Nigeria’s markets regulator has unveiled sweeping new capital rules, dramatically reshaping the country’s securities industry with one of its boldest reforms yet. The Securities and Exchange Commission said the overhaul aims to strengthen resilience, protect investors, and steady a market long troubled by thinly capitalised firms.
The new framework takes immediate effect, though companies have until June 30, 2027, to comply or risk suspension. At its heart lies a sharp rise in minimum capital, tripling requirements for brokers and imposing multi-billion-naira thresholds across the sector.
Brokers must now hold 600 million naira, while proprietary dealers face a tenfold jump to 1 billion naira. Broker-dealers are required to carry 2 billion naira, and inter-dealer brokers see one of the steepest leaps.
Fund managers are also under pressure, with top-tier firms now needing 5 billion naira in minimum capital. Managers overseeing assets above 100 billion naira must additionally hold capital equal to at least ten percent of assets.
Primary market operators face their own reckoning, as issuing houses and underwriters confront increases reaching up to 7 billion naira. Market infrastructure providers must now command between 5 and 10 billion naira, underscoring the regulator’s push for sturdier foundations.
Digital-asset firms were not spared, as exchanges, custodians, and tokenisation platforms are pulled more firmly into regulatory orbit. Analysts say the measures may trigger consolidation, forcing smaller firms into mergers as Nigeria’s financial landscape enters a harder, brighter era.