interview Meeting for; Companies seeking fresh Registration into the Nigerian capital market. Additional sponsored individual (s) for existing companies. Existing companies seeking registration of additional function(s) The interview will hold at SEC Zonal Office, No 3 Idejo street, Opposite Icon House, Off Adeola Odeku Street, Victoria Island. Lagos through […]

Transfer Of Registration Of Previously Registered Sponsored Individuals Who Left Their Sponsoring Companies Before May 12, 2014 And Have Not Successfully Transferred Their Registration

In order to address the gap observed in the implementation of Rule 19(4) as amended, the Commission hereby invites all previously registered Sponsored Individuals, who left their Sponsoring Companies before May 12, 2014 and have not successfully transferred their registration, to file an application for the transfer of their registration, using the title of this circular […]

Re: Extension Of Deadline On Issuance Of Dividend Warrants And Free E-Dividend Registration Exercise

We refer to the circular dated 29thJune 2017 issued by the Securities and Exchange Commission (“the Commission”) on the above subject matter. The Commission recently conducted a strategic assessment of the implementation of the e-dividend initiative across the country and reviewed feedback/observations received from stakeholders and the general public. The assessment revealed that while remarkable progress […]

Public Notice On Visionscape

The attention of the Commission has been drawn to news media publications regarding the default in repayment on Visionscape Bond and the Commission’s role in the transaction. The Bond under reference was issued by Municipality Waste Management Contractors Limited, a private company promoted by Visionscape Sanitations Solutions Limited – under a N50Billion Medium Term Note […]

Illegal fund manager – Dantata Success and Profitable Company

The Securities and Exchange Commission (the Commission) pursuant to its powers under Section 13 (w) of the Investments and Securities Act (ISA), 2007, on 6 February 2019 sealed up the business premises of Dantata Success & Profitable Company (DSPC), a company that had been engaging in illegal activities in the Nigerian capital market. In addition, […]

Notice To All Issuers And Issuing Houses

RE:    Filing of Consent Letters, Executed Offer Documents (Adverts, Posters, and Specimen Certificates and Allotment Advice) Sub-national Issuers – Consent Letters and Execution of Offer Document Summary The Securities and Exchange Commission has introduced changes to the practice of: ·      filing consent letters at the commencement of a transaction; ·      the execution of advert materials […]

Notification for First Capital Market Committee Meeting In 2019

The First Capital Market Committee (CMC) Meeting in 2019 has been scheduled to hold on Thursday, 21stMarch, 2019 at the Eko Hotels & Suites, Orchid Hall, 1415 Adetokunbo Ademola Street, Victoria Island, Lagos. The usual interface with members of the press will hold the following day being Friday, 22ndMarch, 2019 at the SEC Lagos Zonal Office, 3, Idejo Street, […]

Notice on the Passage of the Federal Competition and Consumer Protection Act

On Tuesday, February 5, 2019, President Muhammadu Buhari signed the Federal Competition and Consumer Protection Act into law. The Law which seeks to, among other things, provide for the establishment of the Federal Competition and Consumer Protection Commission and the Competition and Consumer Protection Tribunal, also repeals the sections 118, 119, 120, 121 (excluding S. […]

Nigeria Capital Market Institute Training Calendar 2019

CLICK HERE TO PAY FEES N.B. Please select WORKSHOP/TRAINING FEES under “service name” and input the course title under “Description“ Contact information 14 Yawuri Street, Garki, Abuja. +234 (09) 6724118 enquiries@ncmi.ng COURSE TITLE Feb Mar April May June July August Sept Oct Nov 1 1ST Pre- registration Workshop for CMOs, Lagos   27-30 mar (5days) 130,000.00 […]

Fidelity Bond for the year 2019

By virtue of Rule 27 (1) of SEC Rules and Regulations, (made pursuant to the Investments and Securities Act, 2007) every Registered CMO, as defined in the Act, is required to provide and maintaina Bond or Professional Indemnity Insurance Policy. In view of the foregoing, all registered Capital Market Operators who have not updated their […]

Refresher Course For Capital Market Operators

Please be informed that Refresher Course for Capital Market Operators is slated as follows: Ø  Date: 21 – 22, January 2019 Ø  Venue: Lagos zonal office No. 3 Idejo Street Victoria Island Lagos, Ø  Time:   9: am prompt You are required to pay  the course fee of Fifty thousand Naira only  (N50,000) and present evidence […]

Introduction of the Interpretive Guidance Note (IGN)

The public and all capital market stakeholders are informed of the introduction of the Commission’s Interpretive Guidance Note (IGN). The IGN would assist in the understanding of; provide guidance in compliance with the Investment Securities Act (ISA), SEC Rules and Regulations and other issues within the Commission’s regulatory purview. >>Click here to access the IGN<<

Frequently Asked Questions On Regularization Of Multiple Subscriptions

The Securities and Exchange Commission (”The Commission”) has received enquiries from investors who are interested in (a) identifying shares which they obtained/purchased through multiple subscriptions to public offers and (b) claiming the dividends accruing to such shares. Consequently, The Commission has summarised these enquiries as Frequently Asked Questions (“FAQs”) for the guidance of the general […]

Collection of CMO Certificates of Registration

The Commission hereby notifies all Capital Market Operators (CMOs) to collect their original certificates of Registration with the Commission The Certificates are for CMOs registered between 2008 – 2014 Collection can be made at Securities & Exchange Commission Headquarters 272 Samuel Adesujo Ademulegun Street, Central Business District Abuja, for Abuja and environ based CMOs Or […]

Notification For Third CMC Meeting In 2018

The Third Capital Market Committee (CMC) Meeting in 2018 has been scheduled to hold on Wednesday, 14th November, 2018 at the Federal Palace Hotel, Victoria Island, Lagos. The usual interface with members of the press will hold the following day being Thursday, 15th November, 2018 at the SEC Lagos Zonal Office, 3, Idejo Street, Victoria Island, Lagos.   Attendance to both […]

New Rule And Sundry Amendments To The Rules And Regulations Of The Commission

SUMMARY OF CHANGES New rule (1) Rules on Green Bonds  Sundry Amendments (1) Inclusion of BVN as a valid means of identification of individual clients in the Capital Market (2) Rule on Investment Advisory Services (3) Amendment to Rule 61- Nominee Accounts (4) Amendment to Rule 96 & 97- Investment Advisers GREEN BONDS 1.0   […]

Public Notice: Online Retail Foreign Exchange (Forex) Trading

The attention of the Securities and Exchange Commission (SEC) has been drawn to the increased advertisements in electronic and other media soliciting investors to engage in leveraged online retail forex trading.   The public is hereby advised that online retail forex trading is currently unregulated and consequently may be subject to abuse.   Until a […]

Invitation to Tender

1.0 INTRODUCTION As part of efforts in leveraging Technology for the improvement of her business operations to enhance productivity and efficiency, the Securities and Exchange Commission, Nigeria hereby invites bids, in two parts (Technical & Financial), from competent, credible and qualified companies to carry out the job specified in the Invitation for Bids (IFB) documents: […]

Mandatory Registration Of All Capital Market Operators With Their Respective Trade Groups/Associations

The Commission hereby draws the attention of all Capital Market Operators to Rule 25(1)(a) of the SEC Rules and Regulations (as amended) on Membership of Self-Regulatory Organizations (SROs).  The Rule provides that “Every person registered to perform any function in the market shall be a member of an SRO or a Trade Association relevant to […]

Quantum Securities Limited – Notice of All Creditors Meeting 18 September 2018

Download Notice of Meeting

Training Programme For Capital Market Operators

The Securities and Exchange Commission is organizing a training programme for Capital Market Operators and Compliance Officers: Date:          September 12 and 13, 2018 Venue:       SEC Lagos Zonal Office, 3, Idejo Street, Victoria Island, Lagos Time:          9am daily Course fee: N50,000 The training would cover topics such as Overview of the Financial System, Responsibilities […]

Notice of Capital Market Stakeholders’ Forum

The general public and relevant stakeholders are hereby notified that the 2ndCapital Market Stakeholders’ Forum being anchored by the National Assembly Committee on Capital Market, the Securities & Exchange Commission and other Stakeholders earlier scheduled to take place on Tuesday, 17, 2018 has been postponed to Monday, July, 23, 2018. The venue and time remain […]

Re: publication on proposed initial public offering (IPO) of MTN nigeria limited

  The attention of the Securities and Exchange Commission has been drawn to a publication in pages 1 & 38 of Business Day Newspaper of Thursday, July 5, 2018, and other media outlets wherein it was reported that “after 6 weeks delay by SEC, the MTN IPO was set to go”… The Commission wishes to […]

Lifting of Technical Suspension on OANDO Shares

Shares of Oando Nigeria Plc were placed on technical suspension in October 2017 upon the announcement of forensic audit which aimed to protect investors as a short term measure. Suspensions are typically intended for short periods to ensure market stability and thereafter lifted to allow market dictates. However, the suspension of the shares of Oando Nigeria […]

IOSCO Puts the Spotlights On Virtual Currencies

The Board of the International Organisation of Securities Commissions (IOSCO), met for a two day meeting at its headquarters in Madrid, Spain, where it resolved to focus its searchlights on cryptocurrencies, bitcoins and other forms of electronic currencies. This was in view of their novelty, the risks involved in trading in such assets and more […]

Forensic Exercise On Oando Plc

The Securities and Exchange Commission has reiterated its decision to conduct a Forensic Exercise into the activities of Oando Plc. This commitment is contained in a letter dated December 5, 2017 addressed to Oando Plc. The Commission wishes to assure the general public of its zero tolerance to infractions in the Nigerian Capital Market.   […]

SEC Circular to all Capital Market Operators on Rendition of Various Returns for AML/CFT and NFIU

CONSOLIDATED GRID FOR RENDITION OF VARIOUS ANTI-MONEY LAUNDERING AND COUNTERING THE FINANCING OF TERRORISM (AML/CFT) RETURNS BY CAPITAL MARKET OPERATORS (CMOs) TO THE SECURITIES AND EXCHANGE COMMISSION (SEC) AND THE NIGERIAN FINANCIAL INTELLIGENCE UNIT (NFIU) Please be notified that the Commission has approved and uploaded reporting templates required for rendition of other categories of AML/CFT […]

SEC Circular to all Capital Market Operators and Public Limited Companies to comply with Executive Order No.004 of 2017 on VAIDS

The Securities and Exchange Commission (The Commission) wishes to draw the attention of all Capital Market Operators (CMO’s) and Public Limited Companies (PLCs) to Executive Order No. 004 “Voluntary Assets and Income Declaration Scheme” (VAIDS), signed by the Acting President of the Federal Republic of Nigeria, Prof. Yemi Osinbajo on the 29th of June 2017. […]

Circular to All Capital Market Operators without the Required Number of Sponsored Individuals

The Securities and Exchange Commission (SEC) Nigeria wishes to inform all Capital Market Operators (CMOs), Experts and Professionals operating in the Nigerian capital market that in compliance with the provisions of the ISA 2007 and the SEC Rules and Regulations, they are expected to possess the required number of Sponsored Individuals and a Compliance Officer […]

Extension of Deadline on Issuance of Dividend Warrants and Free e-Dividend Registration Exercise

Following numerous requests received from the investing public, the Securities and Exchange Commission is pleased to announce that the deadline of June 30, 2017 for discontinuance of  issuance of physical dividend warrants has been extended to December 31, 2017.  This will mark the end of conventional issue of physical dividend warrants to shareholders of public […]

Circular to the General Public on Multiple Subscriptions in Public Offers

Circular to All Capital Market Experts or Professionals Who did not Respond to the Commission’s Request for Data Update

The Securities and Exchange Commission (SEC) Nigeria pursuant to the powers conferred on it by the Investments and Securities Act (ISA) 2007 directed all Capital Market Experts or Professionals to provide updated information of their companies/firms in December 2016 and February 2017. However, it was observed that a large number of Capital Market Experts or […]

Database of Un-Mandated Accounts in the Nigeria Capital Market (e-Dividend Registration)

The Securities and Exchange Commission (SEC) is pleased to notify the investing public that, as part of measures to curb the growth of unclaimed dividend in the Nigerian capital market, all investors are required to register for the payment of their dividends electronically (e-Dividend). To facilitate the e-Dividend registration exercise, the SEC has provided a […]

Circular to the General Public on the “Seal up” of the Business Premises of YUAN DONG (YDEC), an illegal Capital Market Operator

The attention of the Securities and Exchange Commission, Nigeria (SEC) has been drawn to the activities of an Illegal Operator carrying on business under the name of Yuan Dong (YDEC). The Company parades itself as an Investment Company thereby extending invitations to unsuspecting members of the public to subscribe in a scheme identified as a […]

Complaints Against Tine God Networks Limited (Illegal Operator)

The attention of the Securities and Exchange Commission, Nigeria (“SEC”) has been drawn to the activities of an Illegal Operator (Tine God Networks Limited). The Company claimed to be an Investment Company that engages in Business Development in Commercial sectors of the economy and also issues bonds to raise funds for its investment activities. The […]

Conviction of an Illegal Operator “Marian Moses Ventures Ltd” by the Federal High Court Kaduna Division

Management of the Securities and Exchange Commission wishes to draw the attention of the investing public to the Judgment of the Federal High Court Kaduna division of October 27, 2016, which handed down a 5year imprisonment term against one Moses Samanja the Managing Director of the Illegal Operator (Marian Moses Ventures Ltd) and also ordered […]

Investors Alert: The Securities and Exchange Commission (“SEC”) lifts the suspension of Heritage Capital Markets Ltd

The Securities and Exchange Commission (“SEC”) on Wednesday February 1, 2017 lifted the suspension of Heritage Capital Markets Ltd together with its Directors and Sponsored Individuals.   SIGNED MANAGEMENT

SEC Reorganizes for Efficiency

The Securities and Exchange Commission (SEC) wishes to draw the attention of all capital market operators to the following reorganization exercise recently approved by the Commission: Relocation of Inspectorate Division to the Commission’s Lagos Zonal Office (LZO). To ensure a successful implementation of Risk Based Supervision Model and regulation of Systematically Important Financial Institutions in […]

Approved Guidelines on Securities Settlements in Nigeria

Download full document below: GUIDELINES ON SECURITIES SETTLEMENTS IN NIGERIA (APPROVED)

Notice Of Meeting With the Directors and Sponsored Individuals of TransGlobe Investment and Finance Company Limited

The Commission is investigating various complaints against Transglobe Investment & Finance Company Ltd, a company of which you are Directors and sponsored individuals. In a bid to resolve the complaints, the Commission had exchange several correspondence with your company through the Managing Director, but your company has failed to resolve the complaints. As at July […]

Investors Alert! Suspension of Heritage Capital Markets Ltd

THE SECURITIES AND EXCHANGE COMMISSION (“SEC”) SUSPENDS HERITAGE CAPITAL MARKETS LTD The Securities and Exchange Commission (“SEC”) on Wednesday December 21, 2016 suspended Heritage Capital Markets Ltd together with its Directors and Sponsored Individuals in connection with the unauthorized sale of shares belonging to an investor and its refusal to comply with the Commission’s directives […]

Update of Registration Information with the Commission

The Securities and Exchange Commission (SEC) Nigeria pursuant to the powers conferred on it by the Investments and Securities Act (ISA) 2007 hereby directs all Capital Market Operators (CMOs) to fill in information of their current registration status through the link below: CMOs’ Registration Update Form The current registration information of all CMOs has been […]

Public Alert on the Activities of “MMM Federal Republic of Nigeria” (Nigeria.mmm.net)

The attention of the Securities and Exchange Commission, Nigeria (“SEC”) has been drawn to the activities of an online investment scheme tagged ‘MMM Federal Republic of Nigeria (nigeria.mmm.net). The platform has embarked on an aggressive online media campaign to lure the investing public to participate in what it called “mutual aid financial network” with a […]

Re: Mrs. Oge C. Ottiwu – Illegal Activities in the Capital Market

The attention of the Securities & Exchange Commission has been drawn to the activities of Mrs. Oge C. Ottiwu of No. 118 Zink Avenue, Opposite Eke Market, Awka, Anambra State, who engages in capital market activities without registration within Anambra State and its environs. Section 38(1) of the Investments and Securities Act, 2007 requires any […]

Circular to All Capital Market Operators on Mandatory Registration with Relevant Trade Groups/Associations

MANDATORY REGISTRATION OF ALL CAPITAL MARKET OPERATORS WITH THEIR RELEVANT TRADE GROUPS/ASSOCIATIONS   Following resolutions at the just concluded Capital Market Committee (CMC) meeting, the Securities and Exchange Commission (SEC) hereby directs all market operators who are yet to register as members of their respective trade groups or associations to do so on or before […]

Public Notice On Dividend Warrants Acceptance Into Savings Accounts

The Securities and Exchange Commission (SEC) is pleased to notify the investing public that dividend warrants can now be deposited into savings accounts. This follows the directive from the Central Bank of Nigeria (CBN) via Circular referenced BPS/DIR/GEN/CIR/03/005 dated 28th July, 2016 instructing banks to allow customers with BVN to deposit cheques into their savings […]

Current Position on CMO Recapitalization Exercise

This is to clear the misconception in the media of the pronouncement made by the DG of SEC regarding the grace period of December 31, 2016 given to non-capitalized CMOs. The general public is to note that the deadline for recapitalization has not been extended. However, the Commission will commence the process of cancellation of […]

Circular_Commencement of Direct Cash Settlement (DCS)

TO: ALL GENERAL INVESTING PUBLIC AND CAPITAL MARKET OPERATORS  CIRCULAR ON THE COMMENCEMENT OF DIRECT CASH SETTLEMENT (DCS) This is to inform the general public that effective from January 4, 2016, the implementation of Direct Cash Settlement will commence. The Direct Cash Settlement (DCS) is a process where cash proceeds from trades executed by Brokers […]

Revocation of Registration of Capital Market Operators

ANNOUNCEMENT REVOCATION OF REGISTRATION OF CAPITAL MARKET OPERATORS   The Securities and Exchange Commission is empowered under section 30 (1) and (2) of the Investment and Securities Act (ISA) 2007 to revoke the operational license of capital market operators that are inactive.   Consequent upon the above, the general public is hereby notified that the […]

Public Notice_In the Matter of Claims against Mega Asset Managers Limited

16th December, 2015   IN THE MATTER OF CLAIMS AGAINST MEGA ASSET MANAGERS LIMITED FOR FRAUDULENT CONVERSION OF CLIENTS’ FUNDS AND OTHER VIOLATIONS OF THE ISA 2007, SEC RULES AND REGULATIONS 2000 AS AMENDED Following the inauguration of the National Investor Protection Fund (NIPF) on 26th November, 2015, the Securities and Exchange Commission wishes to […]

Publication of the BGL 50 Index in Thisday Newspapers

Public Notice Publication of the BGL 50 Index in Thisday Newspapers    The attention of the Securities and Exchange Commission (“The Commission”) has been drawn to a “Market Index” titled “BGL 50”, currently being sponsored by BGL Plc in Thisday Newspapers. This is to remind the general public that the suspension of BGL Plc, its […]

Cancellation of Certificates of Registration_Prenotice201115

PRENOTICE ON CANCELLATION OF CERTIFICATES OF REGISTRATION OF INACTIVE CAPITAL MARKET OPERATORS   The under-listed ninety-four (94) Capital Market Operators (CMOs) were registered by the Securities and Exchange Commission for various functions in the Nigerian capital market. However, these CMOs have consistently failed to render their statutory returns to the Commission and may have been […]

Public Notice – Fidelity Bond_121115

PUBLIC NOTICE TO ALL CAPITAL MARKET OPERATORS ON FIDELITY BONDS   All Capital Market Operators (CMOs) and Consultants are hereby reminded that they are required to constantly maintain a valid Fidelity Bond/Professional Indemnity policy in strict compliance with Rule 27 of the Commission’s Rules and regulations (as amended May 14, 2012).   CMOs are further […]

3rd Quarter CMC Meeting_111115

NOTICE OF CAPITAL MARKET COMMITTEE (CMC) MEETING The Commission wishes to inform members of the Capital Market Committee (CMC) and relevant stakeholders that the third quarter 2015 meeting of the CMC has been scheduled to hold as follows:   Venue:      Intercontinental Hotel, Victoria Island Lagos. Date:         Wednesday, November 25, 2015. Time:        10.00 am Prompt   […]

NOTICE OF REGISTRATION COMMITTEE MEETING – NOVEMBER 9 & 10, 2015

Registration of additional sponsored individuals, additional Capital Market functions and fresh applicants to hold on Monday 9 and Tuesday 10 November, 2015 @ SEC Lagos Zonal Office.   Letters of invitation will be sent to the applicants. For further inquiries, please contact    Sunday Garba:                        08035047510, 08078816838   Isyaka Abdul Agoro:               07036897977   Zainab Abdullahi:                    […]

Public Notice: Postponement of the Launch of the Corporate Governance Scorecard_231015 Public Notice: Postponement of the Launch of the Corporate Governance Scorecard_231015

The Securities & Exchange Commission wishes to bring to the notice of all Public Companies that the proposed launching of the Corporate Governance Scorecard slated to hold on Tuesday 27th October 2015 has been postponed. A new date will be communicated in due course. We sincerely regret the inconveniences caused due to the postponement of the […]

Circular: Registrars – Implementation of E-Dividend Mandate Management System (E-Dmms) Portal

Further to the launching of the e-Dividend Mandate Management System (e-DMMS) Portal on 29thJuly 2015 by the Commission and the subsequent trainings conducted for the staff of your organization, we are happy to inform you that the system is now ready for use by all Banks and Registrars. In this regard please note the following: […]

PUBLIC NOTICE ON THE IMPLEMENTATION OF e-DIVIDEND MANDATE MANAGEMENT SYSTEM (e-DMMS) PORTAL

The Securities and Exchange Commission (SEC) is pleased to notify the investing public that enrolment for e-Dividend payments can now be efficiently conducted at Bank and Registrar branches nationwide through the online platform launched on 29th July 2015. This follows the release of a circular on the implementation of e-DMMS portal by the Central Bank […]