Circular

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 Federal Republic of Nigeria on 27th December 2019, was amended with the addition of a new “Section 3”. The Order has been re-published in the Gazette, dated 31st May 2021.

The Order grants Exemption to State Governments and the Federal Capital Territory from the operations of Section 223 of the Investments and Securities Act, 2007 to enable them raise funds from the Capital Market for infrastructural development.

The Order can be downloaded here