Show us the money now

Nigeria's SEC has significantly raised the minimum capital requirements for market operators to strengthen resilience and protect investors.

Nigeria’s Securities and Exchange Commission (SEC) has raised minimum capital requirements for capital market operators in a sweeping reform that marks its most significant overhaul since 2015. The changes, announced in a circular dated 16 January 2026, replace the existing capital regime and give operators until 30 June 2027 to comply. The SEC said the new framework is designed to strengthen market resilience, enhance investor protection and align capital adequacy with the evolving risk profile of market activities. Under the revised rules, the minimum capital for brokers was tripled to ₦600 million ($402,684), while dealers must now hold ₦1 billion, up from ₦100 million. Broker-dealers face a sharp increase to ₦2 billion. Fund and portfolio managers are subject to tiered requirements: firms managing over ₦20 billion in assets must hold ₦5 billion in capital. Digital asset firms are now fully covered, with exchanges and custodians required to maintain ₦2 billion each.