RismadarVoice Reporters
January 16, 2026
Nigeria’s Securities and Exchange Commission (SEC) has introduced a comprehensive revision of minimum capital requirements for nearly all categories of capital market operators, marking the most significant overhaul of the framework since 2015.
The changes are contained in a circular dated January 16, 2026, obtained from the Commission’s website on Friday, replace the previous capital regime. Market operators have been given until June 30, 2027, to comply.
According to the SEC, the reforms are designed to strengthen market resilience, enhance investor protection, discourage undercapitalized operators, and align capital adequacy requirements with the evolving risk profile of capital market activities.
“The revised framework applies to brokers, dealers, fund managers, issuing houses, fintech firms, digital asset operators, and market infrastructure providers,” the Commission stated.
Under the new rules, minimum capital requirements for brokers have been increased from ₦200 million to ₦600 million, while dealers will now be required to maintain ₦1 billion, up from ₦100 million. Broker-dealers face a significant jump from ₦300 million to ₦2 billion, reflecting their expanded exposure across trading, execution, and margin lending activities.
For fund and portfolio managers, the SEC introduced a tiered structure.
Managers with assets under management exceeding ₦20 billion must maintain minimum capital of ₦5 billion, while mid-tier managers are required to hold ₦2 billion. Private equity firms will now be required to maintain ₦500 million, while venture capital firms must hold ₦200 million.
The framework also introduces a dynamic capital rule, requiring firms managing assets above ₦100 billion to maintain capital equivalent to at least 10 per cent of their assets under management.
Digital asset firms, previously operating in a regulatory grey area, have now been fully captured under the framework.
Digital exchanges and custodians must each maintain minimum capital of ₦2 billion, while tokenisation platforms and digital intermediaries are required to hold between ₦500 million and ₦1 billion. Robo-advisers will be required to maintain ₦100 million.
Other segments of the market are also affected.
Issuing houses offering full underwriting services must now hold ₦7 billion, while advisory-only firms are required to maintain ₦2 billion.
Registrars must hold ₦2.5 billion, trustees ₦2 billion, underwriters ₦5 billion, and individual investment advisers ₦10 million.
Market infrastructure providers face some of the highest requirements, with composite exchanges and central counterparties required to maintain ₦10 billion each, while clearinghouses must hold ₦5 billion.
Analysts expect the new capital thresholds to trigger consolidation across the industry, as smaller firms may be forced to downscale, merge, or exit the market.
The SEC, however, anticipates that the reforms will result in fewer but stronger and better-governed operators, ultimately enhancing investor protection and strengthening systemic stability.
With an 18-month transition period leading to the June 30, 2027, compliance deadline, the SEC’s move signals a strategic shift toward a leaner, better-capitalised, and more resilient Nigerian capital market.
